Nature Day at COP 26 in Glasgow will see Australia join a global initiative to recognise the economic value of our environment, and the announcement of a Blue Carbon Accelerator Fund to support international blue carbon restoration and conservation projects.
Minister for the Environment Sussan Ley said Australia will join the Taskforce on Nature-related Financial Disclosures (TNFD) forum along with the UK, France and Switzerland to help unlock “natural capital” investment from private finance and banking sectors through better understanding and reporting framework.
“Understanding the true value of our natural capital – our soils, water, oceans, biodiversity and spectacular landscapes – is critical to protecting our environment,” Minister Ley said.
“Australia’s natural assets are unique, and we are developing natural capital tools to measure and integrate the value of these assets in ways that recognise the value of their economic productivity and which encourage corporate sector investment.
“Around the world, Governments know they can’t do this on their own and that private investment, philanthropy and technology will be vital in protecting our environment and our future economies.
“As part of the Morrison Government’s broader budget commitments to develop standardised metrics and measurement systems, we will be investing AUD $650,000 through the forum to promote engagement and the important role of natural capital in meeting global targets.”
Minister Ley will also use a video address at the Australian “Pavilion” at COP 26 to launch Australia’s Blue Carbon Accelerator Fund that will focus on blue carbon restoration and conservation projects.
“The Fund is part of our $100 million commitment to Oceans Leadership and our continuing work with other nations from the High Level Panel for Sustainable Ocean Economy, to working with Pacific neighbours to protect marine environments and the International Partnership for Blue Carbon.”
Australia is working in partnership with the International Union for the Conservation of Nature (https://www.iucn.org/) to deliver the Fund and to support on-the-ground restoration and conservation activities. Further funding details will be released.
Natural capital: unlocking private sector investment
Original source: https://minister.awe.gov.au/littleproud/media-releases/soil-carbon-erf?utm_source=Twitter&utm_medium=media+release&utm_campaign=ERF+carbon+methodology#:~:text=%E2%80%9CThe%20new%20ERF%20method%20will%20reduce%20costs%20and,water,%20and%20boosts%20productivity%20and%20yields%20of%20farmland.%E2%80%9D