Integrating Natural Capital Accounting into Agricultural Decision-Making
- Publication Type:
- Thesis
- Issue Date:
- 2022
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The aims of this research, and its trans-disciplinary approach, were to investigate how natural capital is perceived by a cross-section of agricultural enterprises and stakeholders; and to Identify the value attributed to natural capital and how the obstacles to designing and integrating effective accounting frameworks may result in its wider utilization. Presently, there is limited evidence of their wide use.
At this stage, value propositions in undertaking natural capital accounting are more aspirational than real. The financial or economic benefits appeared to be based more on farming practices or methods rather than on the results of natural capital accounting. Importantly there is more work required to clearly link the economic benefits to the environmental benefits of improved natural capital and the need for long term measurement and monitoring.
A consistent message was that there is a general lack of knowledge and education around natural capital accounting amongst farmers and stakeholders. This was deemed to limit its wider adoption, together with an apparent lack of skill and general confusion around the language and jargon pertaining to natural capital accounting.
Greater collaboration across farmers and stakeholders is required to build an improved understanding of shared values and identify opportunities to create equitable value opportunities.
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