Unlike numerous other days we set aside each year to mark a special occasion, Earth Overshoot Day - this year falling on today's date (1 August) - is a time when humanity should take a long, hard look at itself.
The day is calculated by dividing the world biocapacity (the amount of natural resources generated by the Earth that year) by the world's ecological footprint (consumption of resources by humans).
In fact, researchers from Global Footprint Network and Schneider Electric estimated that if all existing building, industry and datacentre infrastructure adopted current off-the-shelf, commercial technologies for buildings, industrial processes and electricity production, Earth Overshoot Day could move back at least 21 days, without any loss in productivity or comfort.
From Thursday, the group says, we're all living on credit until December 31. While he says that the rate of our resource consumption continues to slow down, it's still increasing year after year (last year, Earth Overshoot Day fell on August 2).More news: Sam Darnold signs with Jets in $30 million deal
The project started in the early 1970s and has been getting earlier in the year ever since. According to the nonprofit, resources are being consumed 1.7 times faster than they can regenerate.
Mr Wackernagel added: "It's time to end this ecological Ponzi scheme and leverage our creativity and ingenuity to create a prosperous future free of fossil fuels and planetary destruction".
According to the Global Footprint Network, humans are now using nature 1.7 times faster than the planet's ecosystems can regenerate.
"We use more ecological resources and services than nature can regenerate through over-fishing, over-harvesting forests, and emitting more carbon dioxide into the atmosphere than ecosystems can absorb", the environmental advocates explain on their website. In other words, we are living beyond our means.More news: RBI increases key rate to 6.5% on inflation worries
The organization identified four opportunities that would significantly help reduce our footprint: cities, energy, food and population.
Halve the carbon component of the EF, such as reducing meat consumption. On the other side of the world, residents in Cape Town have had to slash water consumption in half since 2015. According to the report, it takes 14 times as much land to produce a ton of beef as it takes to produce a ton of grain.
The first one is to decrease the use of automobiles by 50 percent and the total traveled distance by 30 percent.
"These are consequences of busting the ecological budget of our one and only planet".More news: Mobile teams with Nokia to build out its 5G network
"But fires are raging in the Western United States".