Natural Capital Accounting

Our well-being, economy and society depends on nature, but it is under pressure with increasing levels of biodiversity loss in Ireland. On request from Government, this project explored how Ireland is accounting for nature in Irish policy and the development of natural capital accounting. 

Influenced by previous work on climate and agriculture, this project examined the operational, administrative, policy, and governance challenges and opportunities using a natural capital accounting approach. With support from Natural Capital Ireland, three high-level policy dialogues with key stakeholders and experts were held in May and June 2023. These included a focus on understanding the benefits and perspectives of valuing and accounting for nature; agro-ecological accounting in agriculture, forestry and other land use; and operational challenges in the development of natural capital accounts in Ireland, how accounts might be used, and the enabling policy framework that is required. This work drew on international experience of natural capital accounting in Canada, the Netherlands, UK, Australia, the US and Mexico.  

The project was completed in 2023; its findings were published in January 2024 in a Council report No.164, a Secretariat Paper No.33 and two research reports from Natural Capital Ireland (No.27 and No.28). A half-day in-person event, “Making Nature Visible: What Can Natural Capital Accounting Do For Us?”, was held in March 2024 and served as a summation of the entire project, its conclusions and recommendations.