What is natural capital? In its simplest form, natural capital refers to assets provided by nature that are either non-renewable (eg oil) or renewable (eg fish stocks). Many of the interesting challenges relate to the latter because, although such capital is renewable by definition, there may be thresholds beyond which damage becomes irreversible. I asked how we should distinguish natural capital from the concept of ecosystem services. Dieter explained that the key distinction is between seeing the environment in terms of stocks of assets or flows of services. The natural capital approach is an asset based approach, which can account for thresholds in renewable capital.
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