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Unlocking potential of nature-based solutions in Indonesia
Adopting nature-based solutions in a holistic, collaborative manner among government, businesses and communities across the archipelago will unlock a whole host of economic, social and environmental benefits toward Indonesia's future resilience and sustainability.
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Greenery spreads as far as the eye can see on Sept. 4, 2023 in West Rinjani National Park, as viewed from a hill in Pemenang district, North Lombok, West Nusa Tenggara. Indonesia has a total forest area of around 125 million hectares, giving it a massive potential for absorbing carbon emissions valued at US$565.9 billion. (Antara/Ahmad Subaidi)
Nature-based solutions (NbS) is not a new concept, but its adoption in Indonesia is still limited.
Given the country’s rich biodiversity, extensive coastlines and significant forest cover, it is well-positioned to implement NbS effectively. However, the challenges of adopting nature-based solutions are quite extensive and includes impact measuring, funding and investment as well as regulatory barriers.
Still, it has the potential to become one of the key environmental, social and governance (ESG) investments that Indonesia can offer to international markets in the future.
In recent years, nature and biodiversity have gained traction in the investment sphere as environmental and sustainability factors become rising concerns in current business practices.
Climate and nature are inextricably intertwined, as are biodiversity and climate change. According to estimates from the World Economic Forum, nature contributes more than half of global economic production. Preserving and restoring nature is deemed necessary to reduce climate hazards, as well as to benefit from as part of the green economy of the future.
Sustainable standards are among the trends companies today are required to adopt, not only for compliance or risk management but also as an opportunity to rethink their business models. This will be beneficial for various ESG investment instruments, including NbS.
Nature-based solutions, according to the International Union for Conservation of Nature and Natural Resources, address societal challenges through actions to protect, sustainably manage and restore nature and modify ecosystems, which will benefit both people and the environment. NbS target major challenges like climate change, disaster risk reduction, food and water security, biodiversity loss, human health and other factors that are critical to sustainable development.
