January 19, 2020 1:19 PM

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Economies face huge risks from biodiversity loss and climate change: WEF study

<span style="color: #222222;">A new World Economic Forum report has warned of huge risks to the economy from the biodiversity loss and climate change as businesses are more than dependent on nature.<br />'' <br />'' Releasing the Nature Risk Rising Report ahead of its 50th Annual Meeting, the World Economic Forum said about 25 per cent of earth's assessed plant and animal species are threatened by human actions, with a million species facing extinction.<br />'' <br />'' Expressing apprehension, the report said, over half the world's total GDP is moderately or highly dependent on nature and its services and, as a result, exposed to risks from nature loss.<br />'' <br />'' The report said that China, the European Union and the US have the highest absolute economic value in nature-dependent industries.<br />'' <br />'' Pollination, water quality and disease control are three examples of the services that an ecosystem can provide. Construction, agriculture & food and beverages are the three largest industries that depend most on nature. As nature loses its capacity to provide such services, these industries could be significantly disrupted.<br />'' <br />''This World Economic Forum report, produced in collaboration with a British study team, found that many industries have significant "hidden dependencies" on nature in their supply chain and may be more at risk of disruption than expected.</span>

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