Farmers like Rob Miller could soon be financially rewarded for protecting their land under a new proposal from the NSW government.
That could be through protections from land clearing and invasive species, and habitat restoration. However, not acting would be far more costly. While there are efforts underway to improve conservation, more needs to be done across all areas of government and the community.
“Natural capital is essentially our stock of natural assets – the air we breathe, the food and water we need to survive, biodiversity and all living things that help economies and communities prosper and thrive,” NSW Environment Minister James Griffin says.“More than 50 per cent of global Gross Domestic Product is dependent on nature, and Australia ranks fifth of 140 countries that are likely to experience the highest economic losses if environmental challenges are not addressed.
“The evidence is clear: for a strong economy, we need a healthy environment”: NSW Environment Minister James Griffin.“It is important that this is not seen as a silver bullet,” he says. “We also need strong regulation, and environmental governance reform. It needs to be a holistic approach. [Natural capital] is more a way of internalising the ecological cost and benefit. It’s not just about monetising things and selling them.
“I don’t think it’s as widely known as the issue of climate change. Big events like bushfires and floods are a very noticeable symptom of climate change and rightly get a lot of coverage,” he said. “But species decline happens slowly over time. There is not adequate monitoring for most species so we might not know what is happening.”
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