MKO has been closely following the deliberations of the European Parliament concerning a new piece of legislation, which provides a statutory basis to the EU Nature Restoration targets and aims to stop biodiversity loss in the EU. This landmark piece of environmental legislation requires member states to introduce measures to restore nature on 20% of their land area and includes specific targets for the restoration of certain protected habitats, species and ecosystems. It aims to protect water and air quality along with biodiversity in all its forms. It has been highly controversial and hotly debated throughout the Union in recent months as it will require significant changes to land uses throughout Europe. Whilst there will be changes to the way land is used, there will also be opportunities for farmers, foresters, fishers and rural communities with increased funding for nature restoration, sustainable farming initiatives and other rural industries such as eco-tourism. This additional funding is already being seen in numerous schemes such as EU Life Programmes, NPWS Farm Plan Scheme, and European Innovation Partnerships (EIP) projects, which are funding nature restoration in agricultural and wetland areas as well as in our streams, rivers and lakes. The is also an opportunity for private capital to be mobilised in this area through the requirements of the EU Corporate Sustainability Reporting Directive, the EU Taxonomy Regulation and other similar legislation, creating further potential funding streams for nature restoration to benefit landowners and rural economies where it is being undertaken.
The Nature Restoration Law was approved on Tuesday the 27th February 2024 and now requires all member states to prepare a National Nature Restoration Plan that sets out the actions that will be taken to meet the requirements of the legislation within two years. The formation of this plan is already underway and will be the subject The plan will set out all the measures that will be required to ensure that Ireland plays its part in ensuring that the targets and actions that are set out in the EU Biodiversity Strategy are met.