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Biodiversity loss and its economic costs: a global perspective

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Author Affiliations

  • 1School of Pharmacy, Graphic Era Hill University, 510, Society Area, Clement Town, Dehradun-248002, Uttarakhand, India
  • 2School of Pharmacy, Graphic Era Hill University, 510, Society Area, Clement Town, Dehradun-248002, Uttarakhand, India
  • 3School of Pharmacy, Graphic Era Hill University, 510, Society Area, Clement Town, Dehradun-248002, Uttarakhand, India

Res. J. Recent Sci., Volume 13, Issue (1), Pages 31-37, January,2 (2024)

Abstract

This article reviews the economic costs of global biodiversity loss using existing literature. Biodiversity loss poses a major threat to the global economy, with estimated annual costs in the trillions of dollars. These costs primarily result from the loss of ecosystem services, such as food and water provision, carbon sequestration, regulation of climate, pests, and diseases. For example, Honeybee extinction from habitat loss and pesticide use may have significant economic consequences. They play a vital role in pollinating crops, supporting the global food supply and agricultural economy. Bee pollination is valued at $235-$577 billion globally and around $15 billion to the US agricultural sector per year. The article also highlights that developing countries bear most of the economic costs associated with biodiversity loss. The conclusion emphasizes the urgent need for global action through targeted policies, regulations, public awareness, education, investment in conservation and restoration efforts to preserve ecosystem services. In this article we suggest that addressing biodiversity loss and resolving this issue with preservation and other means will not only benefit the environment but also promote sustainable economic growth and human well-being.

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