Rich in Nature

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A Natural Wealth Bill
The Natural Capital Committee
recommended that the 25 year
plan be set on a legislative footing.
A Natural Wealth Bill would create
a framework for annual reporting on
natural capital assets in Parliament.
It would take the agenda forward by:
• Creating a Charter
of Environmental
Responsibility for
the Treasury;
• Requiring an annual
Natural Wealth Statement
in Parliament;
• Ensuring that regulators
focus on promoting
natural wealth
Together, these steps would help to
strengthen the UK’s economy and
environment. You can find a draft bill
at the end of this section.
An annual Natural Wealth Statement to
report on progress will ensure political
accountability for the state of nature.
This may seem like an abstract gesture
alongside the practical “on the ground”
components necessary for an effective
25 year environment plan, but it is
significant. Elevating the politics of
nature and valuing nature properly will
mean that Government can really be
held to account for our environment.
Even a partial estimate of UK natural
capital shows its huge value. Natural assets
are often valued on an individual basis. For
example, there are many estimates of the
value of pollinators, carbon, and flood risk
mitigation on individual sites. However, even
the most comprehensive study to date, the
National Ecosystem Assessment, gave only
a partial picture.
Headline targets
Creating clear objectives will not
necessarily require many new targets.
The UK already has legal commitments to
elements of natural capital like air quality,
water quality, and biodiversity. These should
be set out as the headlines of the 25 year
environment plan, as part of a suite of
natural environment objectives, comprising:
• Habitat protection and
creation goals, including
100,000 hectares of
new wetlands
• Abundance and diversity
objectives for UK wildlife
• Quality controls for key
natural capital assets,
like clean water, clean
air and rich soils
• Access to natural
greenspace standards
Targets should be set on the basis
of independent scientific advice from
the Natural Capital Committee and
other experts. A “ratchet mechanism”
should be built in for tightening targets
if necessary.
Natural Wealth Statement
While many long-term environment
targets already exist, they are not afforded
the same importance in Parliament or
in decision-making as other economic
objectives, like the Government’s growth
targets, despite being as important for
social and economic success.
Environmental targets are often pursued
only by the environmental departments
(DEFRA and DECC), with little bearing on
decision-making in other Departments and—
sometimes—counter-productive policies in
other areas. This is economically inefficient.