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Ecosystem Service Markets as a means of sharing land management benefits: UK case study

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Presentation at World Bank Land and Poverty conference 11 April 2013. Looks at the potential wide range of benefits which may arise from the use of the ecosystems service approach in sharing benefits …

Presentation at World Bank Land and Poverty conference 11 April 2013. Looks at the potential wide range of benefits which may arise from the use of the ecosystems service approach in sharing benefits from rural land management. This is built around a case study of Exmoor's potential for water management and carbon storage in the south west of England. Policy and practical lessons are taken from this case study for consideration in the broader context of land and its role in the alleviation of poverty.

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  • 1. Annual World Bank Conference on Land and Poverty 2013 Ecosystem Service Markets as a means ofsharing land management benefits: UK case study Charles Cowap RICS, London, UK Harper Adams University 11 April 2013 Charles Cowap MBA MRICS FAAV
  • 2. New land managementRequirements are emergingNew marketsNew challenges toprofessional practiceNew environmental, socialand economicopportunities andchallenges Charles Cowap MBA MRICS FAAV
  • 3. Peat’s Story Charles Cowap MBA MRICS FAAV
  • 4. Distribution of upland peatlands in the SouthWest of England Charles Cowap MBA MRICS FAAV
  • 5. The mires on ExmoorDrainage for agricultural improvement Charles Cowap MBA MRICS FAAV
  • 6. Domestic and commercial peat cutting forfuel Cutting carried on until the end of the c20th Charles Cowap MBA MRICS FAAV
  • 7. Where?- the pink bits 5,000 m Charles Cowap MBA MRICS FAAV
  • 8. Charles CowapMBA MRICS FAAV
  • 9. Context: Exmoor example Wimbleball Resr & R Haddeo R Exe Exmoor R Barle Replenishment Exebridge Pumping Pumping Approx 5 miles, Station lifting water from 120 to 240 m CO 2 AOD Charles Cowap MBA MRICS FAAV
  • 10. Economics + OTHER ESS CARBON PAYMENTS??? Future Profit for reinvestment Storage/Abstraction or distribution Costs Savings for water Treatment Costs buyers Incentive payments to Pumping Costs landowners – managers - occupiers Charles Cowap MBA MRICS FAAV
  • 11. Top Three Concerns• Confidence• Revenue/Cost• Scheme Relationships Charles Cowap MBA MRICS FAAV
  • 12. Top Three Questions• Legal/ownership concerns• Revenue and cost• Confidence Charles Cowap MBA MRICS FAAV
  • 13. PROSPECTUS• Proposed scheme(s)• Basis(es) of offer Charles Cowap MBA MRICS FAAV
  • 14. Questions for consideration• Contractual aspects • Relationship other• Land tenure schemes• Effects on other • Other business interested parties considerations• Practical farming • Maintenance considerations obligations• Animal welfare and • Tax health • Impact on value• Public liability • Security/risk Charles Cowap MBA MRICS FAAV
  • 15. Financial evaluation Costs saved Extra costs, eg • Eg some livestock purchases • Access time to more difficult ground • Vet and med bills • Insurance Extra Revenue eg • Feed • PES income • Machinery costs (if • Contracting opportunities for contracting to be offered) SWW Lost Revenue • Eg some livestock LWG or sales + Balance: financially Balance positive: not financially worthwhile worthwhile • Consider capital and tax implications Charles Cowap MBA MRICS FAAV
  • 16. POLICY CONTEXT Charles Cowap MBA MRICS FAAV
  • 17. Foresight Land Use Futures 2010 Charles Cowap MBA MRICS FAAV
  • 18. White Paper• Growing a Green Economy• Green market opportunities – Ecosystem Market Taskforce• Valuation of Nature – Natural Capital Committee Charles Cowap MBA MRICS FAAV
