WHAT IS YOUR PLANET WORTH? A Handbook for Understanding Natural Capital By Allyson Schrier, Justine Bronfin, and Jennifer Harrison-Cox September 2013 Earth Economics exists because generous foundations, governments, environmental organizations and people like you are interested in finding ways to conserve the unique biodiversity of watersheds everywhere. suggested citation Schrier, A. V., Bronfin, J., Harrison-Cox, J. 2013. What is your planet worth? A handbook for understanding natural capital. Earth Economics. Tacoma, WA. acknowledgements Earth Economics wishes to acknowledge the extremely helpful contributions received during the preparation of this handbook. First and foremost, we wish to acknowledge the Mountaineers Foundation, the Bullitt Foundation and independent donors to the Earth Economics’ General Fund who made this handbook possible. Thanks to reviewers Corinne Cooley, Jennifer Harrison Cox, Jonathan Kochmer, Maya Kocian, Rowan Schmidt, and Aaron Schwartz for their technical editing, research and support in strengthening the handbook. Thank you also to our wonderfully talented editor and designer, Leah Eaton Mitchell, and thanks to Angela Fletcher for the final touches to the design. Thanks to our Board of Directors, Josh Reyneveld, Ingrid Rasch, David Cosman, David Batker and Josh Farley. ©2013 by Earth Economics. Reproduction of this publication for resale or other commercial purposes is prohibited without prior written permission of the copyright holder. Reproduction of this publication for educational or other non-commercial purposes is authorized without prior written permission from the copyright holder provided the source is fully acknowledged. Download this handbook for free at www.eartheconomics. org. Large quantities of printed handbooks for educational purposes can be purchased through Earth Economics by emailing [email protected]. We welcome stories of how you used this publication and any feedback you have can be sent to [email protected]. Thank you for your interest in natural capital! ii introduction In one form or another, humans have always lived off the land. Our ancestors had a very direct connection with the Earth’s resources, foraging for food and materials to create clothing, shelter, and tools. Today, though many people have never had the experience of plucking a berry off a huckleberry bush in the mountains, we are still dependent upon the planet’s natural resources to survive. We drink water and breathe air filtered by forests. We take medicines derived from plants and trees. We find badly needed respite from the workaday world in natural settings like parks and woodland trails. It is an unfortunate fact that the natural resources we depend upon are being depleted at an alarming rate, and that unless people recognize the enormous value of the Earth’s natural systems, they will disappear. Sadly, the value of our planet’s natural resources has historically been ignored or seriously underestimated when crucial decisions have been made about where and how to best invest in a healthy future. Things are changing! Exciting methods are being developed to assign dollar values to fresh air, clean water, and flood control— just some of the many benefits provided by healthy ecosystems. Work is being done to give natural systems like waterways, forests, and soil the same importance and critical economic value as human-built systems like roads, dams, and water filtration plants. When policy and decision makers understand the value of the services provided by a healthy ecosystem, they can justify spending the money and resources needed to keep the ecosystem functioning for future generations. This handbook explores and explains the relationship between human economies and natural systems, and provides an understanding of the historic disconnect between the environment and the economy. It introduces new tools and principles that recognize the economic importance of our planet’s natural systems and provides mechanisms to foster the changes needed to preserve our planet’s precious natural resources. 3 Ecosystems give us natural resources like clean water and air that we cannot live without. What are Ecosystem Services What are Ecosystem Services What are Ecosystem Services Ecosystem services are benefits that people receive from natu Ecosystem services are benefits that people receive from natu Healthy ecosystems provide many benefits such as habitat Ecosystem services are benefits that people receive from natu BENEFITS for fish and wildlife, recreation opportunities that improve OF A HEALTHY ECOSYSTEM public health, flood protection, biodiversity, aesthetic and Four categories of ecosystem services: cultural value and more. These naturally occurring benefits Four categories of ecosystem services: derived from an ecosystem are called Ecosystem Services. Four categories of ecosystem services: There are four categories of Ecosystem Services: Provisioning services produce food, water, oxygen, buildin Provisioning services produce food, water, oxygen, buildin Provisioning services. These are goods provided by fuel, clothing, medicine, etc. Everything in our economy i Provisioning services produce food, water, oxygen, buildin natural systems such as lumber and paper from trees, fuel, clothing, medicine, etc. Everything in our economy i Provisioning services produce food, water, oxygen, buildin made from natural capital such as minerals, liquids, gases berries, mushrooms and other edibles foraged from forests, fuel, clothing, medicine, etc. Everything in our economy i fuel, clothing, medicine, etc. Everything in our economy i made from natural capital such as minerals, liquids, gases andliving things. medicine derived from plants and trees. Rivers supply made from natural capital such as minerals, liquids, gases made from natural capital such as minerals, liquids, gases living things. fresh water for drinking and fish for food. Trees give us oxygen. Ultimately, everything in our economy, from resins living things. living things. to raincoats, is made from natural capital. Regula0ng services create and maintain healthy Regula0ng services create and maintain healthy environmental condi?ons. Examples are gas, and climate Regula0ng services create and maintain healthy environmental condi?ons. Examples are gas, and climate Regula0ng services create and maintain healthy Regulating services. A healthy ecosystem creates and stability, flood and storm protec?on, water quality, soil environmental condi?ons. Examples are gas, and climate environmental condi?ons. Examples are gas, and climate stability, flood and storm protec?on, water quality, soil maintains healthy environmental conditions. For example, erosion control, and disease and pest control. These healthy ecosystems help regulate climate, buffer storm stability, flood and storm protec?on, water quality, soil stability, flood and storm protec?on, water quality, soil erosion control, and disease and pest control. These surges, reduce soil erosion, and offer disease and pest contribute to ecosystem func?ons and economic resilienc erosion control, and disease and pest control. These erosion control, and disease and pest control. These contribute to ecosystem func?ons and economic resilienc control. contribute to ecosystem func?ons and economic resilienc contribute to ecosystem func?ons and economic resilienc Information services. From watersheds to parks to desert Suppor0ng services maintain condi?ons for life including landscapes, ecosystems provide humans with meaningful Suppor0ng