Our new CIO Special discusses Nature-based Solutions (NbS) which will help us tackle the climate crisis. But to fully harness the potential of NbS, we need a precise conceptual understanding of what they are and the benefits they provide.
- Nature-based Solutions (NbS) are “actions to protect, sustainably manage, and restore natural or modified ecosystems, that address societal challenges effectively and adaptively, simultaneously providing human well-being and biodiversity benefits” (according to the IUCN definition).
- The concept of NbS is aligned with the “nature as capital” approach i.e. a focus on the importance of natural assets in delivering ecosystem services. NbS, combined with changes in economic behaviour and technology, will help us combat the triple planetary crisis.
Effective use of NbS depends on understanding both their economic and environmental value. Quantitative assessment is necessary and the UN’s SEEA will help develop new systems. Financial institutions will play a role too.