Natural capital now has a value. This covers services not paid for as nature produces them – water purification crop pollination and groundwater. The latter represents 40% of the cost of food production and is a boost for farmers.
When there were withdrawals out of the High Plains Aquifer at Kansas, there was $110 million a year loss according to Yale School of Forestry assistant professor Eli Fenichel. As resources were used to produce food, the aquifer was depleted. It leads to the questions of the cost of farming if things such as pollination did not happen, and the level of global warming if greenhouse gas is not limited.
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Dr Fenichel believes that it is important to put a cost to natural actions and costs should be measured regularly. In a data-rich age, this should help governments set their policies. There are concerns surrounding the results of the study in Kansas as such losses cannot be sustained.
It is accepted that the job ahead is not going to be easy or widespread but it can be done. There is a basis now for the level of wealth to be calculated when it comes to other assets of nature capital allowing savings to be made in other areas.
Article via: climatenewsnetwork.net
Feature image: James Watkins via Flickr