services maintain condi?ons for life including habitat, nutrient cycling, soil forma?on, and pollina?on. interactions with nature. These services include spiritually Suppor0ng services maintain condi?ons for life including habitat, nutrient cycling, soil forma?on, and pollina?on. Suppor0ng services maintain condi?ons for life including significant species and natural areas, places for recreation/ These natural processes are vital. Provided to us free of habitat, nutrient cycling, soil forma?on, and pollina?on. habitat, nutrient cycling, soil forma?on, and pollina?on. These natural processes are vital. Provided to us free of tourism, and opportunities for scientific research and charge, they are oCen leC out of economic analysis. These natural processes are vital. Provided to us free of education about nature. These natural processes are vital. Provided to us free of charge, they are oCen leC out of economic analysis. charge, they are oCen leC out of economic analysis. charge, they are oCen leC out of economic analysis. Habitat services. Intact ecosystems provide refuge and nurseries to wild plants and animals. These habitat Cultural services provide meaningful human interac?ons services contribute to the healthy growth of populations Cultural services provide meaningful human interac?ons andwith ecosystems. Cultural services include spiritual, the conservation of biological and genetic diversity. Cultural services provide meaningful human interac?ons with ecosystems. Cultural services include spiritual, Cultural services provide meaningful human interac?ons recrea?onal, scien?fic, aesthe?c and educa?onal value. At least twenty-three specific ecosystem services provide with ecosystems. Cultural services include spiritual, with ecosystems. Cultural services include spiritual, recrea?onal, scien?fic, aesthe?c and educa?onal value. value to humans, which are shown on the following page. recrea?onal, scien?fic, aesthe?c and educa?onal value. recrea?onal, scien?fic, aesthe?c and educa?onal value. Portions of this project were produced with support from the Washington Department of Ecology gra Portions of this project were produced with support fromWatershed the Washington Department gra Nisqually River Council Initiative Program. of Ecology 4 Nisqually River Council Watershed Initiative Program. Portions Portions of of this this project project were were produced produced with with support support from from the the Washington Washington Department Department of of Ecology Ecology gra gra Portions of this project were produced with support from the Puget Sound Partnership Nisqually River Council Watershed Initiative Program. Nisqually River Council Watershed Initiative Program. Portions of this project were produced with support from the Puget Sound Partnership ©2011 by Earth Economics Portions support from ©2011 bywith Earth Economics Portions of of this this project project were were produced produced with support from the the Puget Puget Sound Sound Partnership Partnership Provisioning Provisioning of drinking water, irrigation and industrial use. Water Supply Producing crops, fish, game and fruits. Food Providing fuel, fiber, fertilizer, minerals and energy. Regulating CO₂ Gas Regulation Climate Stability Energy and RawMaterials Genetic Resources Medicinal Resources Ornamental Resources Providing sources of biological materials that support crop resistance, health and scientific research. Providing drugs, pharmaceuticals, tests, tools and assay organisms. Delivering resources for fashion, handicraft, jewelry, worship and decoration. Disturbance Prevention Habitat and Biodiversity 5 Preventing and mitigating natural hazards such as floods, hurricanes, fires, and droughts. Creating soils for agricultural production and ecosystems integrity. Soil Formation Providing pollination of wild and domestic plant species. Pollination Nutrient Regulation Water Regulation Provisioning natural irrigation, drainage, ground water recharge, river flows and navigation. Providing pest and disease control. Biological Control Aesthetic Waste Treatment Providing sensory enjoyment from viewing scenic landscapes and experiencing Nature’s beauty. Experiencing natural ecosystems and outdoor activities. Recreation Using natural systems for education and scientific research. Science and education Spiritual and historic Improving soil, water and air quality, pollution control/detoxification; break down of waste materials. Promoting healthy and productive soils, and gas, climate and water regulating services. Information Soil Retention Promoting growth of commercially harvested species. Nursery Maintaining a favorable climate promotes human health, crop productivity, and other climatic processes at global or local levels. Retaining arable land, slope stability and coastal integrity. Habitat Maintaining genetic and biological diversity, the basis for most other ecosystem functions. Providing clean, breathable air, disease prevention, and planet habitability. Cultural and Artistic Experiencing nature for religious, historic, heritage or other purposes. Using nature as a motive for art, film, painting, folklore, books, natural symbols, architecture and advertising. WHAT DO WE PAY FOR THESE SERVICES? We pay nothing for ecosystem services, but when nature disappears, the services disappear, too. When ecosystems are destroyed and the services they provide eliminated, those services must be replaced by manmade systems (built capital). Replacing natural capital with built capital is an expensive solution that very rarely works as well— or as inexpensively— as the natural system that is being replaced. These services are provided free of charge. Consider the Catskills watershed (natural capital), which provides high quality drinking water storage and filtration for New York City. NYC’s decision to invest 1.5 billion in its Catskills watershed has saved $ 6 billion compared to the cost of a filtration plant plus operating costs. Compare New York City’s water source with an example from neighboring New Jersey. In addition to the costs of construction and routine upkeep, the water treatment facility (built capital) in Haworth, New Jersey was damaged during Hurricane Sandy. New Jersey is spending an estimated $2.6 billion dollars making repairs post-storm. RESILIENCY is the ability of a system to withstand and recover from disturbances such as pollution or natural disasters. Ecosystems (forests or wetlands) are selfmaintaining and remarkably resilient compared with built capital (cars or levees.) Regulating services, such as water quality and climate regulation, create ecosystem resiliency by allowing it to continue in a sustainable manner. 