Natural Capital Protocol offers ‘route map' for water regulation
The first global Natural Capital Protocol, announced yesterday, provides a timely route map for the water sector's future environmental regulation, according to Robert Spencer, Director of Sustainability at AECOM.
Spencer was talking as representatives from over 160 of the world’s leading organisations met in London for the Protocol launch. 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, and will help businesses make improved decisions by taking the environment into account.
“The Natural Capital Protocol is a momentous step forward for the natural capital agenda, bringing much-needed consistency to the market,” said Spencer. “For the first time, businesses and organisations have a clear framework to guide them in measuring, managing and valuing their natural assets.
“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.”
AECOM is one of the 200-plus public and private sector organisations who make up the Natural Capital Coalition. Anglian Water, Thames Water, Wessex Water and Yorkshire Water are also members.
The Protocol will provide a framework for businesses to measure and value their direct and indirect impacts and dependencies of the impact of natural assets and raw materials.
The Protocol can also assist companies in supporting a social license to operate, realising efficiency gains and identifying future legislation.
Freely available under a Creative Commons license, it was developed by the Natural Capital Coalition development team, with over 450 organisations contributing to the project over a course of two years. At the same time over 50 leading businesses led the Protocol, including Dow Jones, Shell, the Coca-Cola Company, Kering, Hugo Boss, Yorkshire Water, Nestle Interface, Olam and Nespresso.
Mark Gough, Executive Director of the National Capital Coalition said: “The Natural Capital Protocol will allow all businesses around the world to realize the benefits of including nature in their decision making. It has been amazing to see how a community can come together at a time of need and collaborate to produce something for the common good. Now we have a standardized framework, it is time for action.”
Liz Barber, Group Director of Finance and Regulation, Kelda Group (Yorkshire Water), who sits on the Board of the Natural Capital Coalition, said: “It is increasingly apparent that traditional financial accounting practices are failing to recognise all relevant business impacts and risks. The natural capital protocol is a real world first in bringing structure and a standardised common framework for natural capital assessment.”
The Coalition is undertaking the process of developing separate sector guides work with the Protocol. The Protocol has made it clear that it would welcome dialogue with sector-specific initiatives.
- Boris Johnson 'seriously worried' over Thames 'supersewer' costs Bill increases for Thames Water customers in order to fund the Thames Tideway Tunnel will be 'incredibly high', a... Read More >
- Yorkshire Water commits to carbon reduction targets Yorkshire Water has made six new commitments to reduce carbon emissions, as it became the latest water company to sign up... Read More >
- Yorkshire Water hosts Ethiopian water utility delegates WaterAid's Manaye Siyoum and Zelalem Assefra, from Debre Tabor Water Utility (DTWU) in Ethiopia, have visited Yorkshire... Read More >
- Rainwater spin-out companies offer innovative path Researchers from the University of Exeter's Centre for Water Systems are putting the latest rainwater harvesting and SuDS... Read More >
- Comment: Preparing for extreme weather events The challenge of climate change resilience means that the conventional deterministic approach to drought planning is no... Read More >
- Interview: Jean Spencer, Anglian Water director, on drought resilience In this WWT profile interview Jean Spencer, Director of Strategic Growth and Resilience at Anglian Water, talks about the... Read More >
- The universal challenge of water Water utilities across the world face many similar challenges despite their varying locations and economic conditions,... Read More >
- Front Line: Luke Petts, Metering Team Leader, Morrison Utility Services In this month's Front Line feature we meet Luke Petts, who leads the team of meter installers on Thames Water's Smart... Read More >
- Supply Network Manager Location: Somerset Salary: £30,767 to £41,226 per annum Looking for your next career move in water supply? If so, we may have a fantastic... Read more here.
- Senior Analyst The Organisation The Water Industry Commission for Scotland is the economic regulator of the water and sewerage industry in Scotland. ... Read more here.
- Key Account Manager Key Account Manager Competitive Salary: £40,000+ DOE London and Thames Valley Knowledge, Skills & Experience Commercially astute with... Read more here.
- Contracts Manager Contracts Manager Castle Water Limited Castle Water is the leading independent water retailer in the UK, and one of the fastest growing... Read more here.
- Divisional Customer Services Director Castle Water is the leading independent water retailer in the UK, and one of the fastest growing utility supply companies, supplying services... Read more here.