The world can no longer sustain the widening budget gap between what nature is able to provide and how much our infrastructure, economies and lifestyles require, they said.
Alessandro Galli, Global Footprint Network regional director, said: 'Everyday life in many Mediterranean countries is showing us what it means to live beyond financial limits.
'Ecological and financial deficits are two sides of the same coin. Over the long run, nations cannot deal with one deficit without addressing the other.'
Andrew Simms, climate economist at Global Witness, who came up with the concept of earth overshoot day at UK think tank the New Economics Foundation, said: 'The Government consistently tells us that we must buckle down and live within our financial means, but seems intent on pushing us to break our environmental budget.
'The maths is simple - the UK consumes and produces waste at a rate three and a half times greater than we can sustain, and today humanity has already exhausted what the planet's ecosystems can provide in a year.
'We're in the red and gambling with ecological bankruptcy, as the fracking debate shows. If it chose to, the Government can always print more money, but it can't print more planet. Ecological overshoot should lead the political agenda.'
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