The United Nations Environment Programme has offered a preliminary endorsement of a local push to drain and restore Lake Pedder.
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The campaign is being led by former state and federal Greens leaders Christine Milne and Bob Brown.
Lake Pedder was inundated in 1972 to accommodate a new dam system in Tasmania's South-West, despite community protests.
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It will be the 50th anniversary of the lake's flooding in 2022, coinciding with the UN Decade on Ecosystem Restoration 2021-2030, which the UN General Assembly declared in New York in March this year.
The aim of the Decade will be to extensively scale up efforts to restore degraded and destroyed ecosystems as a means of combating climate change, as well as improving food security, water supply and biodiversity.
Restore Pedder co-convenor Ms Milne recently wrote to the head of the UNEP's freshwater, land and climate branch Tim Christopherson to enquire as to how the Lake Pedder restoration effort could be included in the project.
"We would be thrilled to have such an important flagship project as part of the Decade," Mr Christopherson replied.
The Restore Pedder campaign is seeking commitments from the state and federal governments to restore the lake by the 50th anniversary of its inundation.
"This effort of restoring Pedder coincides at exactly the right time as the world is thinking about how to protect and look after ecosystems and ... overcome mistakes of the past," Ms Milne said.
"I outlined the vision for Tasmania as clean, green and clever in 1990 ... saying that, as the rest of the world gets more polluted, clean air, clean water, uncontaminated soil and wilderness will be the backbone of Tasmania's future.
"The next phase in terms of the authenticity of that message is to position Tasmania as a global leader in ecosystem restoration as well as protection of the wild - so I think this [Lake Pedder campaign] absolutely sits with the next iteration of brand Tasmania, as I see it, of putting us up there as a role model."
The Lake Pedder Restoration Inc. annual general meeting was held in Hobart on Sunday afternoon.
The campaign is currently seeking donations to continue its work.