Green Affluence

Amidst the backdrop of multiple simultaneous efforts to mitigate climate change, they can be categorised into two different types: engineered (tech-driven) solutions and nature-based solutions (NbS). According to the WWF (World Wildlife Fund), the definition of Nature-based Solutions are that they “harness the power of nature to boost natural ecosystems, biodiversity and human well-being to address major societal issues, including climate change.” To put it into basic perspective, examples of engineered solutions include the implementation of renewable energy, carbon capture and storage (CCS) on fossil fuel power plants, direct air carbon capture and storage (DACCS), and bioenergy with carbon capture and storage (BECCS), while nature-based solutions include initiative such as afforestation, biochar, regenerative agriculture, coastal and rainforest restoration, among other projects.   

Why even exist?

Before we get into the nitty-gritty, why is all of this important? Why should the concept of Nature-Based or Engineered solutions even exist in the first place? It is simply common knowledge that the current planetary deterioration is driven by the greenhouse effect, which can theoretically be prevented by reducing the amount of greenhouse gas (GHG) emissions. Technically, one might think that a complete halt or substantial reduction in manufacturing and industrial processes will solve this all, so isn’t the solution simply to reduce creating goods in the first place? This is simply impossible. There are too many existing complications for this to work. 

Modern life is deeply dependent on energy—everything from the stovetop we cook on to the lights in our homes and the fuel in our cars relies on energy. With 72% of global GHG emissions stemming from energy production, and considering that energy consumption is integral to our lives, we absolutely cannot live without energy. While emerging renewable energy technologies are becoming more prevalent on the global scale and becoming a more economically viable alternative for most households to switch to, fossil fuels still play a significant role in powering global processes because renewable energy implementation has not yet reached the scale needed to completely replace fossil fuels.

With this logic in mind, it makes sense for energy firms such as PetroChina, Chevron, Shell to inevitably produce energy with a greater amount of CO₂ emitted relative to renewable energy production. Since this GHG emission can’t be avoided, investment in a project elsewhere is made wherein this project captures/reduces CO₂ that would otherwise not be captured, introducing the role of nature-based solutions or non-natural based solutions (engineered solutions), ultimately issuing carbon credits that can be retired to demonstrate that an amount of carbon emissions have been offset. The concept of carbon credits is significant in the context of NbS, as these projects typically aim to procure carbon credits as an effort of steadily decreasing carbon emissions to combat climate change. Essentially, Carbon Credits are a tradable permit certifying that one tonne of carbon dioxide has been reduced/removed from the environment, either from the biosphere or the geosphere.

Now that we’ve set the context, how does that all play into NbS? 

There’s no such thing as a perfect ‘transition’ into net zero by 2050–even some environmentalists might say it’s too late or that it’s impossible for everyone globally to achieve this goal. Yet, what other option do we have? Time is quickly dwindling down and the only strand that will keep us afloat at this moment in time is nature.

“Nature is by far the best tool we have today to combat a crisis that cannot wait”

– environmental finance, Maxwell Mcgrath-Horn

Investing in nature restoration is one of the fastest and most cost-effective methods to combat climate change, according to the Intergovernmental Panel on Climate Change. Although the abundance of opportunities for such projects have a relatively high-risk of reversal, thus providing only short-term relief and takes longer to implement and demonstrate its additionality, they are crucial for buying time to develop and scale permanent removal technologies that have a lower risk of reversal.

Despite this fact, NbS are able to provide an array of environmental and social co-benefits beyond carbon storage. Given that the greatest opportunity for NbS implementation are in the Amazon, Congo and Southeast Asian rainforests (carbon-dense forests), all of which located in developing countries, this enables the principles of climate justice globally: supporting nations that have made minimal contributions to climate change but bear the heaviest burdens, including floods, droughts, heatwaves, and extreme storms. Particularly, restoration and protection of nature in these areas emphasizes an equitable contribution back to society, as holistic benefits such as ecosystem biodiversity and resilience (e.g improving soil health), ensuring indigenous community welfare (e.g purifying water) are achieved.

In contrast, engineered solutions addresses the transitory element of nature have significant drawbacks. The initial investment for the research and development of technology for large-scale efficiency is expensive, causing a lack of supply for widespread deployment globally, with only a few operational technologies that do not match the scale and abundance of nature-based solutions. With the dire urgency of our planetary crisis, diverting finance from forests in developing countries to carbon capture facilities in developed nations risks elite capture of carbon finance, undermining climate justice and reducing social equity.

The most optimum solution:

To keep global warming below the Paris Agreement’s 1.5°C target, collaboratively employing both approaches makes sense: nature-based solutions are immediately available, plentiful, and benefit the most vulnerable to climate change, while enhancing ecosystem health, biodiversity, and community welfare. Permanent carbon removal technologies, in whatever form it may portray are crucial for the long-term climate fight. Due to the current rate of global warming, it is essential to significantly increase funding for nature-based solutions now, while also investing in scaling promising technologies that, used alongside nature, could provide a sustainable, long-term solution. NbS, especially takes a vital part in this as it allows a steady and continuous flow into the era of becoming net zero permanently. A balanced approach that leverages the strengths of both solutions is likely the most effective strategy for addressing the complex and multifaceted challenge of climate change.