Date(s) - 04/05/2016
12:00 pm - 1:00 pm EST
Categories No Categories
Presenter: Eli P. Fenichel, Yale School of Forestry & Environmental Studies
Natural resource management is about allocating a portfolio of resources through time. This implies that good, defensible management requires the value of that portfolio, which may include non-natural resource assets too, must be stable or increasing over time. Indeed, this is the definition that UNEP, the World Bank, and many others have used as a necessary condition for sustainability. However, it also provides a benchmark for assessing socio-ecological system wide management over time (e.g., ecosystem management). Natural capital is great rhetoric and a great metaphor, but if it is to be useful it must be much more. We must actually value natural assets as capital stocks. In this webinar, Fenichel will discuss some new approaches that do just that, turning natural capital from rhetoric to reality. The approaches are grounded in economic theory, but also show the critical nature of coupling natural science with social science to assess the implied wealth stored in stocks of resources. Fenichel will discuss example applications including fish stocks and groundwater.