Failing to spend on nature restoration can inflict long-term economic impacts, warns IUCN
The International Union for Conservation of Nature (IUCN) has urged the European Union (EU) to invest in the restoration of nature. Failing to spend on nature restoration can inflict long-term economic impacts, the conservation agency said in a statement issued on July 4, 2023.
The statement comes weeks after the EU Council agreed to restore 20 per cent of its land and sea by 2030. On June 20, 2023, the EU also agreed to restore 20 per cent of its land and sea by 2030.
EU further pledged to restore the entire ecosystems by 2050 by setting legally binding targets and nature restoration in various sectors such as agriculture, forest, marine, freshwater and urban systems.
Also read: European Parliament votes down amended version of nature restoration law
Financing nature restoration has impressive returns, the IUCN statement added. It stated that every Euro spent on the nature restoration would have an eight-fold return and benefits worth 38 Euros.
“Moreover, nature restoration is crucial for our resilience as we experience the proliferation of droughts, wildfires and floods in Europe. Failing to adopt the Nature Restoration Law will have negative long-term consequences on the economy and on people, while weakening the EU’s proven global leadership in environmental policymaking,” it stated.
The statement said compliance with the Nature Restoration Law and maintaining healthy ecosystems are crucial to reaching climate and biodiversity targets committed under the Kunming-Montreal Global Biodiversity Framework, Paris Agreement and EU’s flagship European Green Deal.
Achieving the goals will also help EU’s aim to become a global leader in multilateral environmental policymaking.
The statement also cited an extract from a resolution made in the European Parliament in January 2020, urging for “a clear global conservation objective for 2030 of at least 30 per cent of natural areas and the objective of restoring at least 30 per cent of degraded ecosystems that can be restored should be enshrined in the post-2020 framework, and that the EU should set similar objectives domestically”.
EU member states, supported by different communities such as scientists, farmers, anglers, non-profits, businesses, the renewable energy sector and youth, have already committed to comply with the proposal.
In May 2023, the IUCN urged the EU to come up with a targeted and meaningful restoration for strengthening the resilience and sustainability of EU economy.
It stated that EU regulation on nature conservation is a crucial law at this critical juncture and its implementation must not be delayed.
We are a voice to you; you have been a support to us. Together we build journalism that is independent, credible and fearless. You can further help us by making a donation. This will mean a lot for our ability to bring you news, perspectives and analysis from the ground so that we can make change together.
Representative photo: iStock..png)
Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.