Beyond GDP: The shift to new and nature-positive measures of progress is gaining momentum

The document advocates for a transition from GDP to a standardized 'green GDP' that accounts for natural capital and climate risks. It notes a 'silent revolution' where central banks, sovereign debt markets, and trade rules (such as Europe's carbon border adjustments) are already integrating nature into economic accounting. However, it argues that current efforts are fragmented and fail to account for the depletion of natural capital stocks. The author suggests the September 2024 UN Summit of the Future is a key opportunity for Member States to commit to a global standard that measures both economic flows and critical environmental stocks.

• There is an ongoing 'silent revolution' where nature and climate change are being integrated into global economic accounting through bottom-up, pragmatic needs rather than top-down mandates. This is evident in central banks incorporating risks into financial stability analysis, sovereign debt markets using sustainability-linked financing, and international trade rules such as Europe's carbon border adjustment measures and zero-deforestation requirements.
• Current economic measures are fragmented and insufficient because they focus on cash flow (flows of economic benefits) rather than the 'balance sheet' of progress, which would include the stocks of social and natural capital. This gap means the long-term impacts of activities like overfishing or the destruction of coral reefs are ignored.
• National and regional industrial plans have shifted to treat the green transition as a baseline, exemplified by Brazil’s Ecological Transition Plan, the US Inflation Reduction Act, and China’s industrial subsidy programmes.
• The UN Summit of the Future in September 2024 is identified as a critical opportunity for Member States to commit to a global standard for measuring progress that includes critical stocks and flows, which would help reform the International Financial Architecture.

APA

Zadek, M. M. S. (2024). Beyond GDP: The shift to new and nature-positive measures of progress is gaining momentum. World Economic Forum. https://www.weforum.org/stories/sustainable-development/beyond-gdp-nature-positive-measures-progress-gaining-momentum/

Chicago

Zadek, Mahmoud Mohieldin, Simon. Beyond GDP: The shift to new and nature-positive measures of progress is gaining momentum. World Economic Forum, 2024. https://www.weforum.org/stories/sustainable-development/beyond-gdp-nature-positive-measures-progress-gaining-momentum/.

Wikipedia

{{cite press release |last1=Zadek |first1=Mahmoud Mohieldin, Simon |title=Beyond GDP: The shift to new and nature-positive measures of progress is gaining momentum |publisher=World Economic Forum |date=23 September 2024 |url=https://www.weforum.org/stories/sustainable-development/beyond-gdp-nature-positive-measures-progress-gaining-momentum/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{zadek2024beyond, author = {Zadek, Mahmoud Mohieldin, Simon}, title = {{Beyond GDP: The shift to new and nature-positive measures of progress is gaining momentum}}, publisher = {World Economic Forum}, year = {2024}, month = sep, url = {https://www.weforum.org/stories/sustainable-development/beyond-gdp-nature-positive-measures-progress-gaining-momentum/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }