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The global population is set to grow by 28 per cent and is predicted to use 71 per cent more resources per capita by 2050, says an international research centre.
Without urgent steps to increase efficiency, the global use of metals, biomass, minerals such as sand, and other materials, will increase from 85 to 186 billion tonnes per year by 2050.
The report, "Resource Efficiency: Potential and Economic Implications", was released by the International Resource Panel at the G20 meeting in Berlin on Thursday.
It said smarter and more efficient use of the world's natural resources today means the next generation will reap annual economic benefits of $2 trillion by 2050, while offsetting the costs of ambitious climate change action.
The report found while investment in ambitious climate action would cause a 3.7 per cent fall in per capita Gross World Product by 2050, this cost to the economy could be offset by more efficient use of resources.
For example, between 2005 and 2010, a UK programme recycled or reused seven million tonnes of trash destined for the landfill. This move saved six million tonnes of carbon dioxide emissions, close to 10 million tonnes of virgin materials and 10 million tonnes of water.
It also increased business sales by 176 million pounds, reduced business costs by 156 million pounds and created 8,700 jobs.
Globally, more sustainable use of materials and energy would not only cover the cost of keeping global warming below 2 degrees Celsius, but also add an extra $2 trillion to the global economy by 2050.
The International Resource Panel is a group of eminent experts in natural resource management hosted by UN Environment.
This report was commissioned in 2015 by the Group of Seven (G7) countries.
"This is an environmental win-win," said UN Environment head Erik Solheim said in a statement.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)