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The Sydney Institute of Marine Science (SIMS) plays a vital role in:

  • collaborative marine research and innovation
  • provision of marine research for policy makers and managers
  • research training and teaching in the marine sciences.

This week, IDEEA Group Director, Carl Obst, and Senior Economist, Reiss McLeod, presented two half-day workshops on natural capital accounting to members of the SIMS Board and its Scientific Advisory Committee.

How do natural capital accounting and marine science intersect? Through data.

SIMS already collects crucial data from spatial areas in the NSW marine environment and is looking to extend its research to incorporate the assessment of the importance of the marine environment to the economy and society.

A key focus of the two workshops was understanding how their existing data could support the compilation of natural capital accounts and how natural capital accounting could support the organisation of the existing range of data.

The workshops also included discussions about:

  • the potential of natural capital accounting to support more effective decision making
  • perspectives on values and valuation
  • the role of indigenous and local knowledge in natural capital accounting
  • the ongoing work on natural capital accounting in NSW led by the Department of Environment.

Case studies, examples and interactive exercises brought the concepts to life, helping our colleagues recognise the potential of natural capital accounting approaches with a real-world focus.

We regularly train others in the principles of natural capital accounting and how we measure the benefits of nature.

Want to know more about this type of customised workshop delivery? Connect with us.

And find out more about the terrific work SIMS are doing in the marine environment in NSW.