EU considers valuing nature to halt biodiversity loss
New strategy proposes determining economic value of natural systems to aid decision-making
The EU has today proposed incorporating the economic value of biodiversity into its decision-making, accounting and reporting systems, as part of a new strategy that aims to protect and restore some of Europe’s most vulnerable habitats.
The idea of pricing natural systems was introduced by the World Bank at the Nagoya biodiversity summit last year and incorporated into the global deal tasked with halting biodiversity loss.
But despite UN estimates that global business opportunities from investing in biodiversity could be worth $2tn to $6tn a year by 2050, the concept remains in its infancy.
As well as meeting its Nagoya commitments, the EU predicted that a new biodiversity accounting system would help the bloc meet targets announced in March last year that aim to halt the loss of biodiversity by 2020, and protect, value and restore EU biodiversity and ecosystem services by the middle of the century.
The new targets were proposed after the EU’s previous strategy, the Biodiversity Action Plan, failed to meet its goal of halting biodiversity loss.
The Commission’s new strategy warned that about 25 per cent of European fauna is at risk of extinction, 88 per cent of fish stocks are over-exploited or significantly depleted, and many ecosystems are so degraded that they can no longer deliver the services society depends on, such as crop pollination, clean air and water, and flood control.
“We are part of biodiversity, but we also depend on it for our food, for fresh water and clean air, and for a stable climate,” said Janez Potočnik, the EU’s environment commissioner.
“It’s our natural capital that we are spending too fast - and we all know what happens when we borrow beyond our means. We should all be aware of the severity of this situation and our past failures to address the problem.”
The new strategy proposes restoring at least 15 per cent of degraded ecosystems by focusing on six priority areas, including enhancing the sustainability of agriculture and forestry activities, and stepping up the EU’s contribution to global action to prevent biodiversity loss.
The strategy encourages businesses to integrate measures like sustainable forest management and tackling water and atmospheric pollution into their long-term planning.
It also raises the prospect of more stringent regulations to protect key habitats from degradation, as well as improved incentives and mechanisms such as habitat banking designed to enhance corporate sustainability efforts.
More investment in ‘green infrastructure’, such as natural flood defences or corridors linking protected areas, will also be needed to protect and improve the state of Europe’s biodiversity over the next decade, the report states.
The Commission is expected to follow the proposals and initiatives with a separate strategy on Green Infrastructure and legislative proposals on Invasive Alien Species and on access and benefit sharing in the next year.
The EU has today proposed incorporating the economic value of biodiversity into its decision-making, accounting and reporting systems, as part of a new strategy that aims to protect and restore some of Europe’s most vulnerable habitats.
The idea of pricing natural systems was introduced by the World Bank at the Nagoya biodiversity summit last year and incorporated into the global deal tasked with halting biodiversity loss.
But despite UN estimates that global business opportunities from investing in biodiversity could be worth $2tn to $6tn a year by 2050, the concept remains in its infancy.
As well as meeting its Nagoya commitments, the EU predicted that a new biodiversity accounting system would help the bloc meet targets announced in March last year that aim to halt the loss of biodiversity by 2020, and protect, value and restore EU biodiversity and ecosystem services by the middle of the century.
The new targets were proposed after the EU’s previous strategy, the Biodiversity Action Plan, failed to meet its goal of halting biodiversity loss.
The Commission’s new strategy warned that about 25 per cent of European fauna is at risk of extinction, 88 per cent of fish stocks are over-exploited or significantly depleted, and many ecosystems are so degraded that they can no longer deliver the services society depends on, such as crop pollination, clean air and water, and flood control.
“We are part of biodiversity, but we also depend on it for our food, for fresh water and clean air, and for a stable climate,” said Janez Potočnik, the EU’s environment commissioner.
“It’s our natural capital that we are spending too fast - and we all know what happens when we borrow beyond our means. We should all be aware of the severity of this situation and our past failures to address the problem.”
The new strategy proposes restoring at least 15 per cent of degraded ecosystems by focusing on six priority areas, including enhancing the sustainability of agriculture and forestry activities, and stepping up the EU’s contribution to global action to prevent biodiversity loss.
The strategy encourages businesses to integrate measures like sustainable forest management and tackling water and atmospheric pollution into their long-term planning.
It also raises the prospect of more stringent regulations to protect key habitats from degradation, as well as improved incentives and mechanisms such as habitat banking designed to enhance corporate sustainability efforts.
More investment in ‘green infrastructure’, such as natural flood defences or corridors linking protected areas, will also be needed to protect and improve the state of Europe’s biodiversity over the next decade, the report states.
The Commission is expected to follow the proposals and initiatives with a separate strategy on Green Infrastructure and legislative proposals on Invasive Alien Species and on access and benefit sharing in the next year.
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