In 1970, things weren't so bad at all - overshoot day landed on December 29, just a few days shy of New Year's Day.
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 "1.7 Earths" figure is an average of resource consumption across the planet.
"Today may seem no different from yesterday", said Mathis Wackernagel, GFN's chief executive officer, "but fires are raging in the Western United States". Its objective is to highlight the impact of humanity on Earth.
Of course, some countries are far worse than others.
Based on its latest estimate, humanity is now using nature 1.7 times faster than our ecosystem can regenerate, including food, timber, fibre and the absorption of carbon emissions from burning fossil fuels.
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He likened the world's economies to using Earth's future resources to operate in the present and creating a deeper ecological debt. On the other side of the world, Cape Town residents had to slash water consumption by half since 2015.
They include reducing driving in cities, replacing auto trips with public transport, walking and biking, cutting carbon from energy production, reducing food waste by half, making diets more sustainable, and reducing the number of children families have. Reduce driving by half and replace one-third of the travel distance with public transportation and the rest by walking and biking.
The network also said rethinking energy systems and having one less child would save another 93 and 30 days respectively.
GFN's data found that 86 percent of the world's population lives in a country with an ecological deficit. The think tank calculates how many resources a country produces by looking at areas like farmland, grassland, forests, oceans, and cities.
The UK hit its overshoot day on May 8th. The day marks the annual point where humans reportedly use up more resources than the Earth can produce during that year.