In emerging been periodic surges – such as the US turn- and developing economies, MFP growth of-the-century bounce widely attributed to has been in negative territory for most of the impact of the information and commu- the past fifty years, with the exception of nication technology (ICT) revolution, and the decade preceding the 2008-09 financial the rebound following the 2008-09 global crisis. [...] The foundation of all economies is tion in the economic role of natural capital natural capital, defined here in alignment occurred in the second half of the 20th with the United Nations Environment Pro- century, from productivity booster to pro- gram (UNEP) as the stocks of environ- ductivity decelerator. [...] Since that point, accumu- have been possible.7 The transition to fos- lated and accelerating damage to the natu- sil fuels – first coal, then oil and gas – was ral capital foundation of all economies has the other enabler of the surges of economic slowed productivity growth, and the role growth generated by the first and second of natural capital has shifted from produc- industrial revolutions.8 t. [...] Its measures of nat- by both absolute declines in the value of ural capital account for a smaller share of natural capital and population growth, the total capital than those of the UNEP – 8 World Bank declines were driven entirely per cent of total capital in 2020, compared by population growth, with a 5 per cent 16 The extent to which natural capital declines reduce the total quantity of capital. [...] 17 The Bank’s asset shares for human capital and produced capital are, accordingly, larger than those of the UNEP: human capital accounts for 60 per cent of total wealth in 2020 and produced capital for 32 per cent , compared with 54 per cent and 28 per cent , respectively for the UNEP in 2019.
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