The world is heading for an “ecological credit crunch” far worse than the current financial crisis because humans are over-using the natural resources of the planet. The WWF’s Living Planet report calculates that humans are using 50% more resources than the Earth can replenish each year, which is leading to deforestation, degraded soils, polluted air and water, and dramatic declines in numbers of fish and other species.

Current Scenario:

• In a world of 8 billion people, however, resource scarcity goes far beyond precious metals and rare earth metals.
• The per capita availability of biomass and fresh water is rapidly declining.
• Phosphorus and phosphate, critical to global food production, are also under pressure — and more than half of the world’s remaining, mineable reserves of that substance sit in one country, Morocco.
• “Water footprint” shows that 50 countries are already experiencing “moderate to severe water stress on a year-round basis”.
• 27 countries are “importing” more than half the water they consume – in the form of water used to produce goods from wheat to cotton – including the UK, Switzerland, Austria, Norway and the Netherlands.
• Systems that support human life are being depleted now rapidly, with unpredictable effects but with food being the ultimate resource.
• Oil is the only primary energy source that plays an important role in all of the national energy systems. Coal is the world’s fastest growing fossil fuel energy source, currently providing about one-third of the global primary energy supply.
• Large deposits of these essential minerals are currently found in areas awash in violence and political conflict, creating other issues. Example: Middle East and oil richness.
• Natural gas is the fastest growing fuel of choice for electricity generation in the Western hemisphere and has also gained an increasing importance in emerging economies.
• The key threat to the world’s remaining commons is excessive consumerism and the high levels of pollution it creates (such as CO2 emissions), particularly from the lifestyles of those in rich countries.

Impacts:

• Ecological:
  • The resource crisis is getting worse as populations and consumption keep growing faster than technology finds new ways of expanding what can be produced from the natural world.
  • It would upset the ecological cycles leading to worsened climate events, food insecurity etc.
  • If nothing changes, mankind would need two planets to sustain its lifestyle.
• Political:
  • The richer countries which have access to resources could encroach upon the share of the poorer and developing countries too leading to regional imbalances and disparity.
• Economic:
  • The possibility of financial recession pales in comparison to the looming ecological credit crunch.
  • The resource crises can lead to inflation and in turn global economic crises.
• Social:
  • Resource crises can lead to social unrest like wars, insurgencies, civil wars etc.
  • The share of world poverty would rapidly increase leading to impoverishment of weaker sections like women, children, aged.

Measures needed:

• Sustainable Development Goals signed up by most nations in the world is a step in the right direction.
• Establish some form of ‘Global Commons Trust’ which could enable the international community to take collective responsibility for managing the world’s remaining commons and ensuring a balanced pattern of resource use and consumption across the world.
• There is a need for more Research and Development for transition from Non-renewable to renewable resources, be it energy or minerals.
• The Developed countries have a responsibility to transfer the technology and help the developing, SIDS countries.
• Global governance bodies such as the World Trade Organisation (WTO), International Monetary Fund (IMF) and World Bank need to be radically reformed to ensure that they are far more representative of the developing world.
• reforms at the national level, including de-prioritising economic growth, dismantling the culture of consumerism and investing heavily in low-carbon infrastructure
• Checking the global population is also a feasible option.

Conclusion:

As Gandhiji had once said that mother Earth provides enough for everyone’s need but not greed. It must be advocated to every single person that we are indebted to our future generations and need to utilize the resources sustainably.