The economic fallout of the COVID-19 pandemic is being felt across Wales, and it will be felt across our economy for many years to come. However, by addressing biodiversity decline, underscored by a set of clear targets for delivery, we can create meaningful employment opportunities across the country. By investing in nature, in habitat restoration and green skills, we can boost the workforce and the economy.

The recent Dasgupta review found that our economies, livelihoods and well-being are all dependent on our most precious asset: nature. Our unsustainable engagement with nature is endangering the prosperity of current and future generations. The review also re-emphasised that biodiversity is integral to ecosystems' health, and the ability of ecosystems to provide essential benefits to society. Biodiversity loss, therefore, impacts on our life support system.

Nature recovery targets are key to driving our transition towards a nature positive economy. As we see with net zero, statutory targets have a key role in shaping investment, not only across Government but across sectors. The Aldersgate Group, a multistakeholder alliance including some of the largest businesses in the UK, has called for stronger environmental regulation, underpinned by ambitious and clear environmental targets, to provide businesses with the certainty they need over the long term to make investments that increase resilience and bring potential economic and employment benefits. Investing in habitat creation and restoration at scale has the potential to support thousands of new green jobs, which would help to absorb the economic shock of the past year. This will also go some way in developing a nature conservation skills base in Wales, to meet the needs of the future and, ultimately, provide the foundation for a shift towards a nature-positive, low-carbon economy.

One hundred and fifty stakeholders from across Wales have developed a proposal for a national nature service, and a Royal Society for the Protection of Birds report has estimated that a national nature service could support up to 7,000 green jobs in Wales. Furthermore, investing in nature-based solutions offers substantial return in investment. According to a report by Cambridge Econometrics for the RSPB, every £1 invested in habitat restoration for peatland, saltmarsh and woodland creation secures £4.62, £1.31 and £2.79 of benefit respectively. By investing in nature-based solutions, we could vastly improve water and air quality, boost ecotourism, prevent flooding, store carbon and, of course, boost biodiversity, along with countless other benefits. We can't afford to separate our economy from nature; our economy depends on it and it exists within it.

To truly achieve a green recovery in Wales, we must invest in nature. By introducing legally binding nature recovery targets to restore and create a wide array of habitats in Wales, we could deliver for the economy, create thousands of jobs while delivering for nature and for the climate. If the Welsh Government truly want to deliver a green recovery, investment in nature must be an absolute priority target for us. It would provide a clear direction for action on nature's recovery, while also providing a clear picture for future job creation and the expectations for our industries to help us reach our environmental goals. Diolch yn fawr.