Data, Waves and Wind to Be Counted in the Economy
Wind and wave power will be incorporated into national economic assessments for the first time, according to new changes approved by the United Nations. This update aims to reflect the growing importance of renewable resources and data as economic assets, which could potentially inflate the estimated size of economies like the UK's by 2-3% by 2030. While the changes are described as “tweaks” rather than a major overhaul, they may lead to increased government spending commitments based on a larger perceived economic base.
- The inclusion of renewable energy and data in economic metrics highlights a shift towards recognizing the value of sustainable resources and digital assets, potentially reshaping fiscal policies in the future.
- How will the shift in economic calculations impact government priorities in funding and resource allocation in the face of environmental challenges?