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But climate change is not the only global environmental threat that demands attention. Scientists widely agree that loss of wildlife and the natural environment is an equally urgent crisis. Some argue that biodiversity loss threatens to become Earth’s sixth mass extinction. But unlike efforts to fight climate change – which center on clear, measurable goals to reduce greenhouse gas emissions – there is no globally accepted metric for saving biodiversity. As an expert on budgeting and public finance, I know that governments and private businesses alike pay much more attention to resources when they have a well-defined price tag. I believe that overhauling society’s concept of wealth to include “natural capital” – the value nature provides to humans – is a critical step for slowing and reversing the loss of precious ecosytems.

United kingdomFrance generalHenry paulsonUlet ilfasanti gettyJoe bidenCambridge universityBureau of economic analysisPaulson instituteUnited nationsUs treasury departmentNatural capital committeeEuropean unionCapitals coalitionUs geologicalPresident joe bidenParis agreement