It’s the first time ever a mainstream economist, with the backing of the UK government, discussed the need for urgent and radical reforms required to halt and reverse the erosion of natural assets. “We need a paradigm shift: to radically rethink how we think, act and measure economic success e.g. moving beyond GDP as a benchmark for prosperity, ensuring we place nature at the heart of our economic decision making,” said Dasgupta.

“We can orient our economies from extractive to restorative systems that sustain our underlying natural wealth and assets, and at the same time create jobs, protect our health and well-being now and in the future. “This will also help us achieve wider societal goals, including tackling climate change, and alleviating poverty,” he said.

The review said two UN conferences this year—on biodiversity and climate change—provided opportunities for the international community to rethink an approach that has seen a 40 per cent plunge in the stocks of natural capital per head between 1992 and 2014.