Accounting for nature a priority for Ireland’s prosperity – new report

Posted on: 15 November 2023

Launching its final report in Trinity, the EPA Research-funded project – Irish Natural Capital Accounting for Sustainable Environments – brought together a multi-disciplinary team of ecologists and economists from four Irish universities to pilot the UN-backed System of Environmental Economic Accounting-Ecosystem Accounting (or “SEEA-EA”), in four Irish sub- catchments: the Bride in Co Cork; the Caragh, Co Kerry; the Dargle, Co Wicklow; and the Figile, Co Offaly. 

Professor Jane Stout, ecologist and principal investigator, now Vice-President for Biodiversity and Climate Action at Trinity College Dublin, said: 

“Investing in natural capital accounting is essential to ensure sustainable flows of goods and services for future generations and is vital to the wellbeing of our society and economy. 

“We all depend on nature, yet we continue to ignore that natural systems are continually degraded and destroyed. To bring nature into everyday policy and decision-making, the natural capital approach embeds the language of business and economics. This allows nature to be considered in a systematic way alongside other fundamental ‘stocks’, which we account for in our national accounts, as well as demonstrating how natural systems underpin important economic sectors. 

“As with people, the condition, or health, of these natural stocks influences their ability to sustain flows of goods and services, and ultimately the benefits to people. These hidden benefits include carbon storage, the provision of clean water, food and medicines. Without these benefits, many that we get for free from nature, there would be significant effects on our physical and financial health.”

One INCASE output is a paper on applying ecosystem accounting to develop a risk register for peatlands to inform restoration targets. Lead author, Dr Catherine Farrell said: 

“In the Figile catchment area, peatlands have been severely impacted by industrial peat extraction. This has had a massive impact on carbon storage and other ecosystem services. The Dargle in Wicklow has also considerable areas of degraded upland peatlands. Applying the natural capital accounting methods developed by the United Nations, we can see where damage is being done and where, and through which sectoral activities. This allows us to target measures to protect and restore these areas, by linking the accounts into policy and economic decisions across sectors.

“The value of nature for physical and mental wellbeing, clean air and water, flood protection, shelter and food, diverse wildlife and habitats, can all be factored into decisions using the framework. Even if these values are hard to articulate in financial terms, they should be accounted for in policy decisions that impact them.”

Since the initiation of the INCASE project in 2018, there has been significant international progress in implementing the SEEA-EA as a complementary metric to GDP, with the Central Statistics Office in Ireland taking up the task of developing ecosystem accounts here. 

Building natural capital (ecosystem & geosystem) accounts involves accessing a wide variety of Irish data sources. The INCASE project used over 200 datasets in all, from more than 30 agencies. This process highlighted the need for engagement with and collaboration across a range of data providers in Ireland, and the need for regular and reliable data collection.

The team has issued a final report on INCASE’s work, with the following recommendations:

• Developing and using natural capital accounting methods such as the SEEA-EA is a national priority and requires investment in expertise and shared nature-data infrastructure in Ireland

• A detailed, high-resolution, regularly updated ecosystem map is required and ecosystem condition assessment needs further development
• The relationship between extent and condition of natural capital assets and flows of services and benefits requires more nuanced understanding, and assessment of flows of services needs a standardised approach

Welcoming the completion of the project, EPA Director Dr Eimear Cotter said: 

“In funding research like the INCASE project, the EPA Research Programme is highlighting our commitment to putting science and innovation at the centre of environmental protection in Ireland, and in particular to inform how we can better protect and restore our natural environment. In doing so, we aim to generate the evidence needed to support Ireland’s response to global challenges, including climate disruption and biodiversity loss. We welcome the publication of the INCASE Final Report and the valuable insights it provides on using Natural Capital Accounting to link natural and socio-economic systems, thereby allowing nature to be considered and valued in a systematic way in decision-making.”

To find out more about the INCASE project and download project outputs, visit www.incaseproject.com.

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