With growing demands on, and from within, the primary industries sector to implement sustainable production processes and land management techniques, the NSW Government has responded to calls to reverse environmental decline with a number of voluntary programs running under the NSW Natural Capital Program.
These programs will help the primary industries sector undertake sustainable actions to enable improved productivity, drought and climatic resilience, regenerate local landscapes, and facilitate new/diversified income streams.
Recognising that a one-size-fits-all approach is not feasible, options are available to support the needs of different farming systems.
The Biodiversity Conservation Trust (BCT) will provide one of those options through the $70 million Private Land Conservation (PLC) Program.
What is natural capital?
Natural capital is similar to other forms of capital – financial, built, human, and social capital, all of which can produce economic outputs.
Natural capital is the world's stock of natural assets and includes:
- the rocks and soil beneath our feet
- our streams, rivers and oceans
- the air
- plants, animals and all living things.
From these natural assets, we derive services – so-called 'ecosystem services' – which are vital to our health, livelihoods and future. The water we drink, the air we breathe, our land for food production, and forests that help regulate climate and defend against floods are just some examples.
People around the world are waking up to the value of nature and its relationship with the economy. According to the World Economic Forum more than 50% of global Gross Domestic Product is dependent on nature. Its Global Risks Report 2022 ranks one of the top three most likely and impactful risks humanity will face in the next 10 years as 'biodiversity loss and ecosystem collapse'.