There are many efforts being put forward to address climate change.
Nature-based solutions, while a slower approach, are being hailed as important ones. Businesses looking to use them in their projected business model will be getting a hand from the United States government.
Last month, U.S. President Joe Biden, issued the ‘Opportunities to Accelerate Nature-Based Solutions: A Roadmap for Climate Progress, Thriving Nature, Equity, & Prosperity’ report.
Nature-based solutions are defined by the administration as “actions to protect, sustainably manage, or restore natural or modified ecosystems to address societal challenges…”
This is a natural next step to Biden’s commitment to tackle climate change. His earlier initiatives, the Infrastructure Investment and Jobs Act (commonly called the Bipartisan Infrastructure Law) and the Inflation Reduction Act, made huge investments in this area.
For example, the Bipartisan Infrastructure Law directed funds to use nature-based infrastructure solutions to reduce floods and wildfire risks, increase road safety and durability, provide clean water, and restore habitat. While the Inflation Reduction Act includes funding that supports nature-based solutions for addressing stormwater, heat islands, and air quality in environmental justice communities.
This newest roadmap highlights five pathways to be taken by the Federal Government to help businesses and companies make this approach accessible:
1) Update policies
The Administration plans to update permitting processes and agency review methods to expedite the process. To help, it wants to include nature-based solutions with infrastructure reviews; reduce or remove discretionary cost-share requirements for certain communities; and update benefit cost and accounting guidance to make the economic benefits of investing in nature-based solutions more visible on the nation’s balance sheets and in regulatory and funding decisions.
It suggests that although assessment tools and methods may differ, nature-based solutions should not be subjected to higher standards than conventional solutions.
2) Unlock funding
Under the new roadmap, financial assistance and incentive programs will be provided to communities willing to integrate nature-based solutions and provide more resilient homes, roads, and buildings. Coordinated funding would be oriented around geographies or climate risks, like drought, flooding, wildfire, and urban heat. Access to federal funding for nature-based solutions will be a one-stop shop. Private sector investment can be catalyzed through innovation challenges and emerging finance models.
3) Lead
Federal authorities will lead by example by implementing more resilience through green stormwater infrastructure, green roofs, and living shorelines, thus creating a successful model for others to follow.
4) Train the workforce
People educated on planning, designing, building, and maintaining nature-based solutions will be needed. Agency programs will be developed to help teach these skills by partnering with labor, academic, and professional organizations.
5) Prioritize research, innovation, knowledge, and adaptive learning
Federal agencies will review existing research to identify gaps in understanding the effectiveness of nature-based solutions, including how to best measure and verify climate benefits.
While Biden’s directive focuses on what is needed by federal agencies to move forward, two frameworks — the Task Force on Nature-Related Financial Disclosure and the Science-Based Targets for Nature — target investors and other stakeholders to better assess how much companies are doing to protect the natural capital crucial to their operations and supply chains.
More information is available in the full Nature-Based Solutions Roadmap document.
