To capture the broader impact on all stakeholders, the definition of natural asset classes such as land must be expanded to include ecosystem services beyond the landowner as a starting point.

The global economy’s undervaluation of nature and natural resources is causing humanity to pay the ultimate price, from deforestation to extinction. The underinvestment in protecting biodiversity has been going on for too long, and many economic activities are causing active damage, which should be viewed as the wholesale theft of valuable shared assets.

The destruction of nature is a form of fraud against countries and society, putting at risk resources that currently contribute to about half of the global GDP, estimated at $44 trillion. Losing even a fraction of ecosystem services, such as wild pollinators, marine fisheries, and tropical forests’ timber, could result in a reduction of approximately $2.7 trillion in global GDP annually by 2030.

Our current relationship with nature has bleak economics. According to the seminal Dasgupta report on the economics of biodiversity, our demands on nature exceed its capacity to supply them, causing significant pressure on biodiversity and putting future generations at “extreme risk.”

Countries must urgently ban the destruction and degradation of nature to increase deterrence against nature abuse

and recognize its costly consequences. Treating the theft of natural capital as a financial crime, just like any other, would compel a global reassessment of nature’s value based on legal and economic accountability that recognizes healthy ecosystems as a foundation of our collective well-being.

Expanding the definition of natural asset classes, such as land, to include ecosystem services beyond the landowner is a necessary starting point to capture its wider impact on all stakeholders. By including all the diverse ecosystem services that fall under an organization’s responsible management, nature can be considered an asset class alongside real estate, cash, bonds, and equity. This would help incorporate environmental degradation and biodiversity loss as a material risks to businesses and investments.

Moreover, this would establish nature as an appreciating asset when protected and managed sustainably. By extending legal interests beyond the landowner, all parties with an interest in preserving its value, including future generations, can be included.

This action would increase legal accountability for those causing harm and incentivize the protection of nature. Fully including nature as an asset class would send a clear message that investing in environmental preservation is not a tradeoff but a source of sustainable

benefits resulting from safeguarding critical natural resources for the future. Such incentives can play a fundamental role in achieving the 17 Sustainable Development Goals by 2030, including reducing poverty and protecting life on land and below water.

A transformation in this regard is beginning to occur. The UN General Assembly (UNGA) voted in favour of a resolution to seek an advisory opinion from the International Criminal Court of Justice (ICJ) on countries’ responsibilities to address climate change, signalling consequences for inaction.

The United Nations General Assembly (UNGA) recognized the human right to a clean, healthy, and sustainable environment last year, which raised expectations for governments and businesses to uphold this right. The European Union is currently reviewing proposals to impose fines on companies for environmental offences, such as pollution from shipping, equivalent to at least 10% of their revenue and prohibit them from accessing public funding. These proposals align with the draft Directive on Corporate Sustainability, which is set to be implemented this year, making environmental and human rights due diligence mandatory and imposing civil liabilities on large companies operating in the 27 member states that do not comply.

The battle against wildlife poaching has made significant progress. In the past, poachers were often discouraged by small fines. Still, now illegal poaching is increasingly being prosecuted as illegal trafficking and is subject to more severe legal consequences, such as imprisonment.

Several initiatives and mechanisms are emerging to educate decision-makers on their responsibilities and liabilities towards the planet’s natural resources. The Taskforce on Nature-related Financial Disclosures (TNFD), for instance, is developing a framework to help companies assess and disclose their impact on nature, as well as their dependence on it, in order to highlight nature-related financial risks.

Other initiatives are also gaining momentum to push for a reassessment of the value of nature and the risks posed by its degradation. One such example is the Stop Ecocide Foundation, which is involved in intergovernmental efforts aimed at establishing the large-scale, long-term destruction of nature as an international crime.

Advocating for nature’s right to exist and regenerate can have numerous positive impacts in slowing down biodiversity loss globally. Some movements are already calling for legal recognition of nature’s rights, such as campaigners urging the North Sea to have legal rights to consider the impact of offshore oil rigs and wind

farms on climate change and biodiversity. Several countries worldwide are also taking steps towards recognizing nature’s rights in their legal frameworks.

The UN Development Programme (UNDP) has launched the BIOFIN initiative, collaborating with over 40 countries to devise national biodiversity finance plans, providing 150 workable mechanisms for governments to safeguard and invest in nature without sacrificing economic benefits. This involves redirecting nature-damaging subsidies to promote nature-positive initiatives that prioritize equity.

While progress has been made towards greater accountability, a collective effort is necessary from governments, global organizations, civil society, non-profits and all stakeholders to alter our perception of nature’s value and the cost of its destruction. Holding those accountable for the theft or destruction of our natural assets through enforceable liability can be a powerful instrument for promoting a sustainable future on a thriving planet.