The 'Natural Capital Ireland' Framework
About this good practice
'Natural capital' is an economic metaphor for nature; a concept that frames the world's resources like plants, animals, water, and minerals as assets or stocks that yield a flow of benefits to people. The natural capital approach involves measuring and valuing natural capital assets.
Natural Capital Ireland (NCI), formerly the Irish Forum on Natural Capital (IFNC) comprises a 5-member Board of Directors, a 15-member Steering Committee, a 2-person Secretariat and over 900 registered members made up of engaged individuals from across public, private, NGO and independent sectors.
The long-term mission of NCI is to value, protect and restore Ireland’s natural capital and ecosystem services. NCI is doing this by: 1) organising high profile events, seminars, webinars, lectures and meet-ups to promote informed public and private sector decision-making; 2) producing and sharing resources on their website and via social media channels to support the adoption of natural capital concepts in public policy and corporate strategy; 3) connecting NCI members with experts (including global experts on natural capital accounting), and; 4) advancing the natural capital agenda in Ireland by participating in original research to assist in the establishment of a national natural capital accounting standard. This includes the INCASE project which is piloting natural capital accounting in Ireland. NCI also contributes to draft policy and discussion frameworks at the national level.
Resources needed
NCI running costs are approximately €70,000 per year. The secretariat comprises an Executive Coordinator and a Communications Executive. A Finance Officer oversees the accounts and supports the secretariat to prepare mid- and end of year statements. All funding for NCI has been public to date.
Evidence of success
Since its establishment in 2014, NCI has advanced the natural capital agenda in Ireland and was incorporated as a non-profit Company in 2018. In 2020, membership increased by 50% from approximately 600 to 900, three research projects were delivered, Board and Steering Committee elections took place, events were organised and innovative learning materials were provided (in spite of COVID-19). 2020 also saw the launch of a new ambitious strategy to 2023 and a dedicated NCI Media Response Unit.
Potential for learning or transfer
Based on inter-sectoral and inter-disciplinary collaboration, NCI is a unique and innovative initiative which is dedicated to the promotion and advancement of natural capital as a concept in policy and in business by working collectively to promote and develop financial mechanisms and methodologies for valuing, measuring and paying for natural capital and the ecosystem goods and services that it provides.
The NCI framework provides a high-quality template, which can be transferred to other regions and national contexts. Within interested regions, there must be a desire to build natural capital awareness and capacity, and use natural capital accounting techniques to value protect and restore ecosystem goods and services. Success would require committed and dedicated work from leaders in academia, government, the private sector and NGOs. The new NCI Strategic Plan for 2021-2023 provides an example roadmap of how the work of such an organisation might be progressed into the future.
Further information
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Good practice owner
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Natural Capital Ireland