Natural capital (NC) refers to a concept or framing, with a focus on the stocks and flows of services that nature provides to society, and specific datasets. This concept has seen growing attention over the last decade and improving the data, as it is hoped, may assist in greening decision-making, in various sectors and venues, ranging from policy through financial investors, to farm level.
Scotland is a pioneer in adopting natural capital: a Scottish Government Natural Capital Policy team is working to embed Natural Capital into policy processes, framed around the Four Capitals approach; whilst multiple initiatives within NatureScot’s Natural Capital Pilot Programme (NCAPP) explore how to work with it with different groups and levels. Other notable initiatives directly relevant to natural capital include SEPA’s One Planet Choices initiative, which uses integrated capital assessments. The general goal of all such initiatives – and that this project seeks to both learn from and inform – is to routinely embed consideration of natural capital across sectors, policies and levels.
Natural capital is not a single, simple or easy-actionable piece of information. It has multiple and contingent versions and interpretations; will not be the only form of knowledge used in interpretation; furthermore, interacts with interests and institutional structures when influencing decision-making processes. These interacting factors often tend to inhibit change. Achieving transformation in support of sustainability is thus an urgent challenge but also notoriously difficult. Identifying levers of change is vital to ensure future research and practice efforts are most appropriately and effectively focused. There is a need to critically appraise how and when natural capital can support change for sustainability.