UN Secretary-General António Guterres called on the G20 governments on Thursday to "shift to a circular and regenerative economy," claiming that GDP is no longer a correct way to measure richness in today's world. The members were meeting to mark the 50th year of World Environment Day.

Part of the answer, according to the Secretary-General, is to abandon GDP as a measure of a country's economic strength, characterising it as an accounting system that “rewards pollution and waste”.

"WE MUST place true value on the environment and go beyond Gross Domestic Product as a measure of human progress and well-being." @UN Secretary-General @antonioguterres addressing #Stockholm50 ⤵️ pic.twitter.com/hwAQDu1f0y

— Stockholm+50 (@StockholmPlus50) June 2, 2022

“Let us not forget that when we destroy a forest, we are creating GDP. When we over-fish, we are creating GDP. GDP is not the way to measure richness in the present situation in the world. Instead, we must shift to a circular and regenerative economy,” Guterres said at the opening of the international gathering at Stockholm+50, which is commemorating the first human environment conference, that was held in Stockholm in 1972.

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The summit, titled "Stockholm+50: a healthy planet for the prosperity of all - our responsibility, our opportunity," was convened on June 2 and 3, 2022, to discuss the most pressing environmental challenges.

Following his call for all states to commit further to implementing the 17 Sustainable Development Goals and the 2015 Paris Agreement to combat these concerns, the Secretary-General underlined that more efforts were required to achieve net-zero emissions by 2050.

Further, he urged G20 leaders to dismantle coal infrastructure, with a full phase-out by 2030 for OECD nations and 2040 for all others. And exhorted all financial actors to abandon fossil fuel financing in favour of renewable energy investments.

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“Renewable energy technologies should be seen as a global public good. The necessary raw materials should be available to all,” he added.

"Global well-being is in jeopardy in large part because we have not kept our promises on the environment. At #Stockholm50, I urge countries to embrace the human right to a clean, healthy environment for everyone, everywhere," He said.

Global well-being is in jeopardy in large part because we have not kept our promises on the environment.

At #Stockholm50, I urge countries to embrace the human right to a clean, healthy environment for everyone, everywhere. pic.twitter.com/HW7dqg6HP1— António Guterres (@antonioguterres) June 2, 2022

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(Edited by : Anand Singha)