Rescue the planet with donuts (kind)

“It’s probably the only time you hear about a healthy donut,” says economist Kate Raworth, explaining his business model, Donut Economics.

Raworth, from the Environmental Change Institute at Oxford University, rejects the conventional economy and, in particular, the design of GDP growth in the twentieth century. This is a model that was fundamentally damaging to ecology, she said.

In New Zealand, to speak at the Auckland Writers’ Festival, Raworth said that the 21st century must integrate human and global prosperity, not just the prosperity of balance sheets.

Donut Economics, explained in his 2017 book, Donut Economics: Seven Ways to Think Like a 21st Century Economist Are Based on a Circular Figure (Donut-shaped).

“The hole in the middle shows the proportion of people who do not have access to essential resources such as health care, education, housing and income,” says Raworth.

The donut’s outer layer represents the ecological ceilings on which human life depends, such as fertile soil, biodiversity and freshwater.

“The limits around the limit are our prosperous balanced space where we can live. We know we have to use the Earth’s resources, but we have unbalanced our planet and are collapsing the ecosystem.

“Humanity can not cope with climate change, biodiversity loss, land conservation, and nitrogen and phosphorus loads. We are outside the donut on both sides, “continued the economist.

Raworth said the 20th century was based on extractive companies, in which companies would see what financial value they could extract from their business.

The 21st century should focus on generating companies that focus on the number of types of value they can generate for people and the environment.

Raworth, who has shown his diagram to various governments with a positive reaction, said companies can change their expectations and direction of business to have a positive impact on the planet.

It encourages all companies to make radical changes now, for example by setting scientific targets for reducing carbon dioxide emissions and by changing the ownership models in which employees can be small shareholders of large companies.

“Businesses should do what pays now. They should use ethical supply chains around the world, pay fair tax rates and restore the balance of the planet, “she said.

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