More information about the protocol can be found here: http://naturalcapitalcoalition.org/protocol/
“AECOM – Robert Spencer ‘Applicable globally and across multiple business contexts, the Protocol and accompanying sector guides provide a standardised framework for businesses to measure and value their direct and indirect impacts and dependencies on natural capital. The Protocol was developed by the Natural Capital Coalition with input from its members, including companies such as Anglian Water, Yorkshire Water and Thames Water. The Natural Capital Protocol is a momentous step forward for the natural capital agenda, bringing much-needed consistency to the market. For the first time, businesses and organisations have a clear framework to guide them in measuring, managing and valuing their natural assets.
“Success, however, will hinge on companies’ ability to integrate natural capital assessments into their everyday decision-making. While the Protocol arms sustainability professionals with robust guidance on how to measure the value of natural capital, progress is dependent on achieving buy-in from more commercially focused departments, such as finance and procurement.
“A lack of specialist skills and resources may also present challenges for organisations that have not previously assigned financial values to natural assets. A multidisciplinary approach will be required, with greater cross-departmental collaboration between specialists who may not have worked together before. A further complication is that not all organisations will have all the necessary skills in house.
“For the water sector, the Protocol provides a timely route map to future natural capital regulation, which should help companies scale up their plans. Although many organisations currently measure natural capital at a site or catchment level, the next step is to develop and roll out a business case across their entire operations. Companies that incorporate natural capital into their plans now could be at a competitive advantage when anticipated regulation comes into play in the future.
“Many of the remaining hurdles involve familiar business challenges such as leading cultural change, establishing new roles and responsibilities, and fostering cross-departmental collaboration. Companies that put these goals at the top of their agenda will be better placed to compete.” – Robert Spencer, Director of Sustainability – Environment & Ground Engineering, Europe, Middle East, India and Africa, AECOM
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