THE Finance Minister’s Budget 2019 announcement on Nov 2 followed the release of two major global environmental reports – the Intergovernmental Panel on Climate Change (IPCC) Special Report on Global Warming of 1.5°C, and the WWF Living Planet Report 2018. Both reports underscored the necessity of taking immediate action to avoid catastrophic climate change and loss of wildlife.
The reports also reminded decision-makers on the importance of natural ecosystems to human livelihoods and wellbeing, as they provide food, clean water, medicines and security. The WWF Living Planet Report estimates that these ecosystem services are worth around US$125 trillion a year globally (140% of world GDP).