 Biodiversity, which in other words is the diversity of life on Earth, all the animals and the plants that interact with each other, is actually in deep trouble. Extinction rate through which species disappear from the planet is a thousand times higher than natural rates. The red show decline, the green show stability or increase. All this data adds up to a staggering 58% of the clients of wildlife in 40 years in less than a human generation. The ecosystems that today are producing are giving to us every day for free invaluable services. The fresh air that we breathe, the oxygen we breathe, the water that we drink, the water we use for our economy, pollination that produces more than half of the food we eat today. All that will actually vanish with the collapse of ecosystems like forests, like the ocean. We have to put the living world and the economy's dependence upon it right at the heart of economics on day one. The economy's goal should not be a proxy default goal of ever rising GDP growth. It should be meeting the needs of all within the needs of the planet. Here we are in Sumatra, the peat lowland forests. We're starting in 1984 and over time you can see rapid transformation of that forest with its extraordinary biodiversity into palm oil plantation. Now take a trip to the supermarket and you will be pushed to come away with a trolley full of goods that doesn't contain palm oil. And it's also used as a biofuel, but look how it's transformed the forest. 40% of the land of the planet is already occupied by agriculture. And this is the main driver of habitat and biodiversity loss. The way we produce food today is highly inefficient and is having a massive impact on the natural systems of the planet. If we move to trade in Brazilian soy, in Indonesian palm, the demand is coming from many of the high income countries. And it shows us how deeply interconnected we are in terms of all of our engagement and responsibility for ongoing deforestation in the world. On land, agriculture is a main driver. On the ocean is actually overfishing. Overfishing has a complex impact on the very complex web of life in the marine environment. But the other big threat to the ocean is climate change. Basically, we're beginning to see something never experienced before. We're beginning to see heat waves, similarly to what we have on land, under water. And these heat waves are sweeping across the ocean and killing entire habitats. We are seeing already a decrease of 40% of coral reefs in the last 20, 25 years. The by the way is a nursery for so many fish stocks. So the last picture I want to show you is an extraordinary image of refugees across the world from the year 2000 up to the present day. If we think about many of the conflict areas they're fleeing, often these conflicts, when we go deep down into the politics, they're driven by control over resources, including fossil fuels. In the future, I believe we're going to see even greater flows, people fleeing living in places that no longer have water, that are no longer temperature habitable. We are waking up to the climate change challenge. We need to consider biodiversity laws equally important, equally worrying and equally serious. If we want to talk about the degradation of the living world, climate breakdown and catastrophic biodiversity loss, it comes into the language of mainstream economics as environmental externalities. Now if you find yourself talking about the destruction of the living world as an externality, you already know you've got a problem with your theory. If theory is too small, we need to start again with the living world and the economy as a subsystem that's dependent upon it. We need language, pictures and framing that is fit for our times.