6 Natural capital does for free what built capital does at great cost. Built capital breaks down, affecting surrounding ecosystems, animals, and people. The benefits provided by built capital are typically short term because it depreciates over time, eventually needing to be replaced. Over time, natural capital appreciates in value. This appreciation is due in part to the fact that natural capital is constantly being regenerated by living organisms converting energy from the sun into growing biomass—the foundation for life on Earth. Appreciation is also due to increased scarcity and approaching thresholds. For example, timber harvest is now limited by land availability and tree growth rather than availability of logging equipment. Natural capital provides benefits over a long period of time (centuries or longer), and requires very little maintenance. The “Asset Value” of the Nisqually Watershed The “Asset Value” of the Nisqually Watershed Watersheds provide economic benefits across 3me. Watersheds provide economic benefits across 3me. Measuring the value of watersheds across decades is important; it determines how we Measuring the value of watersheds across decades is important; it determines how we invest in watershed assets. invest in watershed assets. Built capital Built capital VS. VS. 2009 2025 2025 2050 2050 2100 2100 2009 YearYear Natural capital provides benefits over vast Natural capital provides benefits over vast Natural capital provides benefits over base amounts of <me, appreciates in value amounts of <me, appreciates in value amounts of time, appreciates in value and, and, if healthy, grows and is self‐ ifand, if healthy, grows and is self‐ healthy, grows and is self-maintaining. Our maintaining. Our great grandchildren may maintaining. Our great grandchildren may great grandchildren may drink clean water drink clean water provided by the same drink clean water provided by the same provided by the same natural systems that natural systems that the Nisqually natural systems that the Nisqually support an existing watershed today. Watershed provides today. Watershed provides today. Value Value Value Value Natural capital Natural capital 2009 2025 2025 2050 2050 2100 2100 2009 YearYear Built capital provides benefits in the near Built capital provides benefits in the near term, depreciates, is not self‐maintaining term, depreciates, is not self‐maintaining and falls apart. A car will provide us with and falls apart. A car will provide us with temporary benefits; our great grandchildren temporary benefits; our great grandchildren will most likely not be driving the same car. will most likely not be driving the same car. 7 The fundamental difference in how natural and built capital provide economic benefits across The fundamental difference in how natural and built capital provide economic benefits across 3me is one reason we have not fully valued and not sufficiently invested in natural capital. 3me is one reason we have not fully valued and not sufficiently invested in natural capital. SO WHAT’S THE PROBLEM? As ecosystems are lost, so are the services those ecosystems previously provided. Once, raw materials were plentiful and built capital was scarce. As a result, we live in a society that has long placed great value on built capital like roads, dams and machinery, and less value on the raw materials (natural capital) required to construct these things. Over the past 50 years, however, humans have altered ecosystems more rapidly and extensively than in any comparable period in human history. Today we have plenty of built capital, while natural capital like healthy wetlands, forests and working lands has become the limiting factor to further economic development. Today’s scientific studies consistently conclude that humans are depleting Earth’s flow of natural services faster than the flow can be regenerated, because the natural capital that produces these services is being destroyed. For example, it has been estimated that humans now directly or indirectly consume up to 40% of the Earth’s Annual Net Primary Productivity. Net Primary Productivity (NPP) is the total biomass (forests, mangroves etc.) produced by ecosystems through photosynthesis each year. As humans consume more biomass, less is available for the millions of other species on the planet, which can cause food webs to collapse and place greater stress on the environment. A THRESHOLD is a point at which a system may experience a dramatic change, or collapse. Thresholds may include heavy rainfall triggering landslides and floods, loss of habitat causing species extinction or dramatic climate change. 8 What happens when ecosystems disappear? When ecosystems are destroyed we lose the services they once provided and the effects can be devastating. Floods. Covering the earth’s soil with impervious surfaces (such as pavement and buildings) increases the risk of flooding. One of the most significant factors in an ecosystem’s ability to prevent flooding is the absorption capacity of the land. The U.S. Geological Survey estimates that urban development leads to 100-600% more flooding for two-year storm events. Increased flooding means more property damage, lost work time, injuries, and loss of life. Reduced air quality. Cutting down trees lowers air quality. In Washington’s Puget Sound area alone, urban forests remove approximately 78 million pounds of pollutants per year. Having these gasses sequestered by forests saved $166.5 million per year in avoided health care costs and other costs for the region in 1996. When we strip away this resource, we lose the valuable gas regulating service; the lower air quality causes health care costs to spike as the incidence of respiratory diseases rise. Erosion. Land clearing (removing stabilizing native vegetation) increases the likelihood of landslides and water run-off due to changes in drainage patterns. When we construct bulkheads and seawalls, the earth’s natural ability to build and maintain shorelines is disrupted. This leads to the destruction of marine wildlife habitat and intensifies erosion on nearby beaches and shorelines. Loss of or sudden change in shoreline can result in private property damage, public infrastructure damage, loss of wildlife habitat, and loss of life. Floods, landslides, and poor air quality are but a few of the consequences we suffer when ecosystems are destroyed. Ecosystems give us natural resources like clean water and air that we cannot live without. These are provided free of charge. As ecosystems are lost, so are the services those 9 ecosystems previously provided. Built Capital Natural Capital Definition Infrastructure Term(s) Goods manufactured by humans. Built Infrastructure Goods or services provided by nature. Green Infrastructure Blue-Green Infrastructure Natural Infrastructure Examples • • • • • • • • • • • • • • Investment Pros • Creates short-term jobs • Enables technology transfers within and between countries • Downstream industry creation (repair and replacement, secondary markets) • Little or no initial investment cost • Low maintenance and highly sustainable for generations into the future • Supports long-term, place-based jobs that cannot be outsourced • Left intact will support surrounding ecosystems, animals, and people • Provides long-term benefits • Appreciates in economic value over time Investment Cons • High initial investment costs • High maintenance costs • Frequently contributes to water and air pollution • Potentially high costs of remediation • Future regulatory uncertainty • Typically provides only short term benefits • Depreciates in economic value over time • Requires political will and public awareness • Complex dependencies on surrounding ecosystems • Difficult to finance with current accounting and bond rules Roads and bridges Water pumping and filtration plants Electrical grid Computers and electronics Buildings and parking lots Dams and levees Cars and boats Wetlands Shorelines, beaches, and dunes Glaciers Aquifers Forests and prairies Rivers and lakes Oceans and seas 10 ecosystem From kelp forests and marine ecosystems to tropical rainforests; from savannas and deserts to tundra; countless cases across the world illustrate the vital role ecosystems play in our lives. Following are three stories that demonstrate the importance of ecosystems to our economy and the dramatic impact caused by their loss. 