We live in an era where monetary value often takes centre stage in society, in our lives. The adage “time is money” underscores this reality but equally significant is the value attributed to land.

In a compact and dense setting like Malta, land holds a premium status, and, while some individuals can afford expanses of land, most are unable to do so.

However, beyond its financial worth, land represents an opportunity for future development, making it a crucial asset for maximising overall utility, happiness and well-being.

The prospect of leveraging land for future projects or improvements adds to its significance. Consequently, any restrictions on development rights are carefully scrutinised, as they directly impact the utility value associated with land.

This issue is not taken lightly in political and planning circles, as it touches upon fundamental considerations regarding individual prosperity and societal progress.

Undeveloped land presents itself in various forms, both within and beyond designated development boundaries. This includes farmland, natural habitats as well as open and green spaces.

Within a context of rapid urban densification, these areas are gaining significance due to their recreational and aesthetic values, as evidenced by the escalating prices associated with agricultural land.

Enhanced accessibility to open spaces has also emerged as a prominent topic in political and policy discourse concerning environmental matters. It’s worth noting that this emphasis on open spaces is a relatively recent development. Not long ago, efforts to restore and reintegrate nature were primarily concentrated outside urban zones, focusing on natural and rural environments.

The true value of nature extends far beyond its aesthetic appeal or recreational potential

Indeed, the true value of nature extends far beyond its aesthetic appeal or recreational potential. Take, for instance, the Mediterranean Gardens, in Paola, by which a bustling main road runs. Here, one quickly appreciates how effectively such spaces serve as buffers against the hubbub of vehicular traffic. The air also feels noticeably fresher, less tainted by pollutants.

However, it’s essential to recognise that not all open, undeveloped green spaces are created equal. Factors such as size, soil quality, tree cover and the layout of the area all play crucial roles. Assessing the effectiveness of these spaces – particularly those not protected under existing biodiversity conservation legislation – in contributing to biodiversity conservation and climate resilience remains a complex challenge, with many unknowns.

Unfortunately, data regarding who benefits from green spaces is also scarce. Research suggests that communities facing relative disadvantages may have limited access to such spaces and are marginalised in decision-making processes related to their management.

Taking a macro perspective that overlooks the diverse values of nature and adopts a narrow, reductionist approach exacerbates existing inequalities.

Significant strides have been made at European and global levels in recent years, driven by successive EU biodiversity strategies, towards assessing and valuing nature and its benefits to society.

It’s imperative that we formally recognise and value the multifaceted roles of nature within our communities. This entails mainstreaming considerations of nature’s value into decision-making processes across both public and private sectors, and integrating these values into the development of new greening and sustainability strategies.

Some global business giants have been leading the way in recognising the value of nature. Outdoor apparel giant Patagonia founder Yvon Chouinard relinquished his ownership, transferring the company to a specially created trust to ensure that all profits not reinvested in the business are directed towards fighting climate change, effectively making Planet Earth the sole shareholder. UK-based beauty brand Faith in Nature took a bold step towards recognising the intrinsic value of nature. They established a first-of-its-kind board position dedicated to nature, represented by a responsible human with the legal obligation to advocate for the environment’s interests.

It’s time to bring nature onboard in our decision-making. Only so can we achieve measurable improvements while fostering the recovery of nature and ensuring equitable access and engagement with natural spaces for all members of society.

The time for meaningful action is now. We must acknowledge and embrace both the intrinsic values of nature and its crucial role in shaping our collective well-being and future sustainability.

Mario Balzan

Mario Balzan is senior lecturer at the Malta College of Arts, Science and Technology.