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Natural Capital: concepts & trends Jonathan Hughes CEO, Scottish Wildlife Trust Founder, World Forum on Natural Capital www.naturalcapitalforum.com www.naturalcapitalforum.com “Natural Capital is the stock of natural ecosystems on Earth including air, water, land, soil, biodiversity and geological resources. This stock underpins our economy and society by producing value for people, both directly and indirectly.” Draft Natural Capital Charter, 2015 www.naturalcapitalforum.com Why Natural Capital? What mechanisms are available? Government policy ideas www.naturalcapitalforum.com Why Natural Capital? www.naturalcapitalforum.com “By 2050 agricultural production will grow by about 60%, with increasing wealth projected to boost annual demand for meat products by 76%” FAO, 2012 www.naturalcapitalforum.com “will require a short term increase in the global food crop area of about 1 million km2 ” OECD, 2012 www.naturalcapitalforum.com “palm oil plantations alone set to increase from around 6 million hectares to 20 million in 2030, mostly at the expense of forest [and peatland]” UNEP, 2009 www.naturalcapitalforum.com www.naturalcapitalforum.com “Over half the world’s river basins, containing 2.7 billion people, face water scarcity at least one month per year” Hoekstra et al, 2012 www.naturalcapitalforum.com “Business as usual not an option” World Forum on Natural Capital, 2015 www.naturalcapitalforum.com Monocultures don’t pay www.naturalcapitalforum.com TEEB, 2010 Natura, Brazil palm oil case study www.naturalcapitalforum.com TEEB for Business, Brazil, 2014 Moral pleading Socio-economic imperative www.naturalcapitalforum.com What mechanisms are available? www.naturalcapitalforum.com 3. Emerging mechanisms State led natural capital valuations & mapping Radical subsidy reform - pay for goods not bads Biodiversity and other offsets Corporate natural capital accounting (Natural Capital Protocol) Credit risk ratings & Natural Capital risk exposure Investor policy shifts – the cost of capital www.naturalcapitalforum.com Government policy ideas www.naturalcapitalforum.com Economic Strategy Government’s Purpose Flourishing Scotland Characteristics of Prosperity Path Sustainability Competitiveness Equality Natural Capital Economic Capital Social Capital Foundations of Prosperity Economic Policy Priorities Refresh Themes Low Carbon & Circular Economy Innovation Productive Resources & Capital Innovation & Global Outlook Investment www.naturalcapitalforum.com Well Qualified & Highly Skilled Workforce Access to Fairly Paid Jobs Internationalisation Community Empowerment & Regional Development Inclusion Public policy priorities? Five best options to leverage business Investments in natural capital Offsets and no net loss Feasibility National green accounting Protected/ managed areas Green public procurement Tax and fiscal incentives Subsidy reform Payments for ecosystem services Standards and certification Efficiency and effectiveness www.naturalcapitalforum.com World Business Council for Sustainable Development /OECD 2012 Ecosystem Health Indicators Indicator A) Condition of components 1 2 Habitat Quality and Condition 3 4 Extent of semi Natural habitat 5 Species Diversity 6 7 B) 8 9 10 11 C) 12 13 14 Ecological Status of Water Bodies Soil Function Fragmentation Carbon Sequestration Soil Habitat Sustainability / Resilience Restoration Invasive Non Native Species Climate Change 15 Soil Source Spatial Metric EUNIS Habitat Maps Site Condition Monitoring Native Woodland / Forest Inventories High Nature Value Farming and Forestry Bird diversity Notified species Species diversity Water Framework Directive Soil carbon Habitat extent mapped by EUNIS category Condition -notified feature in PAs Area and condition of woodland types HNV Characterisation To be determined To be determined To be determined Ecological Status Soil carbon Habitat networks Soil Carbon Critical Load Exceed modelling of soils Critical load Exceedance of habitat Indices of habitat connectivity Soil Carbon Critical load Exceed Critical load Exceedance Biodiversity Action Recording System (BARS) NBN/ GB non natives information portal ClimateXChange Land capability Soil erosion risk maps Extent of restoration action Extent of selected INNS (risk assessment maps – to be Land Capability for Agriculture classes Soil erosion risk www.naturalcapitalforum.com Importance of spatial scales Source: Healthy Waterways 2013, Queensland, Australia www.naturalcapitalforum.com Priorities for Government Action Valuation • Value and map Natural Capital at both local catchment and national level • Use sound science to develop Ecosystem Health Indicators and targets at catchment and national level • Create forums where public & private sector, NGOs and communities work together to identify biggest risks and investment needs • Public finance institutions work with ratings agencies and others to create finance products Collaboration which internalise Natural Capital externalities Recovery • Relentlessly focus investment on key systemic threats to Natural Capital stock depletion catchment by catchment • Better regulation and implementation to protect Natural Capital from private, short-term plunder www.naturalcapitalforum.com Thank you See you all in November 2015 in Edinburgh at the 2nd World Forum on Natural Capital! www.naturalcapitalforum.com