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| C | V. XXV | N. 30 | - | 2020 | | ISSN (): - | ISSN ( ): - |
Introduction
In the UK, governmental and judicial
processes are under pressure to shift
towards a more ecologically conscious
form in response to changing societal
values. How to meet this need has become
a pressing issue with policymakers for
multiple decades. Two central areas
determine how governments protect
the environment and biodiversity, (1)
economic and (2) socio-cultural concerns.
Due to nite economic resources and
budgetary constraints (recessions and
austerity), the level of environmental
protection is often matched against the
current state of a nation’s economy, and its
population’s attitude towards conservation
(existing legal basis). e utilitarian or
neo-classical school of economics would
state that policymakers have to determine
what level of environmental degradation
can be tolerated in a resource at the
expense of nancial gain, i.e. commercial
logging involves cutting down trees.
However, more recently, there has been
a move towards natural capital valuation,
by valuing ecosystem services, which
are based on ethical rather than cost
considerations. For example, the EU
habitat directive and Birds Directive
emerged from civil society and NGO
pressure over the years.
Borgström, and Kistenkas (2014)
highlight that the losses of ecosystem
services such as water circulation
and purication and the subsequent
provision of technical mechanisms are
more expensive than providing space for
a network of functioning habitats for
species, or green infrastructure.
Since the Millennium Ecosystem
Services Assessment and its subsequent
reiterations, the valuation of species
and habitats has begun to change in the
mainstream, such as the connection to
wellbeing (MEA, 2005). is has seen
the ecosystem services/natural capital
approach emerge as part of DEFRA
(Department for Environment, Fisheries
and Rural Aairs) policy. is apparently
includes an attempt to include wildlife
to ensure better decision-making by
valuing our ‘natural capital’. is is an
instrumental valuation, to determine
how much it is worth to the market.
It is worth mentioning that there is
increasing interest in non-instrumental
values and the relational turn in the
literature, emphasising a deeper focus on
relational values to nature, in addition to
instrumental and intrinsic values (Chan
et al. 2016; Muraca et al. 2018; Klain et
al. 2017).
e Natural Capital Approach of
DEFRA is part of an attempt to internalize
the externalities’ or to modify market
valuation to give more consideration to
ecosystems. Perhaps what is needed is
reverse; to view the contributions of the
economy within the ecosystem, after
all humans are internal to it (Odum
and Odum, 2000). Nevertheless,
current calculations of GDP ignore the
throughput – the metabolic ow of useful
matter and energy from environmental
sources, through the economic subsystem
(production and consumption), and back
to environmental sinks as waste (Jackson
and Senker, 2011). A way to do this as
theorised by Odum and Odum, (2000)
to use one kind of energy as the common
denominator.
A method of valuation was developed
based on the total amount of energy of
one kind used directly and indirectly
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