CONSERVATIONISTS use the adage “under capitalism a tree only has value when it’s cut down” to highlight how natural assets are often undervalued.
The City of Coffs Harbour has recognised this and is exploring the broad principles of Natural Capital Accounting (NCA) to assess its potential application to land use planning, and as a possible source of income.
After several months of internal discussions, councillor Jonathan Cassell put forward a motion at Council’s 1 May meeting, which called for a report on the potential benefits and risks of adopting a NCA framework.
The motion was carried unanimously.
“This shows we are interested as a Council to learn how this form of accounting could align with the City’s commitment to conservation planning, the City’s ecotourism certification and sourcing an alternative income stream,” Cr Cassell said.
“Over the last few months, I have worked to raise this initiative internally and organised a councillor briefing with industry leaders, Climate Friendly, about how local governments could adapt the Federal and NSW governments’ Natural Capital frameworks for our own use.”
Councillors Les Oxford and Tony Judge have welcomed the decision by Council.
“By recognising the value of our natural assets, like parks, waterways, and green spaces, Natural Capital Accounting gives us a clearer picture of how the environment supports our economy, health, and community wellbeing,” Cr Oxford said.
Mr Judge said better decisions will be made when the “true value” of natural assets can be measured.
“It (a NCA framework) could deliver new financial opportunities for our community through conservation and revegetation projects,” he said.
“It would be a win for both the economy and our local environment.”
The NCA review will assess potential benefits of environmental offsets, improved land management and transparency, as well as any associated risks for both Council and the wider community.
“There is in fact a growing interest in our region for this form of accounting and it is prudent that the City and our wider community are well placed to benefit,” Cr Cassell said.
“When staff report back, we will take the next appropriate step.”
By Andrew VIVIAN
