The UKRI-supported ‘Sea the Value’ project is aimed at determining the economic, ecological and socio-cultural value of marine ecosystems.

Following the UK Government Dasgupta Review, which found that biodiversity must be embedded in decision making to support nature recovery and halt biodiversity loss, a £6.4m funding package by UK Research and Innovation (UKRI) has been announced to support seven projects to better understand the economic value of biodiversity.

The funding – which is being provided by UKRI’s Natural Environment Research Council (NERC) and Economic and Social Research Council (ESRC) – includes £798k of support for the PML-led ‘Sea the Value’ project.

The three-year project aims to:

• Quantify the interlinkages between marine biodiversity, natural capital, and ecosystem services, taking quantity (extent), quality (condition), and resilience into consideration.
• Determine the economic and social values associated with carbon sequestration and bioremediation of waste and apply these values to support natural capital accounting frameworks and engage real world communities in mapping social values and trade-offs.
• Connect the ecological, economic, and social values of biodiversity to decision-making through co-design and implementation of green investment to maintain and enhance biodiversity.

The research will be focussed on two field sites: The Solent in Southern England, and the Moray Firth in Scotland. At these sites communities and organisations will be engaged in mapping values and trade-offs, and in co-developing green investments to maintain and enhance marine biodiversity.

Further information from PML can be found here.