According to Triodos Bank, EU member states have shown commitment to a nature restoration law with legally binding restoration targets, which sends a strong signal to the European Parliament. Large-scale restoration of habitats, their species and the multiple ecosystem services from which we all benefit, will ultimately help tackle the climate crisis, ensure our long-term food and water security, as well as protect and create new employment opportunities.
We support some of the additions of the Council, including the request for a comprehensive mapping of the financial resources available for nature restoration and identifying funding gaps. This is important, since every euro spent can add between 8 to 38 euro in economic value through job creation, protection of assets and creation of new markets.
Still, we are worried about some of the changes in the Council’s position, including the substantial weakening of the non-deterioration provision. Likewise, the targets for restoring peatlands and forests have been weakened. The Council also included the possibility of derogation of nature restoration targets for renewable energy projects. Nature restoration and renewable energy generation should and can go hand-in-hand.”
The statements comes ahead of the plenary vote on the nature law scheduled for probably the week of 10 July. MEPs from the environment committee ran out of time to finalise their position on the nature law, and will finalise their vote on 27 June.