Accounting for and valuing ecosystem services in Victoria's parks

Victoria’s parks contain significant natural and other capital that provide a wide range of services and benefits to the community, many of which are currently undervalued in decision making and resource allocation.... [ view full abstract ]

Victoria’s parks contain significant natural and other capital that provide a wide range of services and benefits to the community, many of which are currently undervalued in decision making and resource allocation. Recognising and building on the work undertaken internationally in environmental ecosystem accounting and valuation, we have established an accounting and valuation framework to quantify, account and value the ecosystem services provided by Victoria’s parks together with the first indicative assessment of the current benefits of a range of ecosystem services from Victoria’s parks and a set of pilot ecosystem accounts, including marine and coastal assets. We have also identified key knowledge gaps to improve the quality of ecosystem service assessments. The application of international accounting and valuation frameworks to the Victorian parks network will support park planning, investment, management and evaluation decisions as well as inform policy and funding models to maintain parks’ natural capital and maximise their value to the society. Our work provides the foundation for a new direction in recognising, quantifying, valuing and reporting on the contribution of Victoria’s parks to Victoria’s environment, economy and wellbeing using best international practice.