  • 19. Top 10 Business Opportunities1= Biodiversity Offsetting (BDO) andConservation Banking• Estimated size of market £50 – 300 million pa from housing, plus other sectors• Brokerage, certification and registration• Additional costs to builders/developers deducted from land value1= Peatland Carbon Code and Carbon Credits• Peat restoration for carbon storage• Management schemes and incentives• Certification and brokerage Charles Cowap MBA MRICS FAAV
  • 20. 2. Woodfuel and Woodburning Stoves3. UK ecosystem knowledge economy4. Layered PES – Different Environmental Services to different buyers – Eg  Charles Cowap MBA MRICS FAAV
  • 21. 6. Carbon sequestration7. Sustainability certification – Opportunities for intermediaries8. Sustainable tourism Charles Cowap MBA MRICS FAAV
  • 22. 9= Global centre of excellence inESS certification9= Water re-use technology11 Reducing insurance risk through green infrastructure12 Environmental bonds http://www.valuing-nature.net/opportunities-uk-business- protect-and-value-natures-services-report-published- today [accessed 19 July 2012] Charles Cowap MBA MRICS FAAV
  • 23. NEW VALUATIONREQUIREMENTS AREEMERGING Charles Cowap MBA MRICS FAAV
  • 24. Charles CowapMBA MRICS FAAV
  • 25. Charles CowapMBA MRICS FAAV
  • 26. SOME WORK HAS BEENDONE ALREADY Charles Cowap MBA MRICS FAAV
  • 27. Charles CowapMBA MRICS FAAV
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  • 29. Charles CowapMBA MRICS FAAV
  • 30. We face challenges to valuationECONOMIC APPRAISAL Charles Cowap MBA MRICS FAAV
  • 31. Charles CowapMBA MRICS FAAV
  • 32. And NowECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
  • 33. Charles CowapMBA MRICS FAAV
  • 34. Charles CowapMBA MRICS FAAV
  • 35. ECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
  • 36. From TEEB Foundations, Chapter 5APPROACHES FOR THEESTIMATION OF NATURE’SVALUES Charles Cowap MBA MRICS FAAV
  • 37. Market Contingent Cost Analysis Valuation Methods Deliberative Avoided Valuation Group Replacement CostValuation Cost Methods Regime Shift Methods Analysis Insurance Resilience Ecological Value Value Risk Footprint Analysis Joint Mitigation Analysis Input/Output Production Cost Analysis Function Method Charles Cowap MBA MRICS FAAV
  • 38. ValuationWHERE DOES IT FIT? Charles Cowap MBA MRICS FAAV
  • 39. Thinkpiece• Royal Charter – Promote the usefulness of the profession to public advantage• New opportunities in land management• New ways of working in development• New points to reflect in conventional valuations• New types of valuation Charles Cowap MBA MRICS FAAV
  • 40. And we should offer:• Our expertise• In Land Tenure and its relationship to land management and development• Our experience of valuation in challenging commercial markets• Our expertise in brokerage Charles Cowap MBA MRICS FAAV
  • 41. Key points from RICS Launch ESS Language – a problem? Experts: Problems of long term Michel Pittini control v opportunism Need for compelling Director for Sustainable evidence Land Use, Rural Evidence and Analysis, Defra Is it going to pay a firm’s salary bill? ESS – or Biodiversity Prof Alister Scott Dumping?? Birmingham City University One stop shops to realise Rapidity of recent value? Does DCLG Paul Collins, progress – catch up! understand? Joined up Nottingham Trent University government needed What are we learning Duncan Cairns, Land merely a from abroad? NZ was Director, Environment Bank Ltd commodity for big doing this 25 years ago business? Charles Cowap MBA MRICS FAAV
  • 42. So to conclude: • New markets• New challenges to professional practice •  New environmental, social and economic opportunities and challenges Charles Cowap MBA MRICS FAAV
  • 43. Contact DetailsTranslating new knowledge for rural professional practice cdcowap@gmail.com 07947 706505Twitter: @charlescowapBlog: http://charlescowap.wordpress.com/Slideshare: http://www.slideshare.net/cdcowap Charles Cowap MBA MRICS FAAV