Natural capital refers to the world’s stock of natural resources – its geology (rocks and minerals) and soils, water (including ground water, rivers, lakes and other waterbodies), biodiversity (organisms, habitats such as woodlands and grasslands, and their interactions), as well as the land itself.
These natural resources support a range of environmental processes, many of which provide a benefit to people – to keep us alive and to support our quality of life. At the most basic level these include our fundamental requirements for survival - the production of oxygen, food and water. In the context of climate change, some of the environmental benefits of our natural resources are recognised as increasingly vital to life, such as carbon dioxide absorption, flood and erosion control, water storage, provision of shade and urban cooling. As an example, research by Treeconomics, demonstrated that Hyde Park removes 2.7 tonnes of pollutants from the air each year. Benefits linked to our quality of life and wellbeing include the provision of space for recreation and sport, access to nature and tranquility, as well as visual amenity and a sense of place.
Natural capital can be given a financial value, as the use of natural capital has benefits for individuals, governments and businesses.
Seen in these terms, the Royal Parks hold huge value for the UK, and for London in particular: our soils store carbon and help manage the movement of water; our trees and plants help to prevent soil erosion and intercept heavy rainfall; our green spaces mitigate the urban heat-island effect within London; and our open spaces help increase the wellbeing of visitors, provide free spaces for recreation and socialising, are a major draw for tourists in their own right and provide a backdrop to some of our most iconic views, framing state ceremonies and events which attract visitors from around the world; and the habitats and landscapes provide a refuge for biodiversity in the heart of London.
The Royal Parks charity is undertaking an audit of our natural resources to help to quantify their value as natural capital. We’re commissioning specialist surveys of our landscapes, soils, waterbodies, flora and fauna to help us to better understand and maximise the benefits the Royal Parks provide for visitors and for biodiversity. From this information we’ll be developing a Natural Capital Account to enable us to continue to manage our green spaces for both visitors and biodiversity, and we’ll be writing a Green Infrastructure Strategy to help continue to deliver our contributions to London’s environment, including air quality, carbon capture, flood and drought alleviation, cooling for people and wildlife, and providing access to nature.
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