Nature-based solutions to help the economy grow with purpose

Nature has been the source of and the inspiration for solutions to humanity’s problems for millennia. While this reality was once displaced by industrialisation and a misguided sense of modernity, more recently this concept resurfaced with vigour, and Sri Lanka offers current examples. 

During the Asian tsunami in 2004, villages and people were largely protected from the waters wherever there were mangrove systems along the coastal strip. This occurred as a result of the mangrove’s role as a barrier. When trees capture carbon when you reforest, this sequestration is a service that would otherwise be forgotten.

Modern design is influenced or inspired by nature-based solutions as well; looking at biomimicry design or biophilic design, where a lot of R&D has been built on extracting from nature across businesses and sectors. Biodiversity serves as our product when it comes to tourism. Therefore, in order to harness our biodiversity, we must rebuild ecosystems to ensure that we draw high-value tourists that seek it. Because they are driven by human capital, nature-based solutions are connected to every sector in the nation. Essentially these products including our diets and leisure activities, are influenced by biodiversity.

The influence of nature on the economy has not been adequately considered by economists or those in charge of economic growth and development. GDP is the measure frequently used to discuss growth. Due to the fact that environmental degradation may increase GDP, it is regarded by some as an out-of-date measurement of economic development and prosperity. For example, having plastic bottles in the ocean costs money and GDP would increase when more is added. This basic issue of how to assess the value of nature, how that value is measured, and how we think about and assess economic progress is currently being looked at.

It is widely acknowledged that nature and natural capital are essential elements of our economy. The most basic difficulty we face is how to make nature, and maybe nature-based solutions, the centre of how we expand the economy, how we view economic growth, how we view development, and how we decide what our priorities are. Currently, all nations—including developing ones—are considering these nature-based solutions, especially those in the Scandinavian region, and have made significant progress in successfully integrating nature back into the economy. Natural capital is seen as an addition to constructed capital as a catalyst for growth. 

Despite Sri Lanka’s abundance of natural resources and the ongoing depletion of those resources, nature continues to replenish our lush and productive ecosystems. Given how much labour is done using resources derived from nature and how it is transformed to create solutions with the rest of the world, a course correction is now required. Additionally, this need for replenishment and regeneration is exemplified, as soon as consumers start to reject any extractive practices. The importance of what Sri Lanka has to offer and what it means for the rest of the globe must first be seen and appreciated locally, using a regenerative lens.

A crucial role is played by business and trade. SMEs should concentrate on attracting large value chains that have recognised the commercial possibilities of ethical business. They must be included and given the opportunity to study the numerous accessible examples. The National Biodiversity Strategy and Action Plan, a policy of the Sri Lankan Government, aims to increase the biodiversity of the island.

To reach a 32% forest cover, the island is one of our nationally determined contributions (NDC) under the Paris Agreement. Therefore, we must put the policies into practice and inspire other relevant parties to do the same.