The federal government has put together an expert natural capital accounting and nature financing taskforce consisting of nature conservation, Indigenous-led conservation, finance, economics, business, and public policy experts.
The independent taskforce will advise the government on measuring, valuing, and accounting for nature in decision-making. Its establishment is in line with the recently announced “A Force of Nature: Canada’s Strategy to Protect Nature.” Under the strategy, $3.8 billion in funds has been allocated for nature protection and preservation in Canada.
The estimated annual funding gap, from all sources, to meet international biodiversity commitments has exceeded US$1 trillion worldwide. Current funding comes in at just about US$313 billion annually – approximately 80 percent of this is provided by public sources.
The taskforce will be responsible for making recommendations to mobilize private investment for nature and progress natural capital accounting’s use to highlight nature’s importance in public and private decision-making. It will consult with Indigenous partners in addition to holding meetings and roundtables to glean the perspectives of different actors and sectors.
The recommendations will then be considered in the development of government policies and financial mechanisms to boost the nature economy.
The taskforce consists of the following:
- W.L. (Vic) Adamowicz – professor emeritus, faculty of agricultural, life and environmental sciences, University of Alberta
- Hari Balasubramanian – founding managing partner, EcoAdvisors; board member, Nature United
- Valérie Courtois – executive director, Indigenous Leadership Initiative
- Dr. Andrew (Andy) Day – chief executive officer, BC Parks Foundation
- Dr. Stewart Elgie – Jarislowsky chair, Clean Economy and Innovation; professor of law and economics, University of Ottawa
- Joanna Eyquem, P.Geo., ENV SP, CWEM, CEnv – vice-president, Climate Risk Institute
- Craig Losos – vice-president, Central Canada, Nature Conservancy of Canada
- Bertrand Millot – head of sustainability, La Caisse
- Geneviève Morin – retired president and chief executive officer, Fondaction
- Dr. Lara O’Donnell – executive director, Weston Family Foundation
- Dr. Paige Olmsted – director, research and strategy, Nature Investment Hub
- Jonathan Parenteau, MBA, BMgt, LLB (Candidate) – director of corporate finance, Scout Engineering and Consulting; professor, University of Ottawa
- Renée Pichard, FCPA, FCA – member, International Public Sector Accounting Standards Board; chair, Natural Resources Project
- Robyn Seetal, CPA, CA - founder and principal, IkTaar Sustainability Advisory
- Dr. Rashid Sumaila – Canada research chair, (Tier I) in Interdisciplinary Ocean and Fisheries Economics, University of British Columbia
“Protecting nature requires collaboration, innovation, and new approaches to investment. The Expert Taskforce on Natural Capital Accounting and Nature Financing will bring together experts from across sectors to help us better understand the value of nature and identify innovative ways to mobilize investment in conservation. Their expertise will help inform solutions that protect our natural assets, support sustainable economic growth, and strengthen Canada’s nature economy for the benefit of Canadians,” said Nathalie Provost, secretary of state (nature), in a statement.
Carbon-rich ecosystems like peatlands, wetlands, grasslands, permafrost, and coastal zones are key to climate regulation and biodiversity conservation in Canada. The wetlands contribute an estimated $225 billion in ecosystem services related to water quality and climate each year; moreover, boreal forests provide $703 billion annually in ecosystem services - including carbon storage, flood mitigation, and pest control - on estimate.
Julie Dabrusin, minister of the environment, climate change and nature, explained that healthy ecosystems benefited the overall economy.
“Nature is at the heart of Canada’s identity, and we must ensure that our investments match the value nature brings to our economy and our future. Healthy ecosystems support job creation and strengthen communities while providing services that businesses can rely on every day,” Dabrusin said. “This taskforce will mobilize further capital toward activities essential to building a balanced and transparent net-zero economy that upholds the best interests of both Canadians and nature.”