NRM Regions Australia has been pushing for better information for landholders regarding carbon farming for some years, and for a role for regional NRMs as independent trusted advisors. We have been talking regularly with the Australian Government about the potential for a network. There has been some momentum in this call recently, with Farmers for Climate Action launching a report Farming Forever yesterday which found, and recommends, that regional NRM organisations are funded to deliver a carbon farming extension network. MP Helen Haines has also called for a targeted extension network.
The following documents provide an overview and some insights into Natural Capital Accounting as well as some context around how it may be managed at a nationally.
Natural Capital Accounting - An Overview
Natural capital accounting is a method for measuring the health and benefits of nature. At the heart of the method is recognising (i) that nature is an asset and (ii) that the extent and condition of that asset (the stock) underpins the flow of ecosystem services and benefits to the economy and society, both now and in the future.
Natural capital accounting goes hand-in-hand with natural resource management. It enables natural resource managers to consistently describe the changes in the quantity and quality of the stock of nature and communicate the breadth of benefits that nature provides to multiple stakeholders. A complete and comprehensive picture in a common language supports improved decision making that balances the objectives of increasing yields, earning incomes, and securing environmental outcomes.
Natural Capital Accounting - Decluttering the natural capital space
As you start your natural capital accounting journey, a significant step you’ll need to take is to work out how to blend the relevant definitions and concepts with your existing knowledge from fields of expertise like agricultural systems, finance, and ecology.
Taking this step is often made more challenging because, once you start looking, you’ll find that there are dozens of frameworks, initiatives, projects, methods, tools, datasets and the like that all seem relevant. And annoyingly, each of these projects has its own acronym that, at first glance, means absolutely nothing.
Natural capital accounting for NRM organisations
Webinar held on 20 March, 2023.