Over the past decade much work has been undertaken globally to develop consistent frameworks and methods for accounting and valuation of natural capital and ecosystem services, with an increasing number of case studies demonstrating that well managed natural assets, including parks and protected areas, can contribute significantly to economic and social health and wellbeing.
In this paper we will outline the methods and findings of the application of a new framework for ecosystem accounting to the parks network of the State of Victoria, Australia based on the System of Environmental Economic Accounting (SEEA). To highlight the benefits that Victoria’s parks provide to communities and the economy, a range of ecosystem services were assessed in their current land use (i.e. as a park), compared to an alternative land use.
The benefits of these services were estimated both in physical quantities and monetary values where feasible. The assessment has highlighted that Victoria’s parks network contributes many and large benefits to Victoria’s economy, its productivity, sustainability and liveability. These contributions include to income and jobs through tourism and other industries, cleaner waterways, avoided water costs to consumers and producers, improved health benefits and avoided health costs, increased amenity, protection of coastal assets, regulation of climate, supply of pollination services for agriculture and habitats for flora and fauna to maintain genetic diversity and opportunities for research and education.
The information gained from the project will inform environmental policies and raise awareness among community stakeholders and decision makers about the significant return on investment of management of healthy parks and protected areas, contributing to the State’s economy and community wellbeing as well as benefiting biodiversity conservation. Improvements in the ability to quantify the benefits of nature for human wellbeing, including economic benefit, has the potential to substantially shift the current paradigm of for park and protected area management by demonstrating multiple benefits to society and reaching new audiences and cross-sector partners and advocates.
