The world is facing growing environmental risks from global warming, biodiversity loss, water scarcity and degradation of the marine environment. Meeting these challenges calls for a fresh perspective on our economic relationship with the environment. For too long we have undervalued nature – at our peril. Managing an increasingly “fragile” planet requires new thinking on markets, institutions and governance that decouples wealth creation from environmental degradation. This can only happen if we end the underpricing of nature, foster collective action, accept absolute limits, attain sustainability, and promote inclusivity. Business as usual is no longer an option – actions are needed now by governments, businesses, financial institutions and consumers for better stewardship of the biosphere. Rethinking economies in this way is essential to reducing human ecological impacts and global environmental risks, for the benefit of both current and future generations.