Valuing nature is an advanced test for sustainability leaders.
At the launch of the Natural Capital Protocol in July no one could fail to be struck by how far this movement has come. After its publication, I revisited early soundings on the barriers to valuing nature IEMA members were facing in 2012. Central was recognition that the natural environment will nearly always offer no immediate business value – although closer inspection will often refute this. By contrast, carbon was hitting the bottom line in a tangible way.
So where are we now? Clearly the protocol cannot compete with the relative simplicity of carbon valuation and instead a menu of approaches is introduced and signposted. Valuing nature is an advanced test for sustainability leaders. Unlike carbon or energy management, there is rarely any single driver that will carry through into decision-making. The protocol works a bit like a Haynes repair manual by providing practical pathways to valuation. However, its primary function is a companion to understanding and influencing decision-making.
Other barriers identified in 2012 were communication and language, and other functions failing to take seriously the concept of natural capital. These reflect the culture of organisations, their decision-making processes and relatively short-term thinking, and the general inertia of accepted business models.
In effect, valuing nature offers opportunities, adding value in bids and in delivering projects and services for clients, as well as for building brand and reputation. It also interacts with common tools and standards, such as ISO 14001. Integrating and mainstreaming is central to progress.
The skills set required by practitioners is in finding the business relevance. The opportunity is to plan, innovate, collaborate and pick the tools and approach for your situation.
The protocol is an important stepping stone on this journey.