Today, few people retain any illusions that United Nations conventions like the Framework Convention on Climate Change and the Convention on Biological Diversity can avert global warming, the loss of biodiversity and the depletion of arable soil and water.
Likewise, the pursuit of hard caps for CO2 emissions and stricter environmental and social standards to reduce natural-resource consumption and protect workers has fallen out of vogue, with crisis-stricken economies concerned that such regulations would impede investment and trade.
As old methods have lost credibility, some governments, economists and international institutions like the UN Environment Programme have adopted a new approach, based on the view that nature is an "ecosystem service" provider. In doing so, they have shifted the onus of addressing environmental risk onto the private sector and market-based mechanisms.
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