According to the recently published Dasgupta Review on the Economics of Biodiversity, “Nature is a blind spot in economics that we ignore at our peril… A fundamental change in how we think about and approach economics is needed if we are to reverse biodiversity loss and protect and enhance our prosperity.”
Commissioned by the UK government and led by Professor Sir Partha Dasgupta, the landmark Review calls for changes in how to act and measure economic success to better protect and enhance both human prosperity and that of the natural world.
The findings of the Review resonate with Palladium’s Lucy Garrett, author of the report Restoring and Creating Space for Nature in the United Kingdom. Garrett’s report lays out how decades of market failure have led to widespread destruction of nature in the UK, emphasising that now is the time to reverse that trend.
According to Garrett, Palladium is well-placed to apply its extensive experience working to restore nature in the tropics to the UK, which is rated as one of most damaged ecosystems in the world.
Despite the scale of the challenge, the post-Brexit enabling environment in the UK offers an unrivalled opportunity to restore nature.
The Time is Now
Andrew Sutherland, Palladium Director of Nature-Based Solutions, notes that the time is now to act on restoring nature, both environmentally and politically. “Nature is of more value to us when it’s healthy than when it’s destroyed,” he says. “The policy environment in the UK makes it one of the best places in the world right now to prove this concept.
“Nature is central to the upcoming COP-26, the progressive new Environment Bill, and the recent announcement by the Prime Minister of a GBP 3 billion commitment for nature at the One Planet Summit. All are positive steps,” he adds.
To capitalise on this opportunity, Palladium is partnering with ambitious project developers to establish a facility that will channel much needed public, private and philanthropic investment into inspiring restoration projects across the UK.
But it can’t be accomplished alone. Garrett notes that in order to truly restore nature, it must be a collaborative effort. “Bold and ambitious off-takers and funders have a key role in helping us prove these new value streams by creating demand for credits for carbon sequestration and storage, biodiversity net gain and flood risk reduction.”
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