To me, 2 things are clear:

1. It's in individual's self interest to extract the maximum economic value from the land that they control, which usually means drastically changing it from the natural state.

2. It's in everyone's best interest that we preserve a large fraction of each biome to prevent partial or total collapse of the earth's ecosystems.

How this is best fixed depends on how you think government and society should solve problems, but simply approaching it from "here's the problem, what does the end goal look like" point of view shows that something radical needs to be done.

And yes, I would include turning large amounts of farmland, even high yielding farmland, back into natural habitat.

https://phys.org/news/2011-10-team-european-ice-age-due.html

We need market mechanisms that encourage countries to respect global commons (ie. the capacity of the Earth to absorb our CO2 output).

Countries that do not respect that should be removed from global markets.

We cannot rely on individual retailers, importers, or customers, because they will just orient towards the lowest price, without consideration of environmental impacts. It is clearly a responsibility of Governments to act.