European Commission President Ursula von der Leyen has called for a new financial instrument to reward nature protection that takes inspiration from the EU's carbon trading scheme, reports Euractiv.
Farmers would be a major beneficiary of Von der Leyen's idea. She announced the plans after a year of protests and the conclusion this month of her "strategic dialogue" program with agricultural stakeholders.
"We need new financial instruments to compensate farmers for the additional costs of sustainability and to compensate them for taking care of land, water and air. It's time to reward those who serve our planet," the EC president said at an environmental conference in Munich.
To this end, Von der Leyen stressed the need for an "effective system of bonuses and incentives" to provide funds to farmers. This, she said, would be combined with "nature credits" to create a market to restore the planet.
Companies that benefit from unspoiled nature (she cites clean spring water and orchards that rely on pollinators) will have to pay local communities to keep them intact.
“We know that with the right standards the scheme can work because we have done it before. Here in Europe we already have an incredibly efficient carbon market," Von der Leyen explained.
The EU CO2 price for electricity and industry delivered a 15% reduction in emissions last year.
“The market also raised €180 billion, which was reinvested in climate and innovation projects. The same should apply to nature credits," Von der Leyen believes.
The President of the EC made comparisons with the European carbon trading system and referred to credits for protecting elements of nature - such as biodiversity or clean air and water.
Agricultural stakeholders concluded during the strategic dialogues that carbon trading for agriculture is not a solution in the short or medium term.
Concluding his speech, von der Leyen stated that "we are working intensively with the Member States to develop the first pilot projects to support this process".
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