Treasury Commits to Nature-Positive Future in Response to Dasgupta Review
The UK Government has today issued its response to the Dasgupta Review on The Economics of Biodiversity, committing to a “nature-positive future” in which the decline of biodiversity loss is reversed by 2030, and economic and financial decision-making supports the delivery of this goal.
It the response, the Government has committed to extending Biodiversity Net Gain requirements, set out in the Environment Bill, to include Nationally Significant Infrastructure Projects in England via an amendment to be tabled. There will also be a consultation on principles for delivering Marine Net Gain later this year. Government will also “ensure all new UK bilateral aid is spent in a way that does no harm to nature.”
The report outlines the recent steps made by Government to support the protection and enhancement of nature, including the Blue Planet Fund and England’s Tree and Peatland Strategies. In addition to the above, the response document also outlines several new commitments to:
- Work with the Office for National Statistics to improve the way nature is incorporated into national accounts
- Further improve Government guidance for embedding environmental considerations into policy-making processes
- Incorporate biodiversity into the UK Government Green Financing Framework
- Provide further funding to the Office for National Statistics to improve its natural
capital estimates and maximise their policy relevance
- Publish supplementary guidance on Biodiversity Valuation for the Green Book later this year
- Provide up to £3 million additional support to the development of the Taskforce on Nature-related Financial Disclosures framework
- Including expenditure related to biodiversity as well as net zero in the UK Government’s forthcoming Green Financing Framework
- Champion nature and biodiversity knowledge and understanding across Government through the Government Science and Engineering profession and networks; and
- Incorporate the economics of biodiversity and climate change within the Government Economic Service’s revised GES Technical Framework.
The Exchequer Secretary to the Treasury, Kemi Badenoch, said:
Protecting and enhancing the natural environment, and the biodiversity that underpins it, is crucial to supporting sustainable, resilient economies, livelihoods and well-being.
The Government has an ambitious nature agenda and our response to the independent Dasgupta Review sets out the ways in which the Government will go further to ensure our economy supports nature and wildlife – from infrastructure at home to bilateral aid spending overseas…
CIEEM Strategic Policy Panel Chair, Stephanie Wray, said:
The headline announcements made today are great news, but some of the detail suggests that the Government has not listened to experts on delivering genuine improvements in biodiversity. We remain concerned that action needs to be faster, and that more land needs to be included in the Nature Recovery Network specifically protected for nature if we are to achieve the 30×30 target.