Establishing a natural capital baseline
By developing an initial set of natural capital accounts, we establish a baseline for future measurements of nature and biodiversity.
If our goal – as a society – is to restore nature, we need to understand what we’re working with. We need the full picture of nature, where is it, how is it changing and what is driving that change. We also need to recognise that nature is different in each geographic area.
At the moment, governments, businesses and organisations measure nature using a piecemeal approach. There are hundreds of well-intentioned projects, and a range of incredibly useful data sets. But it’s almost like a death by 1,000 cuts. Each data set reports the same bad news: we are losing our nature and biodiversity at an incredible rate.
What’s missing is a system that ties all the data together – one, standard way of measuring nature and biodiversity that we can return to, again and again. One that is shared and that we all contribute too. One common language.
The approach to creating that data set is natural capital accounting.
What’s the solution?
Using the System of Environmental-Economic Accounting (SEEA), we can evolve beyond the piecemeal approach. We can set a baseline for where Australia’s nature and biodiversity is right now, and then we can measure it accurately at regular intervals in the future. Importantly, we will use the same language as we do this.
Natural capital accounts will assist us in working towards the important targets we need to meet to prevent catastrophic climate change, including the 30 x 30 biodiversity targets. By establishing the baseline, we can make informed decisions about where and how to invest to achieve our goals.
This kind of baseline data also supports the development of emerging nature markets, including the Nature Repair Market here in Australia.
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