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DORSET’S
'ENVIRONMENTAL
ECONOMY'
Peter Moore
Head of Environment,
Dorset County Council
Valuing Dorset’s environment Assessing impact of Jurassic Coast World Heritage Site and Dorset AONB
Capturing future value of natural assets
THE TASK
ACCOUNTS
FRAMEWORK
SECTOR
FRAMEWORK
VALUES
FRAMEWORK
ASSET FLOWS SECTOR
FLOWS
EGSS
GREEN
ECONOMY
THE APPROACH
£0b
£1b
£2b
£3b
£4b
£5b
£6b
0.0
10.0
20.0
30.0
40.0
50.0
60.0
EGSS ratios Sector flows Asset flows Green economy
GVA (£bn - RHS)
With carbon seq.
FTEs ('000s - LHS)
CONTRIBUTION TO DORSET’S GVA AND JOBS
CENTRAL ESTIMATE
The natural environment:
• contributes £1.5 billion GVA per year
• supports 30,000 jobs
• constitutes 8-10% of output & jobs
“under all approaches, the net
local benefit of Dorset’s
Environmental Economy is
significant, substantial and
profound.”
• 63% - 'very important or crucial' for decision to live in Dorset
• Residents willing to pay £3.57 per visit or £34 per year
• Residents spend £6.08 on each visit to coast or countryside
• 90% of residents believe it gives a house price premium – of more than 10%
INTRINSIC VALUE OF ENVIRONMENT - RESIDENTS
IMPACT ASSESSMENTS OF DESIGNATED AREAS
• Estimate all economic activity in the
defined area
• Estimate activity in the environmental
economy
• Illustrate the economic activity
associated with natural assets
• Illustrate the value of the designation
APPROACH TO VALUATION
Dorset AONB influences:
about £65 m of economic output per
year; equivalent to about 1,200 jobs
DORSET AONB
JURASSIC COAST WHS
Jurassic Coast WHS influences:
about £111 m of economic output per
year; equivalent to about 2,000 jobs
DORSET’S ENVIRONMENT DRIVES VISITS
0%
100%
60%
Most visitors aware of designations.
Designations influence decision to visit
0
40
80
120
160
JC AONB
0% 25%
50% 75%
100%
Willingness to pay - £4.33 per visit
(similar to studies elsewhere)
0
35
70
105
140
175
JC AONB
Nothing
Up to £3
£4-6
£7-10
More than £10
• Monetary value
• Capturing value
• Markets and prices - commodification?
• Ownership & distribution
• Payment mechanisms
VALUING NATURAL ASSETS: ISSUES
• Paying for access
• Paying for ecosystem services
• Paying for the benefits of nature
• Public sector support
• Support from the public
• Creating markets for ‘green’ goods and services
MECHANISMS
OVERALL
• Significant for output and jobs
• Underpins other sectors
• Needs support - like other sectors
• Wider value – residents and businesses
• Asset value increasing over time
DORSET’S ENVIRONMENTAL ECONOMY
• Is dispersed - harder to ‘fund’
• Need to factor in the value of nature
• Major risk factors with inaction
• New thinking needed
• EGSS growing relatively fast
DORSET’S ENVIRONMENTAL ECONOMY
IMPACT
Report publication has:
• Challenged accepted
wisdom
• Changed the terms of
the debate
• Opened new dialogues
between environmental
and economic partners
FOLLOW-UP
Dorset LNP’s ‘Natural Capital Investment Strategy’:
Development/projects
should:
• Quantify impacts
on natural capital
• Deliver net gains
• Integrate social,
economic &
environmental
FOLLOW-UP
• ‘Environmental Economy’ report – provided the
evidence base
• Dorset LNP ‘Natural Capital Investment Strategy’ –
represents the ‘ask’ of economic partners
• Ongoing dialogue with Dorset LEP to explore ways of
accounting for natural capital in its investment and
assurance frameworks
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