Collaborative Effort to Value our Natural Capital
Lianhe Zaobao featured the launch of the national-scale Natural Capital Singapore project that is crucial in developing a tool to unify standards to accurately measure the value of natural ecological capital.
Lianhe Zaobao published the article "数机构合作研究本地自然生态价值" (Institutions collaborate to study the value of local natural ecosystems) on 17 Aug, following the launch of the Natural Capital Singapore project.
In the article, NUS external pageAssociate Prof Dan Friess, co-lead principal investigator of the Natural Capital Singapore projects, described the three-year national-scale project, with about 30 members working together to value natural ecosystems in Singapore. The "value" is not only assessed from the monetary and economic perspectives, but also from the socio-cultural perspectives.
The study will assess the value of Singapore's natural capital such as forests, mangroves and corals, allowing decision makers, particularly planners and developers, to incorporate the value of natural capital in planning. Apart from the assessment, ne of the outcomes of the project is an interactive digital planning tool to inform decision making.
Dr Lena Chan, senior director of NParks' International Biodiversity Conservation Division, believes that the results of this research are crucial to the future development of Singapore. At present, there is no unified standard to accurately measure the value of natural ecological capital. She added that precisely because of Singapore's small size, natural capital is very important and their value need to be taken into consideration in development planning.