Environment Minister Tanya Plibersek on Sunday announced at the United Nations (UN) Biodiversity Conference that Australia will host a Nature Positive Summit to help attract private investment in protecting biodiversity.
In a statement, Plibersek described the protection and repair of nature as a massive job that governments cannot undertake alone.
She estimated that Australia must spend more than 1 billion Australian dollars (671 million USD) every year to protect and restore biodiversity.
"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," the minister said on Sunday.
"Australia has much to share, but plenty we can learn too. The Nature Positive Summit will help all nations, especially developing nations, get the knowledge, tools and technical support they need to attract private investment in nature."
Most of Plibersek's global counterparts are expected to attend the summit.