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The natural capital framework for sustainably efficient and equitable decision making

Author

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  • Ian J. Bateman

    (University of Exeter Business School (UEBS))

  • Georgina M. Mace

    (University College London)

Abstract

The concept of ‘natural capital’ is gaining traction internationally as recognition grows of the central role of the natural environment in sustaining economic and social well-being. It is therefore encouraging to see the first signs of a ‘natural capital approach’ to decision making being accepted within government policy processes and the private sector. However, there are multiple different understandings of this ‘approach’, many of which misuse or omit key features of its foundations in natural science and economics. To address this, we present a framework for natural capital analysis and decision making that links ecological and economic perspectives.

Suggested Citation

  • Ian J. Bateman & Georgina M. Mace, 2020. "The natural capital framework for sustainably efficient and equitable decision making," Nature Sustainability, Nature, vol. 3(10), pages 776-783, October.
    • Handle: RePEc:nat:natsus:v:3:y:2020:i:10:d:10.1038_s41893-020-0552-3
    DOI: 10.1038/s41893-020-0552-3
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    Cited by:

    1. chen, shuning & Managi, Shunsuke, 2024. "Tracing the Evolution of Natural Capital in Global Sustainability Metrics: The Advance of Inclusive Wealth," MPRA Paper 122597, University Library of Munich, Germany, revised 05 Nov 2024.
    2. Yao, Richard T. & Wallace, Lisa, 2024. "A systematic review of non-market ecosystem service values for biosecurity protection," Ecosystem Services, Elsevier, vol. 67(C).
    3. Bo Liu & Libo Pan & Yue Qi & Xiao Guan & Junsheng Li, 2021. "Land Use and Land Cover Change in the Yellow River Basin from 1980 to 2015 and Its Impact on the Ecosystem Services," Land, MDPI, vol. 10(10), pages 1-23, October.
    4. Lena I. Fuldauer & Scott Thacker & Robyn A. Haggis & Francesco Fuso-Nerini & Robert J. Nicholls & Jim W. Hall, 2022. "Targeting climate adaptation to safeguard and advance the Sustainable Development Goals," Nature Communications, Nature, vol. 13(1), pages 1-15, December.
    5. Child, Matthew F., 2021. "Wildness, infinity and freedom," Ecological Economics, Elsevier, vol. 186(C).
    6. Fleming, Aysha & O'Grady, Anthony P. & Stitzlein, Cara & Ogilvy, Sue & Mendham, Daniel & Harrison, Matthew T., 2022. "Improving acceptance of natural capital accounting in land use decision making: Barriers and opportunities," Ecological Economics, Elsevier, vol. 200(C).
    7. Shahbaz, Muhammad & Siddiqui, Aaliyah & Ahmad, Shabbir & Jiao, Zhilun, 2023. "Financial development as a new determinant of energy diversification: The role of natural capital and structural changes in Australia," Energy Economics, Elsevier, vol. 126(C).
    8. Grunewald, K. & Bastian, O. & Louda, J. & Arcidiacono, A. & Brzoska, P. & Bue, M. & Cetin, N.I. & Dworczyk, C. & Dubova, L. & Fitch, A. & Jones, L. & La Rosa, D. & Mascarenhas, A. & Ronchi, S. & Schla, 2021. "Lessons learned from implementing the ecosystem services concept in urban planning," Ecosystem Services, Elsevier, vol. 49(C).
    9. Kristine Grimsrud & Cathrine Hagem & Kristina Haaskjold & Henrik Lindhjem & Megan Nowell, 2024. "Spatial Trade-Offs in National Land-Based Wind Power Production in Times of Biodiversity and Climate Crises," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 87(2), pages 401-436, February.
    10. Lin, Jingyu & Huang, Jinliang & Hadjikakou, Michalis & Huang, Yaling & Li, Kun & Bryan, Brett A., 2021. "Reframing water-related ecosystem services flows," Ecosystem Services, Elsevier, vol. 50(C).
    11. Andrew M. Neill & Cathal O’Donoghue & Jane C. Stout, 2020. "A Natural Capital Lens for a Sustainable Bioeconomy: Determining the Unrealised and Unrecognised Services from Nature," Sustainability, MDPI, vol. 12(19), pages 1-24, September.
    12. Ghazali, Samane & Zibaei, Mansour & Azadi, Hossein, 2023. "Impact of livelihood strategies and capitals on rangeland sustainability and nomads' poverty: A counterfactual analysis in Southwest Iran," Ecological Economics, Elsevier, vol. 206(C).
    13. Burdon, D. & Barnard, S. & Strong, J.A. & Atkins, J.P., 2024. "Linking marine habitats and economic values: A spatial scaling methodology for valuing societal benefits," Ecological Economics, Elsevier, vol. 224(C).
    14. Clayton, Helena & Hingee, Kassel L. & Chancellor, Will & Lindenmayer, David & van Dijk, Albert & Vardon, Michael & Boult, Chris, 2024. "Private benefits of natural capital on farms across an endangered ecoregion," Ecological Economics, Elsevier, vol. 218(C).
    15. Greaker, Mads & Hagem, Cathrine & Skulstad, Andreas, 2024. "Offsetting schemes and ecological taxes for wind power production," Ecological Economics, Elsevier, vol. 224(C).
    16. Joanna Malecka, 2022. "Knowledge Μanagement versus Ιmplementation of Sustainable Development during Covid-19," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 314-336.
    17. Fairbrass, A. & Mace, G. & Ekins, P. & Milligan, B., 2020. "The natural capital indicator framework (NCIF) for improved national natural capital reporting," Ecosystem Services, Elsevier, vol. 46(C).
    18. Dugstad, Anders & Brouwer, Roy & Grimsrud, Kristine & Kipperberg, Gorm & Lindhjem, Henrik & Navrud, Ståle, 2024. "Nature is ours! – Psychological ownership and preferences for wind energy," Energy Economics, Elsevier, vol. 129(C).
    19. Grover, Isobella & O'Reilly-Wapstra, Julianne & Suitor, Shaun & Hatton MacDonald, Darla, 2023. "Not seeing the accounts for the forest: A systematic literature review of ecosystem accounting for forest resource management purposes," Ecological Economics, Elsevier, vol. 212(C).
    20. Delafield, Gemma & Smith, Greg S. & Day, Brett & Holland, Robert A. & Donnison, Caspar & Hastings, Astley & Taylor, Gail & Owen, Nathan & Lovett, Andrew, 2024. "Spatial context matters: Assessing how future renewable energy pathways will impact nature and society," Renewable Energy, Elsevier, vol. 220(C).
    21. Marije Schaafsma & Ilda Dreoni & Lacour Mody Ayompe & Benis Egoh & Dewa Putu Ekayana & Arilson Favareto & Sonny Mumbunan & Louise Nakagawa & Jonas Ngouhouo‐poufoun & Marieke Sassen & Thiago Kanashiro , 2023. "A framework to understand the social impacts of agricultural trade," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 138-150, February.
    22. Neill, Andrew M. & O'Donoghue, Cathal & Stout, Jane C., 2022. "Conceptual integration of ecosystem services and natural capital within Irish national policy: An analysis over time and between policy sectors," Ecosystem Services, Elsevier, vol. 57(C).
    23. Ioannis Souliotis & Nikolaos Voulvoulis, 2021. "Natural Capital Accounting Informing Water Management Policies in Europe," Sustainability, MDPI, vol. 13(20), pages 1-24, October.

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