UK environment secretary Hilary Benn has called for the international community to devise a way of valuing biodiversity in order to assess the financial implications of decisions that impact the natural environment.
The Guardian reported Mr Benn's comments ahead of a speech he is due to give today (January 26th) about the threats posed to species around the world.
He told the news provider: "We will need to think about the most effective mechanism for taking account of the economic impact of decisions we make in relation to biodiversity."
Mr Benn also stated his belief that the government should introduce legislation similar to the Climate Change Act which would force parliament to address the issues surrounding biodiversity.
During his appearance in front of the centre-left organisation Progress - a New Labour pressure group that aims to promote "radical and progressive politics for the 21st century" - Mr Benn is expected to say that "biodiversity is being wiped out".
According to the newspaper, he will also warn that the world could be experiencing its sixth great extinction event.
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