August 1 marks Earth Overshoot Day, the date when humanity has used up nature's resource budget for the entire year, according to Global Footprint Network (GFN), a not-for-profit dedicated to helping end ecological overshoot by setting ecological limits that are central to decision-making. According to GFN, by August 1 humanity will have used nature’s resource budget for the entire year, building on the National Footprint and Biocapacity Accounts now maintained by York University under the governance of the Footprint Data Foundation.

Current data shows that humanity is currently using nature’s resources 1.7 times faster than our planet's ecosystems can regenerate them. GFN noted that this overshoot is possible by depleting natural capital, which compromises resource security, and the consequences of ecological overspending are evident in deforestation, soil erosion, biodiversity loss, and the buildup of carbon dioxide in the atmosphere, leading to more frequent extreme weather events and reduced food production.

"Overshoot will end. The question is how: by design or by disaster,” said Lewis Akenji, Global Footprint Network board member. “A planned transition gives us better security than ceding to the whims of a planet thrown off balance by overshoot." 

Earth Overshoot Day has been officially tracking nature’s resource budget for more than 10 years, however, this is the first year the earth has passed its resources within 7 months. 

GFN added that for the remainder of the year humanity lives from overuse, further depleting the biosphere. Even as the date holds steady, the pressure on the planet keeps increasing, since damage from overshoot accumulates over time. In 1988, humanity was using 1.3 earths. This had grown to 1.6 earths by 2008. 

"Ending overshoot is essential. It is also possible, given human potential," said Debora Barioni of Global Footprint Network.

The GFN recommends taking steps to help move the Earth Overshoot Date to later in the year, including cutting CO2 emissions from fossil fuels by 50 percent, which would move the date by three months.