COP15 and ecological economics
COP15 is the 15th meeting of the Conference of the Parties to the UN Convention on Biological Diversity (CBD). In case you’re still wondering what the conference entails, here’s a quick guide to run you through the details.
Let’s start with important details you would like to know about COP15 before we answer the widely searched question, “What is COP15?”
1. When is COP15 : 7-19 December 2022
2. Where will COP 15 be held: Secretariat of the Convention on Biological Diversity, Montreal, Canada
3. What does COP15 stand for: Conference of the Parties to the UN Convention on Biological Diversity (CBD) (COP15)
Table of contents:
- What is COP15
- What is the Convention on Biological Diversity?
- Why is CBD COP15 important and what is its main goal?
- COP15 Agenda
- COP15 Documents by Convention on Biological Diversity (CBD)
- What is ecological economics?
- The Core Concepts of ecological economics
- Why did ecological economics come into existence?
- What are the solutions for a sustainable and just future?
- How ecological economics interacts with businesses
What is COP15?
The United Nations Biodiversity Conference, also known as the Conference of the Parties (COP) to the Convention on Biological Diversity (CBD), is a biennial meeting of countries that are parties to the CBD.
The purpose of the conference is to discuss and develop strategies for conserving biological diversity, promoting sustainable use of biological resources, and sharing the benefits of these resources equitably. The conference is typically attended by representatives from governments, international organizations, and civil society groups.
COP15 is the 15th meeting of the COP, happening from 7 to 19 December, 2022 at the Secretariat of the Convention on Biological Diversity in Montreal, Canada
What is the Convention on Biological Diversity?
The Convention on Biological Diversity is an international treaty that was adopted by the United Nations in 1992. The treaty aims to promote the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of the benefits arising from the use of genetic resources. It has been ratified by more than 190 countries, making it one of the most widely-ratified international environmental agreements in history.
Why is CBD COP15 important and what is its main goal?
The main goal of the COP is to promote the conservation and sustainable use of biological diversity, as well as the fair and equitable sharing of the benefits arising from the use of genetic resources. This includes protecting threatened species, promoting sustainable agriculture and forestry, and ensuring that the benefits of genetic resources are shared fairly.
COP15 Agenda
COP15 Documents by Convention on Biological Diversity (CBD)
What is ecological economics?
As the environmental crisis is on the, there is a growing urgency to create a sustainable ecosystem and society – which has also elevated the significance of ecological economics. Ecological economics is a solution-based field of study – focusing on sustainability and development rather than capital growth. It ensures that nearly 80% of the total economic activity is associated with optimum resource use and waste management, central to finding more sustainable solutions.
Ecological economics is recognized on a local and central level. It ranges from creating short-term plans to planning long-term visions to cope with sustainability challenges. Ecological economics considers global issues like deforestation, greenhouse emissions, a threat to marine life, ocean pollution, and lots more!
The Core Concepts of ecological economics
- Steady-state economy: It relates to both stability and ecology. This concept has three main principles:
- The human economy is directly embedded in nature and all the economic activities are biological, chemical, and physical processes and transformations.
- Ecological is a conjunction for researchers concerned over environmental issues.
- Ecological economics involves transdisciplinary work describing the actual reality’s economic processes.
- Ecological Footprint: The ecological carrying capacity of a place is defined as the number of people or encounters that may be accommodated without depleting natural resources. When a population surpasses its carrying capacity, the ecology may become inappropriate for the species’ survival. If the population continues to outnumber the carrying capacity for an extended time, resources may be eradicated. People may die out if all of the resources are consumed.
- William Rees and Mathis Wackernagel developed the related concept of the ecological footprint. It is a measure of the environmental effect of ordinary activities and practices. Ecological footprints are productive methods for businesses and governments all over the world to assess which practices we need to decrease to keep well within restrictions of Planet’s regenerative capacity.
Why did ecological economics come into existence?
Part of the motivation for ecological economics was dissatisfaction with the shallowness of environmental and energy economics. These methods apply standard economics to environmental issues. They do so without considering critical ecological issues about components, outcomes, and effluents.
Ecological economists also have a broader perspective on what “advancement” is and quantify it. Ecological economists are less convinced that human-made wealth improves the advantages we receive from the environment. “How beneficial is it to place a monetary value on nature?” they question.
The reality that we live on a single planet, or that the system, as a component, cannot extend endlessly into this broader, contained system, is overlooked by mainstream economics. There are some ecological constraints in place.
The dominant narrative ignores these constraints and believes that technology can fix any resource-restricted issue. It’s not that we can’t make progress in the human condition. However, we must acknowledge that the environment imposes some shortcomings, and we may design a safe operating area within which we can perform our best.
What are the solutions for a sustainable and just future?
The economic theory should play a fundamental role in addressing the problem of environmental sustainability. The primary concern of sustainable growth is how to manage the planet’s finite resources to accomplish “the requirements of the current without jeopardizing future generations’ ability to meet their own needs.”
The study of allotment under shortage is a fundamental emphasis of economics; in fact, a typical definition of economic concepts is the research of assignment under scarcity.
Acknowledging the benefits and drawbacks of alternatives and the exchange involved involves an analysis of economics. In conjunction with other social and behavioural disciplines, economics is critical for understanding how human behaviour may be shifted toward sustainable development.
Indeed, economists have produced a large body of literature that sheds light on several aspects of sustainability.
This study, at its finest, integrates work from other natural and social disciplines into a policy-relevant framework and highlights the massive potential for interaction between academics, biologists, and other social scientists on sustainability initiatives. Economists, for example, have created inclusive industrial and climatic models to answer critical climate change policy problems, including how far and how quickly greenhouse gas emissions should be decreased.
Despite these and other instances, the natural sciences remain the centre of gravity in the study of environmental sustainability, while economics remains far distant from the attainment of sustainable development.
How ecological economics interacts with businesses
Environmental consequences are actual expenses that are frequently overlooked by businesses and consumers. We try to achieve the best possible balance between societal requirements, private sector participation, and environmental conservation and restoration. By assessing the costs of ecological consequences and designing regulatory frameworks that encourage firms and individuals to consider those costs, we help the global economy move toward new solutions. These policies lead to improved long-term decisions and technologies across the economy.
While there are optimistic indicators of goals for “genuine sustainability,” that is, building enterprises that benefit both society and natural systems, the fact is that the “great divide” is widening rather than closing. To re-connect economic sanity with global health and resilience, company growth must be re-evaluated and re-conceptualized as a developmental activity mainly concerned with social-ecological flourishing. Corporate strategy must be conceived with that regenerative viewpoint in mind.
