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Financial incentives for large-scale wetland restoration: Beyond markets to common asset trusts2.37 MB
Published (Version of record)CC BY V4.0, Open Access
Published (Version of record)CC BY V4.0, Open
Journal article
Financial incentives for large-scale wetland restoration: Beyond markets to common asset trusts
One earth (Cambridge, Mass.), Vol.4(7), pp.937-950
23/07/2021
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Abstract
Wetlands provide ∼$47.4 trillion/year worth of ecosystem services globally and support immense biodiversity, yet face widespread drainage and pollution, and large-scale wetlands restoration is urgently needed. Payment for ecosystem service (PES) schemes provide a viable avenue for funding large-scale wetland restoration. However, schemes around the globe differ substantially in their goals, structure, challenges, and effectiveness in supporting large-scale wetland restoration. Here, we suggest wetland-based PES schemes use common asset trusts (CATs) to build investment portfolios of wetlands across landscapes that sustain and enhance overall provision of multiple ecosystem services. CATs can meet the needs of multiple investors, permit bundled payments, and provide flexibility to invest in the restoration of numerous services/values, all using a coordinated, highly collaborative, prioritized, and transparent process. CATs would support financial viability, facilitate efficiency to reduce administrative burdens, and enable credibility and social licence building to restore wetland values and services globally.
Details
- Title
- Financial incentives for large-scale wetland restoration: Beyond markets to common asset trusts
- Creators
- Adam D. Canning - James Cook UniversityDiane Jarvis - James Cook UniversityRobert Costanza - Australian National UniversitySyezlin Hasan - Griffith UniversityJames C.R. Smart - Griffith UniversityJohn Finisdore - Sustainable Flows Ltd, Melbourne, VIC, AustraliaCatherine E. Lovelock - University of QueenslandSuzie Greenhalgh - Manaaki Whenua – Landcare ResearchHelen M. Marr - Kāhu Environmental Ltd, Martinborough, New ZealandMichael W. Beck - University of California, Santa CruzChristopher L. Gillies - James Cook UniversityNathan J. Waltham - James Cook University
- Publication Details
- One earth (Cambridge, Mass.), Vol.4(7), pp.937-950
- Publisher
- Elsevier Inc
- Grant note
- Funding for this project was provided by the Australian Government’s National Environment Science Program Tropical Water Quality Hub.
- Identifiers
- 991013092527302368
- Copyright
- © 2021 The Author(s). Published by Elsevier Inc. Open access: Creative Commons Attribution (CC BY 4.0) (https://creativecommons.org/licenses/by/4.0/)
- Academic Unit
- Faculty of Science and Engineering
- Language
- English
- Resource Type
- Journal article