Environment Minister Tanya Plibersek has announced Australia will host a global Nature Positive Summit, to help nations get the support they need to attract private investment in nature.
"Nature protection and repair is a massive job. Government funding has a critical role to play. But we can't do it alone," Ms Plibersek said in a statement on Sunday after speaking at COP15 in Montreal, Canada.
It is estimated Australia needs to spend more than $1 billion a year to protect and restore nature.
"That's why the summit will focus on how to encourage private finance for on-the-ground nature repair projects, such as restoring mangroves, protecting waterways, and re-establishing habitat for threatened species," Ms Plibersek said.
She said the summit will be an opportunity for countries and businesses to share expertise to increase private investment in nature, to help funnel private investment to where it can make the biggest difference, and to help governments and business consider environmental impacts more clearly.
The summit will be held in 2024, with the host city to be announced in coming months.
Ms Plibersek said Australia will ensure the summit has strong representation from the Pacific region.
