SINGAPORE – Having spent a decade in the environment sector, Ms Shakura Bashir has seen a whole spectrum of sustainability efforts take shape here, from the Republic’s efforts to bolster food security, to its continued investing in clean water technologies.
But one particular area has since captured the attention of the PhD student – wielding the power of Mother Nature to tackle the twin challenges of climate change and biodiversity loss.
Protecting nature and sustainably managing natural ecosystems, such as forests and mangroves, can be an antidote to the climate crisis, as nature-based solutions help to whittle away carbon dioxide (CO2) from the atmosphere, cleaving the carbon, and storing the element in their soil and root systems.
At the same time, mangroves can protect surrounding communities from harsh climate impacts like sea-level rise, while forest shade can be a cooling reprieve as the planet warms. These ecosystems also serve as a viable habitat for biodiversity, and provide people with increased food and water security.
“Yet, many lush forests and biodiversity-rich areas are being threatened with deforestation, in the face of lucrative businesses like timber and palm oil,” said Ms Shakura, 33, who is pursuing her doctorate at the National University of Singapore’s Centre for Nature-based Climate Solutions.
The issue is particularly pronounced in South-east Asia, which is losing 1.2 per cent of its forests annually for agriculture, food and other raw materials.
To keep these forests intact, local communities would therefore need the financial incentives to do so.
So far, the lion’s share of such efforts has come from government funding worldwide – standing at 76 per cent, based on a Bloomberg New Economy Forum report in April.
This is insufficient to safeguard nature and biodiversity globally, and more private finance would be required to bridge the gap, said Ms Shakura.
According to the report, about US$160 billion (S$216 billion) a year goes into nature conservation and restoration efforts globally, but there is still a wide financing gap of at least US$803 billion annually.
“Yet, many investors are often not as willing to fund nature-based solutions, perhaps because of their risk appetite – many want quicker returns, or feel that they need to see tangible results before deciding to put in their money.
“But investing in nature requires one to play the long game. Think about how long it takes for a sapling to grow into a tree,” she added.
The good news is that interest from investors is growing, and Ms Shakura is currently working on more innovative ways of raising the much-needed finance for nature in the Asia-Pacific region.
One such way is to repurpose environmentally harmful subsidies, like agricultural subsidies, to support green efforts instead. A World Bank report in June found that agricultural subsidies are responsible for the loss of 2.2 million ha of forest per year, or 14 per cent of global deforestation.
