From Market Value to Natural Value: Challenges to International Professional Practice

RICS launched this international thought leadership paper at its headquarters in Parliament Square, London on 15 November.

The paper reviews important business opportunities in the provision of nature’s services, or ecosystem services.  There are important opportunities for chartered surveyors to be involved in this.  Most obviously this will consist of working with clients to think through the opportunities and challenges to land management.

Less obviously the RICS and its membership has an important and unique contribution to offer to the development of these ideas.  Our long experience of regulated valuation work in challenging commercial environments, and our knowledge of the interaction between land tenure and asset management, are both examples of points which have scarcely yet been recognised in this emerging field.

There are also implications for valuation work.  Traditional valuation work will have to take account of new factors, and there will be requirements for entirely new types of valuation and appraisal.

The report itself is available from the RICS Website (follow this link).  I have blogged before on the top environmental business opportunities (link here)

The RICS presentation was followed by a lively debate with five panellists.  This has been summarised in the following YouTube video of the presentation and discussion which starts by looking at a project in Exmoor to improve water management, restore peat, and store carbon:

I would be very interested in feedback from readers on the ideas outlined in the paper, and to the ‘video’ as the use of video in this way is a new initiative.

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