Australia to host world’s environment ministers, promote billions in investment

Australia will host a global environment summit in 2024 in a bid to secure billions of dollars in new investment to restore natural habitats and protect more areas from harmful development.

Environment Minister Tanya Plibersek, who is in Montreal for the COP15 biodoversity conference, will on Sunday announce that Australia will host the summit to “supercharge” private investment in the environment.

Minister for the Environment and Water Tanya Plibersek.Credit: James Brickwood

Most of the world’s environment ministers are expected to attend the Australian summit and Plibersek will announce the host city in the coming months.

Plibersek is adopting an increasingly ambitious agenda in the portfolio after announcing a major suite of reforms to federal environment laws that would create a new national Environmental Protection Agency.

She has also spearheaded the push in Montreal for all countries to adopt a target of protecting 30 per cent of their land and 30 per cent of their seas by 2030 through the creation of marine reserves, national parks and other protected areas.

Plibersek said protecting and repairing nature was a “massive job” and while governments have a big role to play, they can’t do it alone.

“In Australia, it’s estimated we need to spend over $1 billion a year to protect and restore nature,” she said.

“That’s why the summit will focus on how to encourage private finance for on-the-ground nature repair projects, such as restoring mangroves, protecting waterways, and re-establishing habitat for threatened species.”

The Australian summit will aim to work out a way to better funnel private investment into protecting and repairing nature, as well as help countries reach the goals agreed on in Montreal such as protecting 30 per cent of land and sea by 2030.

Countries will also work on a way to better measure the economic value of protecting and repairing natural habitats and species.

Plibersek said Australia was “leading the way in advocating for a net zero and nature positive world”.

“Australia has much to share, but plenty we can learn too,” she said.

“The Nature Positive Summit will help all nations, especially developing nations, get the knowledge, tools and technical support they need to attract private investment in nature.”

She said many businesses want to invest in nature but governments need to work together to make that easier.

“I will announce the host city in coming months. It is expected to attract businesses, environment groups, scientists, and government ministers from around the world,” she said. “We will work closely with our Pacific family to ensure the summit has strong representation from our region.”

Plibersek last week said the world was heading down an “unsustainable” path unless a major international agreement on the environment was reached.

She said countries needed to use the model of the Paris climate conference, which committed nations in 2015 to achieving net zero emissions by 2050, to set targets on biodiversity.

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