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Firms count high externality costs.

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The global top 100 environmental externalities--activities or transactions that a business is not involved with but which result in a cost or benefit to that firm--are costing about $4.7trn a year, according to a new study.

Conducted by the Economics of Ecosystems & Biodiversity (TEEB) for Business Coalition and published in a report entitled "Natural capital at risk", the research evaluates the economic costs of greenhouse gas emissions, loss of natural resources, loss of nature-based services, climate change and ill health relating to air pollution.

The report reveals that the primary production (agriculture, forestry, fishing, oil and gas exploration, mining and utilities) and primary processing (cement, steel, paper and petrochemicals) sectors experienced estimated externality costs totalling $7.3trn--13 per cent of global economic output--in 2009.

Most environmental externality...

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