Natural Capital Ireland (NCI) has called on the Minister of State Malcolm Noonan to consider a new approach to valuing nature during the upcoming negotiations on the Global Biodiversity Framework (GBF) at COP15.
The non-profit organisation advocates for ‘the natural capital approach’ to policy-making. This system values natural resources based on environmental, social and cultural details, as well as costs and benefits within the policy process.
It has written to Minister Noonan asking him to highlight how beneficial this approach can be during negotiations with his international counterparts in the coming weeks.
The ongoing biodiversity crisis is due to be discussed at the UN Biodiversity Summit in Montreal, Canada next week, where delegations from the world’s governments will agree a framework for the conservation and sustainable use of natural resources.
A draft GBF document outlines the importance of accounting for biodiversity, ecosystem services and their benefits to society national decision making. It also recognises the importance of tackling unsustainable production patterns, the need for whole-society approaches and the need to make science-based decisions for legislation.
According to NCI, a natural capital approach could be used when tackling all of these challenges and developing national and global strategies for biodiversity.
The organisation has also encouraged the use of the United Nations’ system for organising information on habitats and ecosystems, known as the System of Environmental Economic Accounting-Ecosystem Assessment (SEEA EA).
“The SEEA-EA and related approaches could be utilised in delivering on the proposed 2050 goals and measurable 2030 targets of the GBF.
“For example, the use of natural capital accounts during planning processes would enable countries to properly assess, identify and understand the value of nature across both geographic and thematic areas.
“The use of such accounts will facilitate informed decision making and avoid unintended negative consequences around any planning process,” it said in a statement.
Minister Noonan, alongside a delegation, will represent Ireland at the conference in Canada this month, where governments are expected to negotiate commitments to curb the biodiversity crisis.
Former president Mary Robinson recently encouraged senior figures to take COP15 more seriously, stating that it is as important as the COP27 summit last month.