11 ms in action WATERSHEDS The federal Environmental Protection Agency (EPA) defines a watershed as “the area of land where all of the water that is under it or drains off of it goes into the same place.” In the continental US there are 2,110 watersheds. Among other services, healthy watersheds naturally provide, store, and filter water, saving communities billions of dollars compared to relying solely on costly filtration plants and retention ponds. New York City has dedicated approximately $300 million annually to conservation projects in the Catskill/Delaware River watershed . The city realized that securing intact watersheds, and thereby the watershed’s water storage and filtration services, is a more effective investment than spending $6-10 billion on a water treatment facility with on-going maintenance costs. This investment also proved to be a resilient solution for disaster mitigation and recovery. During Hurricane Sandy, New York City’s watershed provided an uninterrupted supply of clean, gravity-fed water. Very few residents of New York City lost potable water during and after the storm. In contrast, New Jersey relies on local groundwater, man-made pumps, filtration plants, and intakes, which were inundated and contaminated with sewage and salt water. In the aftermath of Hurricane Sandy, some counties in New Jersey were in a declared state of water emergency for 50 days , stressing local businesses and homeowners during the holiday season. In addition to the cost of importing several weeks’ worth of potable water, the cost to repair New Jersey’s water supply was an estimated $2.6 billion7. 12 ecosystem PARKS Parks provide tremendous benefits in the form of improved health for people and pets, revenues from tourism, higher property values for nearby residents, and community cohesion. Populated with trees and plants, natural systems like parks control greenhouse gases, improve air quality, regulate climate, and act as a haven for city dwellers who flock to parks to stay cool—a benefit that cannot be underestimated. Parks provide hiking trails, space for picnics, and countless opportunities for recreation and better community health. They allow young learners to deepen their understanding of and curiosity about science by providing a safe, natural environment in which they may explore. Parks in urban landscapes also give students ready access to nature that they might not otherwise have. In 2008, two Washington schools, Foss High School and Bellarmine Preparatory School, restored sections of the 59.58 acre Snake Lake Park by planting native vegetation. A 2012 study conducted by Earth Economics on Snake Lake Park estimated the economic value of the park’s combined ecosystem services at $330,250. If the park were to be restored to full health, the economic value would be $445,250. The school project not only contributed to the students’ scientific knowledge, it also improved the economic value of the park. As more people live in cities, the importance and value of parks increases. And yet budget cuts in natural resource and parks funding have resulted in parks being closed across the country. In May of 2011, the California Department of Parks and Recreation announced that it would be closing 70 of its 278 parks due to budget cuts that required a $33 million reduction by 2012-13. 13 Because the value of parks was never estimated in dollars, it was difficult to justify their protection. Recent studies have demonstrated that parks actually contribute tremendous value to society. In 2009 and 2010, the Trust for Public Land released studies on parks in Seattle, Washington, D.C., and New York showing these previously ignored benefits are worth hundreds of millions of dollars. Understanding the real economic value of parks is crucial for making well-informed policy decisions. ms in action MANGROVE FORESTS Mangroves are tropical trees and shrubs that grow in the coastal intertidal zone. Mangroves stabilize land against the erosive forces of the sea; they protect communities from devastating storms by acting as a buffer, lessening strong winds and reducing the threat of flooding. Healthy mangrove populations support rich food sources for humans including fish, shrimp, honey, sugar and fruits. These ecosystems capture and reuse nutrients that might otherwise pollute marine ecosystems, and their organic material supports a vast variety of marine life in complicated food webs. Most commercial seafood species depend on mangroves for at least some stage of their life cycle; estimates indicate this is true for up to 80% of species in Florida. Mangroves provide these benefits for free and over vast spans of time, continually renewed by solar energy. Yet mangroves are being actively removed at an alarming rate. Once covering three quarters of tropical coastlines, one third of mangrove forests have been wiped out over the past 50 years, with much of the loss occurring in the last two decades. In the Philippines, of the 400,000 hectares of mangroves recorded in 1918, barely ¼ still remain. Many of the remaining mangroves are degraded, with fewer species and thus reduced value. Aquaculture is also ecologically unsustainable: Following three to ten years of production, aquaculture operations typically succumb to disease, pollution and other problems, and are then abandoned. Ecuador, a global leader in aquaculture shrimp production in the 1980’s, saw its industry collapse in the 1990’s after mangrove clearing depleted post larval shrimp stocks used for feeding its ponds. Recent efforts to assess the financial value of mangroves have shown that this ecosystem may actually produce more seafood when intact than when converted to shrimp ponds. In 2009, a study conducted by Earth Economics on the mangrove ecosystems in the Philippines estimated that the net present value of healthy mangrove ecosystems is approximately four times greater than the net present value of shrimp aquaculture. A destroyed mangrove ecosystem is extremely difficult and expensive to restore. With both the aquaculture operation and the mangroves gone, the local people who depend on fish are left with none. The leading cause of mangrove loss is the clearing of trees to create ponds for shrimp and fish aquaculture, which is the practice of farming aquatic organisms such as fish and crustaceans in high density. Aquaculture is an important food source for a growing global population; however, it also pollutes local waters with sewage and spreads disease. By requiring the pumping of vast amounts of fresh groundwater, aquaculture often draws saltwater into coastal aquifers, damaging the water supply of local communities. 