Yes, it is cripplingly vague.
"3 centuries of increasing artificial deforestation, urbanization and industrial pollution of the air and water on a global scale." is the object of the sentence.
"natural stabilizing" is the subject.
"account for" is the verb.
What does "doesn't account for" mean? Does it mean "render inconsequential"? Does it mean "can't repair on any time scale"?
What is "the latter" and "the former"? Do you mean the object of the sentence is the latter and the subject is the former?
Then "3 centuries of increasing artificial deforestation, urbanization and...