The environment needs billions of dollars more: here’s how to raise the money
Paul Martin Director, Australian Centre for Agriculture and Law, University of New England Amy Cosby Researcher, Centre for Agriculture and Law, University of New England Kip Werren Lecturer in Law, University of New England Extinction threatens iconic Australian birds and animals. The regent honeyeater, the orange-bellied parrot, and Leadbeater’s possum have all entered the list of critically endangered species. It is too late for the more than 50 species that are already extinct, including bettongs, various wallabies, and many others. Despite international commitments, policies and projects, Australia’s biodiversity outcomes remain unsatisfactory. A 2015 review of Australia’s 2010-2050 Biodiversity Conservation Strategy found that it has failed to “effectively guide the efforts of governments, other organisations or individuals”. Insufficient resourcing is one cause of biodiversity loss. The challenge is impressive. Australia must tackle degradation and fragmentation of habitat, invasive species, unsustainable use of resources, the deterioration of the aquatic environment and water flows, increased fire events, and climate change. This all requires money to support private landholders conducting conservation activities, to fund research, to manage public lands, and to support other conservation activities conducted by governments, industry, and individuals. So where can we find the funds? How much money is needed? We have estimated that Australia’s biodiversity protection requires an equivalent investment to defence spending – roughly 2% of gross domestic product. Of course, such estimates are up for debate given that how much money is required depends on what we want the environment to look like, which methods we use, and how well they work. Other studies (see also here and here point to a similar conclusion: far more money is needed to achieve significantly better outcomes. Apart from government funding, private landholders, businesses, communities, Indigenous Australians, and non-government organisations contribute significantly to natural resource management. We were unable to quantify […]