ABSTRACT
Natural capital accounting provides a systematic framework through which to quantify the benefits of natural assets. National-scale applications have demonstrated the feasibility of developing such accounts and their value as a tool to support environmental policy and management decisions. Building on that success, there have been increasing calls for sub-national organisations (for example, protected area authorities and water companies) to develop their own natural capital accounts. As we document in this paper, recent efforts by local organisations in the UK to produce such accounts have tended to rely on a set of 'standard practice' methods, many borrowed directly from national natural capital accounting exercises. In this paper, we review those methods and apply them in producing natural capital accounts for two UK National Parks. Working with the National Park Authorities, we critically assess the usefulness of those accounts to inform local land management. On account of data gaps and significant sensitivity to methodological assumptions, our research shows that these local accounts are considered of limited practical use for land management decision making at a local scale. Through specific illustrative examples, we show that natural capital accounts for local decision-making can be improved through: the inclusion of fit-for-purpose data and valuation methods, the consideration of uncertainties, and the incorporation of ecological information and spatial aspects. We also highlight the need for the development of both standardised guidelines and readily-available tools to quantify and value ecosystem services.
