Economics of Nature-Based Solutions for Mitigating Climate Change

Edward B. Barbier and Joanne C. Burgess

Review of Environmental Economics and Policy, 2025, vol. 19, issue 2, 155 - 174

Abstract: Nature-based solutions (NbS) are actions to protect, sustainably manage, or restore natural ecosystems in ways that enhance their ability to reduce or remove carbon emissions. They are important to achieving net-zero climate goals, especially by reducing emissions from land-use change. NbS credits feature prominently in carbon-offset markets. Economics has an important role in assessing the unique benefits, costs, and distributional impacts of NbS; addressing the concerns raised over additionality, leakage, and permanence for the effectiveness of scaling up NbS; and evaluating the integrity of NbS offset credits. In addition, the long-term potential of NbS for climate mitigation will depend on their cost-effectiveness compared with conventional energy and technology-based solutions. More analysis is needed of how NbS could be supported by economy-wide policies and financing sources other than carbon markets.

Date: 2025
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