The report calls for investments of up to USD 46 billion annually by 2050 to slash almost half the emissions caused by draining and burning peatlands.
The "Economics of Peatlands Conservation, Restoration and Sustainable Management" policy report, authored by Edward Barbier and Joanne Burgess of Colorado State University, identifies that the leading causes of peatland mismanagement are undervaluation and underinvestment.
Filling key information gaps on peatlands, the report details the economic and environmental opportunities to boost public and private investments in peatlands protection.
"Investment in peatlands is a triple win for people, the climate, and biodiversity," said Professor Joanne Burgess, co-author of the report, in a press release on Thursday.
"Peatlands need to be central to global investments in nature-based solutions, as part of a global strategy that ends the underpricing and underfunding of these crucial ecosystems," she added.
Launched as part of GPI’s contribution to the UN Decade on Ecosystem Restoration, the report finds that the principal cause for peatlands mismanagement is the undervaluation of their economic contributions.
Commercial activities and policies that degrade and convert these high-carbon ecosystems often ignore or fail to take account of their benefits to society.
In addition, global peatland conservation and restoration suffers from chronic underinvestment.
Recommendations
The authors recommend ending the undervaluing of peatlands by adopting policies, regulations and other actions that ensure the full value of peatlands is taken into account.For example, by removing subsidies and other forms of financial support to agriculture, forestry, mining and other economic activities that excessively degrade or convert peatlands and allocating revenues generated or saved from subsidy removal, market-based instruments and other pricing reforms to improving peatland conservation, restoration and sustainable management.
The authors also recommend ending the underinvestment in peatlands by increasing private and public funding for the protection of peatlands globally, and by establishing biodiversity offsets, payments for ecosystems services, voluntary carbon markets, REDD+, debt-for-nature swaps and green bonds.
"Our global failure to manage peatlands proves that their benefits are undervalued in our commercial and policy land-use decisions," said Professor Edward Barbier, co-author of the report.
"Peatlands suffer from a global chronic underinvestment, while they benefit global climate and biodiversity goals, and directly support poor people, women, and children. It is essential that peatlands are recognized as high priority for urgent action by policymakers," he concluded.
Cek Berita dan Artikel yang lain di Google News
