Overshoot day

Overshoot day

Overshoot day is the day in the year when human activities have used up the amount of the Earth’s natural resources that can be renewed within one year.

Ideally this is sometime in very late December or better still, January, February or later in the in the subsequent year. Overshoot day celebrated then would mean we are either in balance or slightly ahead using less resources than are renewed each year. This was pretty much true up to the late 1960’s.

In 2017 overshoot day was 2nd August.

This leaves another 151 days left in the year to keep everyone going on resources not renewed within the year. We are using up credit, reserves of resources that sit in the renewable pool.

There is more bad news if you are Australian. Our Aussie lifestyle chews up more resources than most. If everyone lived like us then overshoot day arrives on 12th March, almost half a year earlier.

Put another way, if everyone lived the Aussie lifestyle, we would need 5.2 Earths worth of renewable natural resources per year. And if we all had the British stiff upper lip or Italian suits, then it would be 3.0 Earths.

This is a serious problem folks. I mean it. We are overextended taking up at least a third more than is renewed. It is like having a salary of $100 a week and spending $130 a week. It is only sustainable for as long as your savings or credit card allows.

Aussies should be ashamed that they are the most profligate being ahead even of the Americans (5.0 Earth’s in their case); not that finger pointing helps. All the wealthy people in the world are collectively living on credit. We are borrowing from the pool of reserves without an ability to pay back in. The risk in this transaction is not secured against any collateral other than the technology mantra.

In natural resources terms, buy now, pay later, becomes use now, worry about shortages later. And it could become use now, deal with collapse later.

If laboratory rats run out of food they get hungry, then they fight each other, and then they eat each other.

It is ugly.

Our system of credit, supply chains, and technology applied to renewable resources will buffer us for a while. It is why we don’t feel shortages or, indeed, hunger for those of us living on $100 plus a day (a little under $50,000 a year before tax).

It is also why we buffered this system after the GFC even though we knew it was built on sand and so much of the extra credit promised ended up in just a few pockets. We should pay much more attention to all this. But I digress, here is the key message.

Overshoot day is the most important day of the year. If we are smart, less greedy and less fearful we could even make it a biannual celebration.

So when you are pondering your New Year’s resolutions and reflecting on another year lodged into history, with full stomachs and the lingering indigestion of Christmas cheer, spare a thought for the day in 2018 when we overshoot our renewable resources for another year.

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