Discussion Paper on ‘Valuing Nature’

Summary

By signing the Kunming-Montreal Global Biodiversity Framework, Australia committed to having at least 30 per cent of its degraded terrestrial, inland water, coastal and marine ecosystems under restoration by 2030. This discussion paper starts from a blunt diagnosis: the twin challenges of biodiversity loss and climate change have largely resulted from economic systems that fail to value nature.

It reviews alternative approaches to valuing nature, and makes the case that nature's value is not limited to economic value. Cultural and spiritual values, and benefits to human health and wellbeing, may not be measurable in money, but they must be seriously considered in planning and in allocating the funding needed to protect, restore and sustainably manage nature.

Key points

• Market-based approaches aim to fund restoration through trading certificates, but concerns have been raised about their integrity and effectiveness, particularly the use of biodiversity offsets.
• The asset accounting approach recognises the long-term value and benefits of natural assets by incorporating them into infrastructure asset management.
• Voluntary conservation covenants on private land can contribute significantly to biodiversity targets, but need incentives — grant funding and land tax waivers — to operate at scale.
• No single approach is enough. A combination, informed by evolving best practice, is needed to underpin effective restoration.

Downloads

Download: Discussion paper (6 pp)

Cite as

Corkery, Noel and Chris Champion. “Discussion Paper on ‘Valuing Nature’.” LFA discussion paper. Landscape Foundation of Australia, 2023.