Financial incentives for large-scale wetland restoration: beyond markets to common asset trusts

Canning, Adam D., Jarvis, Diane, Costanza, Robert, Hasan, Syezlin, Smart, James C.R., Finisdore, John, Lovelock, Catherine E., Greenhalgh, Suzie, Marr, Helen M., Beck, Michael W., Gillies, Christopher L., and Waltham, Nathan J. (2021) Financial incentives for large-scale wetland restoration: beyond markets to common asset trusts. One Earth, 4 (7). pp. 937-950.

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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.

Item ID: 68800
Item Type: Article (Research - C1)
ISSN: 2590-3322
Keywords: ecosystem services,wetlands restoration,water quality trading,carbon trading, habitat stamps,common asset trusts
Copyright Information: This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
Funders: National Environment Science Program (NESP) Tropical Water Quality Hub
Date Deposited: 04 Aug 2021 01:42
FoR Codes: 41 ENVIRONMENTAL SCIENCES > 4102 Ecological applications > 410204 Ecosystem services (incl. pollination) @ 35%
41 ENVIRONMENTAL SCIENCES > 4104 Environmental management > 410405 Environmental rehabilitation and restoration @ 35%
31 BIOLOGICAL SCIENCES > 3103 Ecology > 310304 Freshwater ecology @ 30%
SEO Codes: 18 ENVIRONMENTAL MANAGEMENT > 1803 Fresh, ground and surface water systems and management > 180307 Rehabilitation or conservation of fresh, ground and surface water environments @ 50%
19 ENVIRONMENTAL POLICY, CLIMATE CHANGE AND NATURAL HAZARDS > 1902 Environmental policy, legislation and standards > 190211 Water policy (incl. water allocation) @ 50%
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