A new strategy enabling farmers to diversify their income while improving environmental outcomes will boost investment and job opportunities in regional NSW.
The Natural Capital Statement of Intent communicates clearly to finance, agriculture, and environmental organisations how the NSW Government plans to create land stewardship and other instruments as a new type of investment to better safeguard the environment.
Environment Minister James Griffin said NSW is the first state to issue a natural capital plan, signalling to the global market that the state is serious about accelerating nature-positive investment opportunities and recruiting the jobs that come with them.
“Natural capital is a global movement that is developing at light speed, and I don’t want NSW to miss out,” Minister Griffin stated.
According to the Minister, natural capital is our pool of natural assets, including the air we breathe, the food and water we need to survive, biodiversity, and all living things that help economies and communities develop and thrive.
“More than 50 per cent of global Gross Domestic Product is dependent on nature, and Australia ranks fifth of 140 countries that are likely to experience the highest economic losses if environmental challenges are not addressed,” Minister Griffin added.
Minister Griffin said the evidence is clear: a healthy environment is required for a robust economy.
“We need to size the opportunity to drive investment in our natural environment and create new markets, and our Natural Capital Statement of Intent outlines the role Government can play,” the Minister stated.
The NSW Government will collaborate with the financial, corporate, environmental, and agribusiness sectors to expedite and unlock natural capital investment possibilities through the Natural Capital Statement of Intent.
According to Minister for Agriculture Dugald Saunders, any future policy targeted at nurturing natural capital on farms will be framed and guided by the Statement of Intent.
“I meet with farmers every day who are already natural capital experts; they are passionate about the environment and are championing some really important initiatives to preserve their land now and well into the future,” Minister Saunders said.
Minister Saunders stated that the Statement of Intent was prepared in conjunction with landholders across NSW, laying the groundwork for future-proofing NSW primary industries, increasing regional economic and climate resilience, and supporting new businesses while improving the environment.
“The NSW Government is committed to developing policies that improve on-farm productivity while still protecting the environment rather than implementing any unnecessary regulation or taxes like we’ve seen internationally,” the Minister added.
Minister Saunder said primary industries, particularly those in rural and regional NSW, are well positioned to capitalise on this potential and supply nature-based products to the next generation of environmental markets.
The NSW Government is a member of the global Taskforce on Nature-related Financial Disclosures (TNFD) forum, which is promoting a shift in global financing towards nature-friendly outcomes.
