Protect one-third of world’s oceans and land to deliver $500bn economic boost, scientists urge

Protecting 30% of oceans and land globally would reap economic benefits five times greater than the initial costs of conservation and restoration, a major new scientific report has concluded. Compiled using research from more than 100 economists and scientists, the report considers various pathways to restoring 30% of the world’s natural habitats, in line with the UN’s draft 10-year strategy on biodiversity. The draft strategy is intended to create a “Paris-style” deal for nature, uniting nations and states in averting the Earth’s sixth mass extinction.

In all pathways explored in the report, the economic benefits of the conservation and restoration outweigh the costs by a factor of five-to-one or more. Benefits will not be felt solely in profit margins or through GDP, however – some will emerge in the form of reduced healthcare and social care costs and less damage from extreme weather events. Even in the worst-case scenario, the report authors believe that the global nature conservation sector will grow by 4-6% every year through to 2030, in comparison to 1% or less for agriculture, fisheries and forestry – sectors which have been strongly linked to the degradation of habitats and the over-exploitation of natural resources. A stronger scenario is likely, however, given that many economies are including nature-related funding and policies in their post-Covid-19 recovery strategies.

In addition to increasing central nature spending and changing policy incentives in a bid to spur private investment, the report urges policymakers to provide specific supports for indigenous peoples and communities. National Geographic claims that indigenous peoples are currently the primary protectors of 80% of the world’s biodiversity. However, they account for just 5% of the global population and are acutely exposed to climate-related risks and are more likely to face challenges such as poverty and water scarcity. With an appropriate support and governance framework, the formal recognition of indigenous contributions to nature stewardships could increase by 80%.

Source: Edie