Time, space, place, and the Bonn Challenge global forest restoration target

The Bonn Challenge, a global effort to begin restoring 350 million hectares of degraded forest landscapes by 2030, was launched in 2011. To date countries have committed to restore more than 60 million hectares as part of the Bonn Challenge. As global decision‐makers, governments, and communities join the effort to restore degraded land, new questions about the economics of restoration have emerged. Critics argue that restoration takes too long, costs too much, and produces too few benefits to justify public or private expenditures. This paper addresses these concerns by presenting a methodology for valuing the net benefits of large‐scale ecosystem restoration initiatives by estimating the net benefit of achieving the Bonn Challenge. This paper also estimates the net benefit of achieving the Bonn Challenge restoration target under different social discounting regimes, different valuations of public goods, and different time horizons to see how they affect the argument for investing society's scarce resources in restoration. The results suggest that achieving the Bonn Challenge would generate a net benefit of between U.S.$0.7 and U.S.$9 trillion. The results show that restoration can create benefits that exceed its costs and that the value of these benefits might differ depending on the discount rate. The results show that lower social discount rates correspond to higher restoration rates. This suggests that the Bonn Challenge target is more likely to be met when a low social discount rate is used to discount the benefits and costs of restoration.