Aust, US work on dollar value for nature
Tracey Ferrier |
Australia and the United States have agreed to work together on new systems to better measure the economic value of nature.
The two nations have inked a deal on the sidelines of the COP15 biodiversity conference in Canada, where nations are attempting to thrash out a new deal to halt and reverse devastating declines in nature by 2030.
Australia’s Environment Minister Tanya Plibersek, who has travelled to Montreal for the final stages of the gathering, says putting a dollar value on nature is critical to the conservation task.
“We’re not as good at valuing the contribution of nature to our economy, jobs, or wellbeing,” she said in a statement.
“People around the world rely on nature for their livelihoods. So it doesn’t make sense that our economy doesn’t properly recognise the dollar value of nature. It should.”
The minister said robust systems to account for nature’s economic contribution will aid the transition to a nature positive economy.
“If we get this right, the work by Australia and the United States could be adopted worldwide.”
The agreement will see both countries work together on an accounting protocol to measure and report on the amount, condition and economic contribution of nature to jobs and wellbeing.
They will also develop better ways to measure the value of environmental restoration projects, including how they help combat climate change, reduce disaster risks, and strengthen food and water security.
AAP