14 15 HOW DO WE KEEP ECOSYSTEMS AND THEIR SERVICES FROM DISAPPEARING? We must invest in natural capital restoration to keep ecosystems productive into the future. Healthy ecosystems must be kept intact and damaged systems restored so that they may provide services for future generations. Investing in natural capital promises longer-term benefits and a stronger path to sustainability than investments in built capital. Replacement costs can be avoided by making investments that preserve natural capital, like maintaining a healthy watershed. When water resources are depleted, water must be imported from elsewhere at great expense and damage to other ecosystems. Some of the most pressing issues facing our economy stem from a loss or degradation of natural capital. Reliable supplies of clean water and natural wetlands and floodplains to absorb flood flows are all becoming increasingly scarce, and thus, increasingly valuable. The same is true of available land for food production. As ecosystems decline, they can no longer mitigate the risk of natural disaster, sea-level rise, and changing climatic conditions. Loss of crucial ecosystem services inevitably results in higher costs to residents in the form of increased taxes to replace natural systems with man-made ones, greater land-use regulation, and greater risks to public health. When ecosystems disappear we end up paying in more ways than one. 16 MAKING A CASE FOR INVESTING IN ECOSYSTEMS Knowing the value of ecosystem services allows for appropriate investment. Placing a dollar value on nature’s work is not commoditizing nature. It is recognizing value, which is often lost if not expressed in monetary terms. When we put a price tag on nature, we can more accurately estimate the price we’ll pay when it disappears. When an ecosystem is considered valuable it is more likely to be preserved. 18 How Do Values Get Assigned? Healthy ecosystems are valuable, but just how valuable are they? And how do we measure that? There are eight primary methods used to calculate the value of each of the twenty-three services that might be produced within a given ecosystem. Market Price: Prices set in the marketplace reflect the value to the “marginal buyer,” that is, the buyers who will buy if the price is slightly reduced, or stop buying if the price is increased. The price of a good tells us how much society will gain (or lose) if a little more (or less) of the good is made available. Travel Cost: Cost of travel required to consume or enjoy ecosystem services. Travel costs can reflect the implied value of the service. For example, recreation areas attract tourists whose value placed on that area must be at least what they were willing to pay to travel to it. Avoided Cost: The damage cost that would have been incurred in the absence of ecosystem services. For example, flood control provided by barrier islands leads to avoidance of property damages along the coast. Replacement Cost: The cost of replacing ecosystem services with built capital systems. For example, the cost to build a man-made waste treatment facility to replace the natural nutrient cycling waste treatment provided for free by a healthy wetland. Factor Income: The income benefits provided by an ecosystem service. For example, water quality improvements increase commercial fisheries catch and incomes of fishermen. 19 Hedonic Pricing: The value associated with increased prices people will pay for benefits associated with specific ecosystem services. For example, housing prices along the coastline tend to exceed the prices of homes farther away. Contingent Valuation: The hypothetical value placed on non-market resources. For example, the price people would be willing to pay to maintain a pristine shoreline or uncontaminated wetland. Group Valuation: A discussion based valuation arrived at by a group of stakeholders to gauge society’s willingness to pay for a specific ecosystem service. Are Values of Ecosystem Services the Same for Different Locations? Natural capital can be appraised in a similar fashion to business or house appraisals. Instead of looking for comparative sales to determine value, we look for comparative economic assessment studies that were developed using the eight methods previously described. This natural capital appraisal approach , called “Benefit Transfer Methodology,” has gained popularity in the last several decades as decision-makers have sought timely and cost-effective ways to value ecosystem services. Benefit-Transfer Methodology involves estimating the natural capital value of a specific region or site by comparing previous ecosystem service valuation studies for similar geographies, socio-economic sites and ecosystems. The value derived from the original study site is “transferred” to the new site, like “comps” are used when appraising real estate. 20 MAKING VALUES WORK: ECOSYSTEM SERVICE VALUATIONS Ecosystem service valuations quantify the value of the natural services provided by a given ecosystem, justifying investment in natural systems. An ecosystem service valuation (ESV) identifies the suite of services in a given ecosystem and assigns value to each. The sum total of those separate values produces a total ecosystem valuation. This incredibly informative number allows for proposed management policies to be considered in terms of their ability to improve or prevent destruction of natural capital. Ecosystem valuations are an increasingly critical part of decision making for natural resource managers, economic and conservation organizations, and policy makers at the local, state, and national scale. The importance of ESV now and moving forward: 1) An ESV takes into consideration the long-term impact of decisions made today that will help create a secure foundation on which to build the resilient communities and economies of tomorrow. 2) An ESV provides a means to identify previously externalized costs (the negative costs/impacts of an economic decision for which no one is held responsible, such as air pollution from a car) and to factor these costs into common economic decision making tools and frameworks. 3) An ESV can be used to justify operations and maintenance budgets for natural capital. 4) An ESV can demonstrate the lucrative return on investment of conservation actions and innovative 21st century community development policies. 5) An ESV can help generate funding mechanisms for the preservation, restoration, and maintenance of ecosystems. 22 Who uses Ecosystem Service Valuations? Increasingly, private businesses and public agencies are formally recognizing the importance of incorporating ecosystem service concepts and valuation approaches in management and decision making frameworks. This includes accounting for natural capital on the books, monetizing the role of natural systems in disaster mitigation and relief, and including ecosystem service valuation in environmental impact assessments. In March 2013, the Obama Administration released an updated Principles and Guidelines for Water and Land Related Resources Implementation Studies (P&G) , which are the rules that govern how Federal agencies evaluate proposed water resource development projects. The new P&G, developed by Federal agencies with great public input, lays out broad principles and tools to promote and support cost effective water infrastructure projects. Included in this improved P&G toolkit are ecosystem service valuations. The inclusion of ecosystem service valuations in the P&G will help guide investments with greater speed and at reduced costs. It allows for the selection of water infrastructure investments that provide the most significant long-term benefits to a community and its economy. It sets the stage for more informed decision making about risk mitigation, encourages investment in regional recreation that boosts local business, and supports priorities of the local community. While all federal agencies are updating their procedures to apply the new P&G guidelines, the United States Federal Emergency Management Agency (FEMA) became the first agency to adopt ecosystem service valuation in formal policy. Faced with rising natural disaster costs and climate uncertainty, FEMA approved Mitigation Policy FP-108-024-01 in June of 2013. The policy enables the use of FEMA mitigation funds to remove, rather than rebuild, structures in areas that experience frequent flood or hurricane damage. This policy shifts billions