Natural Capital Accounting- is this a term we’re going to hear more & more in the coming years? 🧐

Can it be a new lingua franca for business, policy, and land use consideration?
This was the theme of an NESC conference earlier this week, titled ‘Making Nature Visible: What Can Natural Capital Accounting Do For Us?’

Key takeaways

🗣️ Language: The need for shared understanding in order to discuss nature-centric issues. Nature is having to mold itself fit into the language of economics to get a seat at the table

🧬Systems thinking: The need to break down silos- across Government departments, academic disciplines, data exchange. Taking a catchment-scale view of landscapes

📐 Data, measurement & monitoring: Recognising the need for more accurate & relevant data & tech, but not a reason to delay action when a problem is very visible

🛩️ Pilots: Moving beyond pilots with fireworks and short-term focus, to more long-term integration, national mapping of ecosystems, developing a national risk register

🛠️ Capacity building: Developing broader understanding, skills, and knowledge in relevant areas- from ecology to finance to accounting

💸 Finance: Payments for ecosystem services & nature restoration, reducing financial flows that degrade nature, recognising & rewarding the potential role farmers can play

🏛️ Regulation: Increasing legislative scrutiny- particularly in relation to mandatory reporting under CSRD, also Green Claims Directive, Nature Restoration Law, CSDDD

🐳 Leadership: Ireland has an opportunity to lead in this space. The need for a clear long-term vision, not subject to 5-year cycles

The event was so well organised, curated & presented by Jeanne Moore and the NESC Ireland team.