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Practical Methods for Ecosystems Accounting Valuation: Commentary

Practical Methods for Ecosystems Accounting Valuation: Commentary. Giles Atkinson London School of Economics Natural Capital Committee. Part 1. Overview of the Papers. The papers.

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Practical Methods for Ecosystems Accounting Valuation: Commentary

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  1. Practical Methods for Ecosystems Accounting Valuation: Commentary Giles Atkinson London School of Economics Natural Capital Committee

  2. Part 1 Overview of the Papers

  3. The papers • Towards a valuation strategy for natural capital accounting (M. Pittini/ R Harris/ C Smith, Defra; J Khan/ ONS, J Harlow/ NCC Sect.) • An overview of valuation techniques for ecosystem accounting (B. Day, UEA) • Accounting for the value of wetland services (A. Provins, eftec ltd.) • Valuing regulating services in coastal habitats (‘blue carbon’) (T Luisetti/ RK Turner, UEA; E Jackson, U. Reading) • Accounting for the value of pollination services (N Hanley/ C Ellis, U. Stirling; T. Breeze, U. Reading)

  4. Pittiniet al.: “Towards a valuation strategy” • Context: Roadmap to 2020 • Institutional context of SNA and SEEA • Production & asset boundaries • Valuation ‘ground-rules’ • Sketch of valuation approaches and accounting implications • Top-down/ bottom-up accounts • State of valuation

  5. Day: “An overview of valuation techniques” • Valuing consumption of (non-market) goods and services • Institutional basis for valuation: SNA and (inclusion/ exclusion of) surplus • … and parallels with valuation techniques relevant to ecosystems • 5 revealed & stated preference • Broad consistency with accounting principles • … But some important caveats esp. in moving from principles to practical

  6. Provins: “Accounting for the value of wetland services” • Wetlands as natural asset: multiple ecosystem services • … with consumption and production values, • ‘State of the practice’: Evidence base exists … • Benefits transfer as short-cut (interim?) answer • Meta-analysis: different supply/ demand characteristics across wetland areas? • Challenges for accounting: changes in quality; scaling-up; costs & values

  7. Luisettiet al.: “Valuing coastal blue carbon” • Regulating service of coastal ecosystems in storing carbon • But itself provides multiple values • Valuing carbon: Social costs vs. own damage • Distinction made between valuing stock itself now & changes • Balance sheet using this procedure? • Accounting for (future) changes in stock under different scenarios

  8. Hanley et al.:“Accounting for the value of pollination services” • Regulating service: pollination services (largely?) captured in (agricultural) production • Insect pollinators as ‘asset’ providing this service • Mix of managed/ wild pollinators • Valuing pollination services • Scope for moving beyond simplicity? Knowledge of ecological production • Scale of benefits for (non-agricultural) pollination?

  9. Part 2 Common Themes, Challenges & Questions

  10. Consistency of valuation & national accounting • Consistency with national accounting principles on two fronts • Finding values which are marginal prices • Conformity with SNA/ SEEA boundaries • Theory insights (largely) reassuring (BD) • Corresponding need for practice and empirical record to be similarly scrutinised

  11. Is there a valuation technique hierarchy • Will distinct criteria lead to different hierarchies? • … and consistency considerations • Provenance of values in empirical record? • And clarify role for cost approaches (AP) • Replacement cost as part of valuation hierarchy (BD, NH)

  12. What’s in the accounts already … and what is not? • Valuation & accounts: reorganising and extending • … and quite a lot of the former (NH, BD) • Important to reflect on what is really in the accounts • Answer depends on focus? • Income/ product • Wealth & changes in wealth

  13. Valuing (Changes in) Natural Assets • Crucial element of natural capital accounting • But papers illustrate variety of complexities (NH, RKT, AP) • Can ad hoc procedures be used (AP)? • But: takes us far from SEEA • Importance of thresholds (e.g. BD, NH) • But need for basic research? • … and uncertainties surely will remain? • Empirical insights are reachable in interim

  14. Complexity and Accuracy • How much inaccuracy can be lived with? • What criteria to use here? • Spatial detail vs. transfer approaches • False sense of security with some valuations • … or can be ‘happy’ so long as we understand major fault lines? (RKT) • Is (required) accuracy solely a technical issue? • Esp. where accounts provide controversial headline messages

  15. A Way Ahead … • Papers illustrate there is significant/ realistic progress to be made • … as well as likely areas of further debate • Keep talking: anxieties about “inconsistency” remarkably persistent • … but surely soluble • Shape/ help evolve how SEEA guidelines on ecosystem valuation applied (MP)

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