of US taxpayer dollars away from rebuilding damaged structures in the same location where there is a high likelihood that they will be damaged again. Instead, FEMA funds will be used to secure permanent no-build zones on flood prone land and structures will be rebuilt on safer ground. When an ecosystem is considered valuable it is more likely to be preserved. Ecosystem service valuations quantify 23 By shifting investment out of hurricane and flood prone areas, the new policy will improve private investment and incentives. FEMA’s adoption of ecosystem service valuation will save lives and secure healthier ecosystems, stronger economies, and community resiliency. Increasingly, private companies in the US and abroad are adopting an ecosystem services-focused approach. They recognize the importance of these services to their own operations and their communities. As of early 2013, over 35 companies publicly named ecosystem services as an issue of concern. Businesses that have begun analyzing their practices through this lens are discovering risks and issues they would otherwise have overlooked, allowing them to take action before those potential risks are realized. As an added incentive for businesses, ecosystem risk management approaches are increasingly the focus of investors, financial institutions, and corporate ranking systems, such as the World Bank’s International Finance Corporation, the Dow Jones Sustainability Index, and banks that have adopted the Equator Principles . Dow Chemical is just one of the high profile corporations undertaking this approach; they are working with the Nature Conservancy to develop their strategy. In their own words: “The collaboration between Dow and The Nature Conservancy demonstrates that protecting nature can be both a global business strategy and a company priority. By combining our resources and expertise, we are integrating the value of nature into Dow’s business decision-making. Scientists, engineers, and economists from both organizations are working together to analyze the various services that nature provides to our operations and the community. Those ecosystem services include water, land, air, oceans and a variety of plant and animal life. The work involves validating tools and models that can assign a value to these services in order to support Dow’s decision-making when it comes to designing, constructing and operating its manufacturing sites.” the value of the natural services provided by a given ecosystem, justifying investment in natural systems. 24 The Ecosystem Valuation Toolkit: Standardizing the Way We Capture and Report Value 25 Earth Economics has created the web-based Ecosystem Valuation Toolkit (http://esvaluation.org) to translate scientific knowledge of ecosystems and the value of the services they provide seamlessly into information readily accessible by and usable to decision-makers. With ready access to this kind of organized scientific data, decisionmakers can more easily factor sustainability into key decisions and policies. This systematic, effective research and computational tool has already proven successful at merging ecological and economic information to inform the financial sector, government, individuals, corporations, and other economic actors. The EVT platform accepts geographic and biophysical inputs, and outputs economic values with associated science-based ESV modeling and analytical tools. Researchers, land managers, planners, and policy makers can use EVT to reduce the cost of valuation from tens of thousands of dollars to hundreds. Broad adoption and application of the EVT by government agencies, NGOs, and businesses will result in stronger networks of protected areas, rigorous benchmarks for environmental incentives and penalties, and greater understanding of the economic importance of natural capital. When a discipline reaches a certain state of maturity, the standardization of language, taxonomies, applications, and methods is required to go to scale. When standards are adopted and data becomes readily accessible, phenomenal growth occurs and novel applications are developed. The fields of mathematics, information technology, and genetics have all undergone a standardization process similar to the one EVT is enabling for economics. EVT offers a way to map monetary values onto the physical world. These values, incorporated into economic frameworks, can help direct policy and inspire solutions to our most pressing environmental problems. By making ecosystem service valuations more accessible, EVT will help prepare us for a sustainable future, economically and environmentally. EVT offers a way to map monetary values onto the physical world. These values, incorporated into economic frameworks, can help direct policy and inspire solutions to our most pressing environmental problems. By making ecosystem service valuations more accessible, EVT will help prepare us for a sustainable future, economically and environmentally. 26 27 IS CALCULATING AN ECOSYSTEM’S VALUE ENOUGH TO PRESERVE IT? The importance of Accounting for Nature’s Value. The Government Accounting Standards Board (GASB) produces a set of generally accepted accounting principles (GAAP) that are well recognized within the accounting industry as well as by governments in other countries. These standards dictate what can and cannot be counted as an asset on an organization’s financial statements. GASB is currently reviewing a technical proposal submitted by San Francisco Public Utility Commission and Earth Economics to revise accounting standards for natural capital. Currently, on the books of public utilities, the value of a watershed as an asset is limited to the historical value of the land that houses that watershed. The services provided by that watershed, for accounting purposes, have no value. This is a problem, and a look at the San Francisco Public Utilities Commission (SFPUC) explains why. The total assets of the SFPUC Water Enterprise are valued at over $4 billion, with most of that value being found in built capital. Facilities, pipes, vehicles, buildings, roads, computers, copy machines, fences—even pencils—all count as assets. The land from which the utility draws its water counts as an asset, too, but per GASB standards, it can only be valued at its historical purchase price of $28 million. Those standards dictate that the greatest of all SFPUC’s assets, the filtered water that pours out of every tap in the San Francisco Bay area, may not counted as an asset on the utility’s balance sheet. Accounting practices must change to accommodate natural capital, and funding mechanisms put in place to sustain ecosystem benefits. In the United States, accounting standards, like medical standards, are set by independent boards. The Financial Accounting Standards Board is responsible for setting corporate accounting guidelines and rules. Accounting standards for the US Federal government are set by the Federal Accounting Standards Advisory Board. Accounting and reporting standards for state and local governments within the United States are set by the 28 Government Accounting Standards Board. In addition, since a filtration plant is an acknowledged asset, a budget for maintenance and operations is justified. With a watershed not being accurately valued as an asset, it is more challenging to justify a sufficient ongoing maintenance budget. Ecological economics, by incorporating science and sustainability, can reveal blind spots in conventional economics and provide a major upgrade to our thinking