Expert Committee warns that nature’s decline will damage UK Plc
A new report published today by the UK’s Natural Capital Committee (NCC) warns of significant consequences for our economy and our well-being unless we take action to restore the environment. The picture is clear: nature is our life support system, but we’re losing it fast. Reversing nature’s decline is vital for economic prosperity and future well-being.
The report has been welcomed by businesses and environmental campaigners alike. Sir Stuart Rose, former Executive Chairman of MS (now Chairman of Ocado), a prominent figure in British retail and Ambassador to WWF-UK, said: “The NCC’s report has come at a crucial time. From restoring catchments to mitigate flooding, to rebuilding our fish stocks to safeguard our fishing industries – investing in our natural capital is crucial to long-term economic growth and resilience of UK Plc. It’s vital that government gives the NCC its full support, particularly the Treasury, which must create the policy framework to help drive industry innovation and investment.”
Natural capital refers to the elements of nature – such as our forests, rivers, oceans, land, minerals and the atmosphere – that provide goods and services to people. These include food, raw materials, clean air, water, energy, recreation and protection from hazards. Because nature, like other forms of capital, produces value, governments and businesses should be interested in restoring and investing in it. The unfortunate reality is that, although vital to life on earth, nature’s services are often economically ‘invisible’, and consequently ignored in economic, development and investment decisions.
Dr Elaine King, Director of Wildlife and Countryside Link, a coalition of 43 environmental NGOs, said: “This report highlights the vital importance of bringing our environment to the forefront of decision-making. We welcome the proposed 25-year plan, which will bring a long-term, cross-party approach to restoring and enhancing the natural assets on which we ultimately depend.”
Mike Barry, Director of MS’s internationally acclaimed Plan A, said: “Like all businesses, MS depends on nature – from the raw materials such as fish, wood, cotton, leather, soy and coffee used in MS products, to the water used in our stores. It’s in all of our interests to replenish it. MS has proved that sustainability can be profitable, and continues to work towards helping to restore the ecosystems on which we rely. We encourage all policy makers and business leaders to embed natural capital into their decision-making”.
Toby Roxburgh, WWF-UK Economics Adviser, said: “The recent flooding highlighted the urgent need to restore our natural capital – in this case, managing land and rivers better to reduce flood risk. But our fisheries, woodlands and urban green spaces – all are cases where, with the right policy and investment, we can generate economic opportunities and wider benefits for society by restoring nature”.
Sir Ian Cheshire, Group Chief Executive of Kingfisher Plc., former Chair of the government’s business-led Ecosystem Markets Task Force and WWF-UK Ambassador, is another prominent advocate for positive business action. He said: “Valuing natural capital enables businesses to understand the resource dependencies in their supply chain. Protecting these assets makes absolute business sense in mitigating risk, as does getting ahead of the curve to seize potential new opportunities. There are many businesses, like Kingfisher, who have already realised their dependence on nature and are working to become restorative – giving back more than they take out”.
However, businesses can only do so much on their own, and are increasingly calling for stronger government action and support, to help drive wider industry action and investment to restore natural capital.
The NCC’s recommendations point strongly to the need for action across government. The Treasury is at the heart of this debate, given the importance of natural capital to long-term economic security.
Restoring nature will require a collaborative effort. This government has the opportunity to give a lead to the world on this agenda. Time will tell if the Chancellor will seize that opportunity.
