Environmental and Economic accounting in Primary Industries (Natural Capital Accounting) - linked to 2017-175
Forest and Wood Products Australia Ltd (FWPA)
Natural capital is the soil, air, water and biodiversity-the natural resources used for food and fibre production. This grant activity will apply Natural Capital Accounting to the forestry, cotton and fisheries industries allowing producers to: • incorporate natural assets into farm business systems to help identify risks and costs associated with using, and opportunities from improving, these assets and manage accordingly • access cheaper finance, drawing on opportunities from finance organisations who explicitly incorporate natural capital in the credit risk calculations and offer lower interest rates for landholders who manage these assets • demonstrate best practice management of natural assets and increase profitability by accessing premium markets.
1. Define the objectives and nature of the relationship between natural capital and the primary industries
2. Identify the subjects of the accounts (e.g. soil, water, land, carbon sequestration, biodiversity) as defined by potential market drivers
3. Develop and define robust indicators appropriate for identified accounts.
4. Compile relevant natural assets for the production landscape
5. a collaborative engagement model to ensure industry engagement and adoption.