and decision-making. In this case, Earth Economics is leading technical discussions with the GASB Advisory Board to bring about the adoption of standards that will recognize the value of ecosystem services on balance sheets, a change that will help SFPUC and the watersheds they manage well into the future. COMPREHENSIVE ANNUAL FINANCIAL REPORT For The Year Ending June 30, 2012 SAN FRANCISCO PUBLIC UTILITIES COMMISSION A Department of the City and County of San Francisco, California Current financial accounting standards, relying solely on historical costs, do not take into sufficient consideration the value of the watersheds and natural resources that are part of our regional water system. For example, the SFPUC Water Enterprise has total assets of over $4 billion and of this, based on historical costs only $28 million reflects arguably some of our most important assets, our natural resources; including our water rights, watersheds and rights-of-way. 29 Creative Funding Concepts Engage the Public in Supporting Ecosystem Services When we factor nature into economic decisions, we can develop funding mechanisms to pay for the protection of valuable ecosystem services. Small water surcharges, for example, have been successfully implemented in cities to raise money for their watersheds. In 2005, prompted by local land trusts and the declining quality of their water, the City of Raleigh, North Carolina began charging an impact fee for new utility connections. The funds generated were used to acquire property located around their drinking water intake. As the program grew, it evolved into a line item on ratepayer’s bills called a “Watershed Protection Fee” of about 40 cents extra on a monthly bill. Since it was implemented in November 2012, the fee has fulfilled the city’s revenue goals and has generated over $1.8 million for watershed protection. Thanks to community outreach efforts on the part of Raleigh and the Conservation Trust for North Carolina to educate and inform people about the value of protecting watersheds, the fee has been met with little opposition, especially among residential ratepayers. Watersheds are not the only ecosystem to have benefitted from creative funding mechanisms. Contrast what happened in California (the closing of 70 parks) with events that took place in Washington State that same year. During the 2011 legislative session, Senators cited the economic importance of natural resources jobs provided by parks to gain support for the “Discover Pass.” The pass would cost $30 annually and would be required on all vehicles parked in public recreation areas like trailheads and parks. The Discover Pass was approved, and produced $22.2 million in revenue over the first 18 months , making up for some of the State Parks Department’s budget shortfall with a robust funding mechanism. While other states were closing parks in 2011, every one of Washington State’s parks remained open! Whether it is an individual homeowner paying 40 cents a month for clean drinking water, an outdoor recreation enthusiast paying for the upkeep of public land, or a multimillion dollar investment on the part of a private or public sector entity, when the value of ecosystem services and the cost of losing them is made clear, investment is more easily justified. 30 31 CONCLUSION Nature fuels the economy, and today we can measure the services it provides. As a society, we are currently updating outdated 20th Century economic models and decision-making tools that were created in a time when natural resources were plentiful and built capital scarce. By building models to capture nature’s significant financial contribution, previous blind spots can be corrected through ecosystem service valuations that measure the financial value these services provide. When natural capital is included in the economic conversation, we can make better informed policy decisions and begin generating funds to pay for building sustainable, healthy communities. The concept of valuing ecosystem services has proven effective for understanding the connection between ecosystems and human well-being. A huge step forward was taken when the President recently released Principles and Guidelines requiring that ecosystem services framework be adopted by all Federal Departments and Agencies with jurisdiction over, or impact upon, natural resources, especially water. Today, a number of U.S. federal agencies house dedicated ecosystem services departments, including the Department of Agriculture, the U.S. Geological Survey, and the Environmental Protection Agency. These departments advance the understanding of how ecosystem service valuations can be promoted to improve long-term economic prosperity for the nation. While resources are still being depleted at an alarming rate, governments and individuals are grasping the connection between natural systems and the economy. With tools like the Ecosystem Valuation Toolkit, it will only get easier to justify investment in ecosystems which, if properly valued and preserved, will provide essential and life-sustaining services to us all, well into the future. 32 33 ABOUT EARTH ECONOMICS Since 1998, the nonprofit organization Earth Economics has been at the forefront of exploring and explaining the intricate relationship between human economies and natural systems. To meet the challenges of the 21st century, the goal of Earth Economics is to bridge the historic disconnect between the environment and the economy through new tools and principles that recognize and demonstrate the economic importance of our planet’s natural systems. Healthy communities depend on a healthy environment; by investing in nature, we are investing in our well-being and a sustainable future. When critical decisions are being made, and policies set, our aim at Earth Economics is to provide nature a place at the negotiating table. Earth Economics is funded by private foundations, contracts and the generous support of people like you. Please visit www.eartheconomics.org to learn more and to make a donation to support this work and future projects like it. Thank you. 34 ADDITIONAL RESOURCES Resource Primary Developer Description Link Artificial Intelligence for Ecosystem Services (ARIES) The ARIES Consortium ARIES redefines ecosystem services assessment and valuation in decisionmaking. The ARIES approach to mapping benefits, beneficiaries, and service flows is a powerful new way to visualize, value, and manage the ecosystems on which the human economy and well-being depend. http://ariesonline.org Biotics 4, Vista NatureServe NatureServe is a leader in the field of biodiversity data management—the systems, software, and information technology tools needed to manage biodiversity data and to deliver useful products and services. http://www.natureserve.org/ prodServices/infoTechnology. jsp BSR’s Ecosystem Services Working Group Businesses for Social Responsibility (BSR) BSR’s Ecosystem Services Working Group focuses on emerging risks and opportunities associated with corporate reliance on, and impacts to, ecosystem services. http://www.bsr.org/en/ our-work/working-groups/ ecosystem-services-toolsmarkets Corporate Ecosystem Valuation (CEV) World Business Council for In April 2011, WBCSD released http://www.wbcsd.org/workSustainable Development the Guide to Corporate Ecosystem program/ecosystems/cev.aspx (WBCSD) Valuation (CEV), which is the first of its kind, catering directly to the needs of business. The Guide is a framework for improving corporate decision-making through valuing ecosystem