A new White Paper proposes a new approach to valuing natural capital and to enabling its incorporation in the economic system.
The Paper, From Nature-based solutions to the nature-based economy, is a synthesis of an EC Expert Publication being prepared by the Nature-Based Economy Working Group of Task Force III of the European Commission. Task Force III on “Governance, Business Models and Financial Mechanisms” aims to support and accelerate private sector uptake of NBS, and stimulate private sector investment in NBS, to move in the direction of an inclusive nature-based economy that creates new business opportunities and green employment (especially in light of post-COVID-19).
A consultation on the white paper is now open. The responses received will form the basis for an EC Expert Publication on the Nature-Based Economy which will be launched at the European Business Summit in November 2021.
This draft White Paper consultation is aimed at policy makers at all levels of government and across all fields of policy implementation. It will be particularly valuable in stimulating cross-sectoral policy dialogues between policy makers responsible for climate change and/or biodiversity policy and those responsible for sustainable economic growth policies within the context of rapidly depleting stocks of natural capital. The recommendations of this White Paper provide a basis for dialogue with wider stakeholders in business, society, the investment community and the innovation ecosystem on the changes needed to shift towards a Nature-based economy. The consultation will close on 10th September 2021.