A landmark plan that allows farmers to diversify income and create better environmental outcomes will turbocharge investment and job opportunities across regional NSW.
The Natural Capital Statement of Intent sends a clear signal to finance, agriculture, and environment groups about how the NSW Government intends to develop land stewardship and other instruments as a new type of investment to better conserve the environment.
Environment Minister James Griffin said New South Wales is the first state to release a plan for natural capital, and it signals to the global market that New South Wales is serious about accelerating nature-positive investment opportunities and attracting the jobs that go with them.
"Natural capital is a global movement that is developing at light speed and I don't want New South Wales to miss out," Mr Griffin said.
"Put simply, 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.
"More than 50% 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.
"We need to seize the opportunity to drive investment in our natural environment and create new markets, and our Natural Capital Statement of Intent outlines the role government can play."
Through the Natural Capital Statement of Intent, the NSW Government will partner with financial, corporate, environment and agribusiness sectors to accelerate and unlock natural capital investment opportunities.
Minister for Agriculture Dugald Saunders said the Statement of Intent will frame and guide any future policies aimed at nurturing natural capital on farms.
"I meet with farmers every day who are already natural capital experts; they are passionate about the environment and are championing some really important initiatives to preserve their land now and well into the future," Mr Saunders said.
"This Statement of Intent has been developed in consultation with landholders right across New South Wales and lays the foundation to future-proof NSW primary industries, build greater economic and climate resilience in the regions, and support the creation of new industries while improving the environment.
"The NSW Government is committed to developing policies that improve on-farm productivity while still protecting the environment rather than implementing any unnecessary regulation or taxes like we've seen internationally.
"Primary industries, especially those in rural and regional NSW, are ideally placed to embrace this opportunity and deliver nature-based products into the next generation of environmental markets."
The NSW Government is a member of the global Taskforce on Nature-related Financial Disclosures (TNFD) forum, which is working to supporting a shift in global financing towards nature-positive outcomes.
To learn more, visit Natural capital.
Opportunities and benefits of recognising the value of nature through the NSW Natural Capital Statement of Intent:
- Enables active management, conservation, restoration and enhancement of NSW's natural environment and productive landscapes for current and future generations
- Improves economic and investment decision-making resulting in long-term sustainable land use
- Rewards good environmental stewardship through market-based financial incentives
- Promotes cost-effective and complementary climate mitigation and adaptation options in the race towards net zero
- Future-proofs NSW key industries, particularly the state's primary industries
- Creates a strong and resilient economy
- Increases economic prosperity and climate resilience of regions, towns and cities
- Creates new jobs and industries and attracts world-class innovation
- Attracts additional sustainable investment into New South Wales.