services, and a set of resources to navigate through related jargon and techniques. Corporation 20/20 Corporation 20/20 35 Corporation 20/20 is an international, multi-stakeholder initiative that seeks to answer these questions. Its goal is to develop and disseminate a vision for the 21st century corporation in which social purpose moves from the periphery to the heart of the organization. http://www.corporation2020. org/ Resource Primary Developer Description Link Ecosystem Based Management Tools Network NatureServe The mission of the Network is to promote healthy coastal and marine ecosystems and communities through the use of tools that help incorporate ecosystem considerations into management. http://www.ebmtools.org/ Ecosystem Commons The Institute for Natural Resources, A Community on Ecosystem Services (ACES), the National Ecosystem Services Partnership (NESP), and many others The Ecosystem Commons is a portal to the ecosystem services world, hosting discussions, showcasing projects, and tracking trends. http://ecosystemcommons. org/ Ecosystem Services Partnership Ecosystem Services Partnership The ES-Partnership aims to enhance communication, coordination and cooperation, and to build a strong network of individuals and organizations. http://www.es-partnership. org/esp Ecosystem Valuation Toolkit (EVT) Earth Economics Earth Economics provides robust, science-based, and ecologically sound economic analysis, policy recommendations, and tools to positively transform regional, national, and international economics, and asset accounting systems. http://esvaluation.org EnviroAtlas Environmental Protection Agency (EPA) Currently available as a password protection beta-version, EnviroAtlas is a collection of tools and resources that provides geospatial data, maps, research, and analysis on the relationships between nature, people, health, and the economy. http://www.epa.gov/research/ enviroatlas/ Integrated Valuation of Environmental Services and Tradeoffs (InVEST) The Natural Capital Project InVEST is a suite of software models used to map and value the goods and services from nature that sustain and fulfill human life. http://www. naturalcapitalproject.org/ InVEST.html 36 Resource Primary Developer Description Link International Society for International Society for Ecological Economics Ecological Economics (ISEE) (ISEE) ISEE is a not-for-profit, membergoverned organization dedicated to advancing understanding of the relationships among ecological, social, and economic systems for the mutual well-being of nature and people. http://www.isecoeco.org/ Mainstreaming Ecosystem Services Initiative World Resources Institute http://www.wri.org/project/ WRI works toward a world in which governments and businesses value and mainstreaming-ecosysteminvest in ecosystems—forests, wetlands, services coral reefs, etc.—in order to secure economic growth and people’s wellbeing. Strategy is two-fold: 1. Provide decision-makers with information and assessment tools that link ecosystem health with the attainment of economic and social goals; and 2. Develop new markets, economic incentives, and public policies that restore and sustain ecosystems. Marine Ecosystem Services Project (MESP) Duke University The MESP mission is to help society identify and sustainably manage the globe’s ocean and coastal ecosystems for the benefit of people and society by understanding the value of these ecosystems and the services they produce. http://mesp2.env.duke.edu/ Multi-scale Integrated Models of Ecosystem Services (MIMES) AFORDable Futures MIMES is a multi-scale, integrated set of models that assess the value of ecosystem services. MIMES provides economic arguments for land use managers to approach conservation of ecosystems as a form of economic development. The model facilitates quantitative measures of ecosystem service effects on human well-being. http://www.afordablefutures. com/services/mimes The Economics of Ecosystems and Biodiversity (TEEB) The Economics of Ecosystems and Biodiversity (TEEB) The Economics of Ecosystems and Biodiversity (TEEB) is a global initiative focused on drawing attention to the economic benefits of biodiversity. Its objective is to highlight the growing cost of biodiversity loss and ecosystem degradation. http://www.teebweb.org/ United States Society United States Society for Ecological Economics for Ecological Economics (USSEE) (USSEE) The United States Society for Ecological http://www.ussee.org/ Economics (USSEE) provides a venue for intellectual exchange and collaboration on issues related to the theory, policy, and implementation of sustainable development. Valuing Nature Network (VNN) The Valuing Nature Network brings together natural scientists and economists, alongside decision-makers in business and policy, who have an interest in valuing nature. 37 Valuing Nature Network http://www.valuing-nature.net CITATIONS 1 2 3 4 5 6 7 8 Vitousek, P., Ehrlich, P., Ehrlich, A., Matson, P. “Human Appropriation of the Products of Photosynthesis.” BioScience, Vol. 36, No. 6 (Jun., 1986), pp. 368-373. Published by University of California Press on behalf of the American Institute of Biological Sciences. Web. 17 Aug. 2013. Kocian, M., Batker, D., Harrison-Cox, J. 2011. An Ecological Study of Ecuador’s Intag Region: The Environmental Impacts and Potential Rewards of Mining. Earth Economics, Tacoma, WA Batker, D., Kocian, M., McFadden, J., Schmidt, R. 2010. Valuing the Puget Sound Basin: Revealing Our Best Investments. Earth Economics, Tacoma, WA. EPA United States Environmental Protection Agency. Water>>Our Waters>>Watersheds>>What is a Watershed?. 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Quarterly Meeting Summary of the Potomac Partnership. 17 Aug 2013. <http://www.potomacdwspp.org/Meetings/2013/May15/MeetingSummary_ May15.pdf> Bloxom, B., Courtney C., Morford, A., Stonecipher L., Sheeler C. “Funding Public Recreation With the Discover Pass: Policy and Practicality.” 4 March 2012. Accessed 17 Aug. 2013.<http://www.agforestry.org/upload/userfiles/ Funding_Public_Recreation_with_the_Discover_Pass-Policy_and_Practicality_Final_Report.pdf> IMAGE CITATIONS PAGE CITATION Cover New York, Heather Telesca PAGE 19 Prairie Pothole wetland, USFWS i Prairie Smoke, Jennifer Briggs, USFWS 20 Fly fishing, South Santiam Watershed Council 1-2 Iron Ore Bay, Beaver Island, Michigan, public domain image 21 Metro Parks Tacoma Phase II, Emiliano Hernandez 3 Lake Zander, Michian, public domain image 23 Cover Crops, Black Hawk County, Iowa, courtesy of USDA – NRCS 4 Icons, Meghan C. Arntson 24 Alaska, April 30, 2013, Earth Economics 6 Wetland scene in the Catskills Mountains, Tiner Ralph, U.S. Fish and Wildlife 25 Las Animas County, Colorado, Chris M. Morris 7 Field Windbreaks, USDA 26 Denver, Colorado, author Hogs555 8 Wisconsin Wetlands, Rock Springs, Barry Bahler, FEMA 27 Moth, Heather Telesca 29 9 Cedar Rapids, Iowa, Paul Marlow Golden Gate Bridge and San Francisco, California, Charlie Day Daytime Studios 10 Whidbey Island Landslide, Washington, Ted S. Warren, US News 30 Palouse Falls State Park Entrance, Public Domain Image 13 Woman jogging, Metro Parks Tacoma 31 Hoh Rainforest, Washington, Konrad Roeder 14 Florida Mangroves, Hans Hillewaert 33 Bio Blitz, Metro Parks Tacoma 15 Devil’s Tower, Wyoming, Heather Telesca 17 Wisconsin Wetlands Educator’s Workshop, Laura England CITATION 40 Earth Economics 107 N. Tacoma Avenue Tacoma, Washington 98403 253.539.4801 [email protected] www.eartheconomics.org
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