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Doing so will enable the Government
to make informed decisions on a cross-
departmental basis. It will also provide
new information for businesses that
depend on natural capital assets and
open up opportunities for new markets
in nature-positive measures.
Natural Wealth Fund
Of course, like other valuable public
assets, natural assets often require
maintenance to keep them in good
condition. At a time of tight public
finances, one way to ensure that nature
is not neglected would be to use some
of the revenues from use of natural
resources today to fund investment in
natural wealth in the future.
Some natural capital assets are
renewable—wise use can keep them in
good condition so that they can provide
for our needs and for the needs of future
generations. Others are non-renewable—
they can only be exploited once, so
using them today means that we benefit
at the expense of future generations.
In order to balance out the benefits
of using non-renewable resources
today with future needs, the UK should
establish a Natural Wealth Fund, similar
to Norway’s sovereign wealth fund, which
would generate revenues that can fund
future investment in natural assets.
Norway’s $900bn was capitalised by oil
revenues and is worth almost double the
country’s GDP. A UK Natural Wealth Fund
could provide a long-term, secure capital
base for investing in nature.
•
Introduce an annual Natural Wealth
Statement, mandated in law, to account
for our natural capital
•
Set a suite of natural environment
objectives and milestones for delivery,
including creating 100,000 hectares of
new wetlands by 2040
•
Establish a Natural Wealth Fund, capitalised
by a levy on exploitation of non-renewable
natural assets, to fund future investment
in natural wealth
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