October 31, 2024 by University of Oxford
Collected at: https://phys.org/news/2024-10-nature-economic-prosperity.html
A comprehensive review of the economic impacts of nature-based solutions (NbS), led by the University of Oxford and published this week in PLOS Climate, concludes they can unlock prosperity by boosting local economies, increasing agricultural productivity and creating jobs.
The authors also highlight how NbS can create “win-win” scenarios, such as raising income and creating jobs while enhancing biodiversity and supporting climate adaptation. These attributes make NbS an essential approach for countries as they transition to clean and efficient circular economies.
Specific examples covered by the research include the Working for Water (WfW) program in South Africa, which cleared invasive species from over 1 million hectares of land while supporting over 20,000 jobs, and a coastal restoration project in the United States which created 17 jobs for every US$1m spent.
“The evidence also shows NbS can be deployed with speed and flexibility in areas where they are needed the most, like rural communities that are often neglected by other investment approaches,” says Alex Chausson, lead author of the study, NbS specialist at WWF-UK, and Research Associate at Oxford’s Nature-Based Solutions Initiative (NbSI). They are important tools for stimulating local economies, especially during recovery from crises, he adds.
“Nature’s value is often overlooked in accounting frameworks, yet our study highlights its tremendous economic benefits. At a time when global systems are under strain and the planet is warming, nature-based solutions offer a vital opportunity to boost the resilience of ecosystems—and the economies that depend on them,” says Nathalie Seddon, Professor of Biodiversity at the Smith School of Enterprise and the Environment and Department of Biology, University of Oxford.
However, the authors identify several factors that are holding NbS back, including siloed government decision-making, widespread misconceptions that pro-environmental policies can harm business, and a lack of reporting on the broader impacts of NbS projects.
“Right now, when a government makes an investment in nature, all too often they are failing to look at the wider impact that investment is having,” explains Chausson. “The immediate impact of restored woodland on biodiversity might be monitored, for example, but the broader benefits of the project on jobs or the resilience of the local community to climate change will not be. If these aspects are considered, it will lead to better policy decisions.”
“It’s clear that well-designed investments in nature can create jobs, deliver high economic productivity, and enhance resilience, offering a powerful response to economic shocks,” affirms Dr. Brian O’Callaghan, co-author and Lead Researcher and Project Manager at the Smith School of Enterprise and the Environment.
“But investors and policy makers must take a cautious approach to ensure key stakeholders are not left behind and unexpected negative externalities are avoided.”
Following best practice standards for NbS is crucial to make sure benefits are delivered in practice, explains Alison Smith, co-author and Senior Research Associate at the NbSI.
“We found that community involvement in NbS design and delivery was a key factor for making sure that benefits are distributed fairly, and helping to avoid trade-offs,” she says. “Integrating traditional, local and scientific knowledge can also really help to improve the outcomes of NbS for both nature and people.”
More information: Alexandre Chausson et al, Harnessing nature-based solutions for economic recovery: A systematic review, PLOS Climate (2024). DOI: 10.1371/journal.pclm.0000281
Journal information: PLOS Climate
Leave a Reply