European Union breaks new ground for nature

The new Nature Restoration Law adopted by the Council of Environmental Ministers of the EU Member States is a world-first and a win for nature.???

The new law aims to restore at least 20% of the EU's land and seas, with specific targets including reversing the decline of pollinators and restoring 25,000 kilometres of rivers to free-flowing conditions.??

The target is instrumental to align EU policy with commitments made by almost 200 countries in the CBD’s Global Biodiversity Framework to restore and protect at least 30% of our planet’s degraded ecosystems by 2030. The legislation underpins Europe's leadership in global biodiversity restoration and protection efforts and echoes Europe’s ambitious climate targets.???

The 27 countries of the EU reached this landmark decision after a long process of uncertainty and intense negotiations. An important aspect of the Nature Restoration Law has been the support from a broad spectrum of society, including businesses and industries like the power sector, scientists, progressive farming groups, financial institutions, European mayors, European youth representatives and NGOs. The Nature Conservancy believes that consensus building is critical for successful long-term improvement for nature.??

A notable aspect of this legislation is its potential to unlock significant investment in nature and biodiversity. Within a year of the law coming into power, the European Commission plans to identify a range of sustainable financing measures to support the law’s implementation, and this poses a major opportunity to leverage public funds by unlocking large-scale private sector investments. Business supporters have already recognised the potential for this law to catalyse hundreds of millions of Euros in private financing, setting a transformative precedent for global environmental efforts.??

Our global colleagues in The Nature Conservancy, in particular Marianne Kleiberg , Noor Yafai , and Andras Krolopp , played a key role in getting the text around innovative financing into the final Law and will be well placed to support the Commission to inform the policy development for financing. They can contribute emerging work on biodiversity certificates where non-profit organisations, governments, landowners or companies that have a primary goal to conserve or restore land generate a supply of credits, or “certificates.” Private companies can buy certificates that contribute to their environmental targets.?

In New Zealand, exploring innovative financing for conservation is an important part of our work. An example of this is our research into the role coastal wetlands can play in storing carbon - and the potential for a blue carbon credit market to support restoration work. This work may also contribute to building a case for biodiversity certificates for this country.??

The European announcement is good news for nature and the millions of Europeans who depend on it. The Nature Conservancy in Aotearoa New Zealand will watch developments closely to see what lessons we can learn for this country.?