By The Straits Times | Created at 2025-03-24 08:32:34 | Updated at 2025-04-05 12:20:29
1 week ago
SYDNEY – Australia’s government aims to invest A$250 million (S$210 million) to protect an additional 30 million hectares of bush land, a move seen boosting the country’s embryonic nature repair market.
The programme will cover an area larger than New Zealand, and help Australia meet global commitments to restore at least 30 per cent of the Earth’s land and water by 2030, Environment Minister Tanya Plibersek said on March 22 in a statement.
“With threats like invasive pests and climate change we know we need to protect more of our environment to make sure we can keep enjoying the great outdoors,” Ms Plibersek said.
Investment in conservation projects will also support a biodiversity market launched this year, which allows landowners to generate and sell credits for activities such as replanting native forest. Buyers can use the instruments to meet nature preservation targets.
More than 140 counties last month agreed on a strategy aimed at raising US$200 billion (S$267 billion) a year by the end of the decade to reverse biodiversity losses. BLOOMBERG
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