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Natural England has published its State of Natural Capital Report, outlining the value of the natural world to our society and our economy, and setting out how restoring nature is key to achieving food security and climate stability.
£1.5 trillion. That is the Office for National Statistics’ estimate of the value of the UK’s natural wealth, which the report cites to illustrate the economic importance of our natural assets. With the Budget approaching, the report focuses on natural capital as an economic concept, and on maintaining and investing in “ecosystem assets”. Natural England highlights the threats to nature, with a register of risks and the consequences of those risks for a range of policy areas, and makes two key recommendations:
- Nature should be at the heart of government decision-making and embedded in policy development.
- Investment in natural capital should be increased, both to reduce the risks identified, and to reap the benefits of our natural wealth.
That second recommendation is encapsulated in Natural England Chair Tony Juniper’s declaration that “Nature is the national wealth service”, and will be welcomed by the many landowners already engaging in nature markets and entering land management agreements to generate biodiversity or nutrient credits.
Whether the Chancellor will heed that call with government funding, or continue to lean on private investment through the Nature Markets Framework, remains to be seen.
Should you wish to discuss any of the issues raised in this article, please contact Thomas Mawson.
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