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Published (Version of record)CC BY V4.0, Open Access
Published (Version of record)CC BY V4.0, Open
Report
Financial incentive schemes to fund wetland restoration across the GBR catchment
Reef and Rainforest Research Centre Limited
06/2021
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Abstract
Project 4.10 Evaluating the costs and benefits of agricultural land conversion to wetlands.
The local Riversdale-Murray Valley Water Management Scheme, and other schemes abroad, that fund the restoration of wetlands for their ecosystem services were evaluated to inform a future scheme for the GBR catchment. • The Riversdale-Murray Scheme funded wetlands have improved crop yield and water quality, and support the barramundi fishery, biodiversity and landowner wellbeing. The majority of the financial benefit to farmers is likely to come from increased production from improved drainage across the farm and, to a lesser extent, elevation of low-lying fields. Improved drainage and elevation allowed increased cane productivity on land that was previously used for low production cane or cattle grazing. • Many schemes seeking to financially incentivise wetland restoration for the ecosystem services they provide often struggle with achieving financial viability, establishing credibility through effective verification and accounting, and balancing trade-offs to establish and maintain a social license to operate. • Future schemes funding the restoration of wetland-based ecosystem services should have clear objectives; well-informed trade-offs; centrally coordinated landscape-scale planning with strategic positioning and designs; high stakeholder engagement and indigenous partnership; pool funding for multiple ecosystem services; make bundled payments based on wetland provision rather service provisioning; provide ‘how to guides’ to landowners on wetland restoration for services; use simple, cost-effective assessments with models; and maintain an assessment and transaction database. • We propose a Great Barrier Reef Catchment Wetland Investment Fund, operating as a common asset trust, to invest in a portfolio of wetland restoration projects with the overall aim of maximising the return on investment of overall ecosystem services.
Details
- Title
- Financial incentive schemes to fund wetland restoration across the GBR catchment
- Creators
- Nathan J Waltham - James Cook UniversityAdam Canning - James Cook UniversityJames C R Smart - Griffith UniversitySyezlin Hasan - Griffith UniversityGraeme Curwen - Griffith UniversityBarry Butler - James Cook University
- Publisher
- Reef and Rainforest Research Centre Limited
- Number of pages
- 104
- Grant note
- Supported by the Australian Government’s National Environmental Science Program.
- Identifiers
- 9781925514964; 991013154189102368
- Copyright
- © James Cook University, 2021. Licensed by James Cook University for use under a Creative Commons Attribution 4.0 Australia licence. For licence conditions see: https://creativecommons.org/licenses/by/4.0/.
- Academic Unit
- Faculty of Science and Engineering
- Language
- English
- Resource Type
- Report