--- title: Natural Capital and Its Value to the Economy | Unique Places to Save description: Learn how to value ecosystem services and why it's crucial for decision-making and resource allocation along with the challenges and methods of assigning a currency value to nature's treasures image: https://uniqueplacestosave.org/hubfs/value%20natural%20capital%20economy.jpg --- [![Unique Places to Save logo](https://uniqueplacestosave.org/hs-fs/hubfs/logo%20horizontal-1.png?width=1254&height=380&name=logo%20horizontal-1.png "Unique Places to Save logo")](https://uniqueplacestosave.org/) - [PROJECTS](https://uniqueplacestosave.org/projects) - SERVICES - [FOR MITIGATION BANKERS](https://uniqueplacestosave.org/conservation-mitigation) - [FOR LAND MANAGERS](https://uniqueplacestosave.org/land-planners-managers) - [FOR LANDOWNERS](https://uniqueplacestosave.org/conservation-for-landowners) - [FOR RESTORATION PARTNERS](https://uniqueplacestosave.org/dam-removals) - ABOUT - [OUR GOALS](https://uniqueplacestosave.org/our-goals) - [OUR VALUES](https://uniqueplacestosave.org/our-values) - [OUR TEAM](https://uniqueplacestosave.org/team) - [CONTACT US](https://uniqueplacestosave.org/contact) - UPDATES - [CONSERVATION EASEMENTS](https://uniqueplacestosave.org/news/tag/conservation-easements) - [MITIGATION BANKING](https://uniqueplacestosave.org/news/tag/mitigation-banking) - [WORKING LANDS](https://uniqueplacestosave.org/news/tag/working-lands) - [RIVERS, WETLANDS & DAMS](https://uniqueplacestosave.org/news/tag/rivers-wetlands-dams) - [CONSERVATION & DEVELOPMENT](https://uniqueplacestosave.org/news/tag/conservation-and-development) - [CONSERVATION STORIES](https://uniqueplacestosave.org/news/tag/conservation-stories) - [ORGANIZATION NEWS](https://uniqueplacestosave.org/news/tag/organization-news) - [ALL POSTS](https://uniqueplacestosave.org/news) [Donate](https://uniqueplacestosave.org/wetland-keepers) [Donate](https://uniqueplacestosave.org/wetland-keepers) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. ![A view over rolling green hills and hedged fields toward distant uplands under a cloudy sky.](https://uniqueplacestosave.org/hubfs/value%20natural%20capital%20economy.jpg) # Natural Capital and Its Value to the Economy Sam Warnock - October 2024 ![](https://uniqueplacestosave.org/hubfs/raw_assets/public/unique-places-theme/images/sep-1-0.png) When you think of **capital**, you probably think of money or investments. But at its core, capital is anything that: - Stores or confers value - Generates benefits - Grows in value over time We’re all familiar with **financial capital**—the money and resources that drive economies. But much of that comes from nature—things like timber, water, and minerals. So, if the products we get from nature have value, doesn’t nature itself? That’s where **natural capital** comes in. It’s the idea that resources like: - Forests that absorb carbon - Rivers that supply fresh water - Wetlands that prevent floods - Oceans that regulate climate These natural capital assets are just as valuable as financial assets. And like any other form of capital, natural capital needs careful management to keep delivering or even grow its benefits for the future. So, what is **natural capital**, and why does it matter? Let’s take a closer look. ## What is Natural Capital? **Natural capital** refers to the world’s stocks of natural resources—things like our: - Forests - Wetlands - Freshwater ecosystems - Soil - Minerals - Fisheries - Wildlife Natural capital includes all the resources nature provides—vital for our survival, well-being, and prosperity. When ecosystems aren’t healthy, its natural capital starts to degrade, and the benefits that we receive from them, the ones that sustain us, begin to break down. However, it’s important to distinguish **natural capital** from **ecosystem services**.    ### Natural Capital vs. Ecosystem Services When I use the term, natural capital, I’m more or less referring to the stocks of physical resources that exist in nature.  Ecosystem services on the other hand are the benefits that flow from these resources. I find that it helps to think of natural capital as the money in your savings account, and the ecosystem service as the interest that you draw from it. For example: - A forest would be considered natural capital - Its ecosystem services would be certain benefits that it offers society like sequestering carbon and/or providing a nearby communities with a constant source of timber. - A river is another example of natural capital - Its ecosystem services would include things like drinking water and recreational opportunities. The quality of any ecosystem service also highly depends on the quality of its natural capital.  A healthy river or forest will provide many more higher quality benefits than an unhealthy one.   ### Natural Capital Once Thought to be Limitless Natural capital as a pure concept really first started picking up traction in the 1970s when ecological economists like Kenneth Boulding and Herman Daly began advocating for the inclusion of nature’s value in economic systems. They challenged the prevailing view of the time that natural resources were unlimited—a belief that was the gospel among nearly all of the mainstream economists at the time. Instead, Boulding and Daly preached that natural resources should be seen as finite and valuable.  They likened them to assets that were critical for the planet and society to function, and they had to be managed sustainably or else, once depleted, we might not be able to get them back.  While this idea may seem obvious today, it marked a hefty departure from the earlier “myth of inexhaustibility”. For those born in the late 1800s and earlier, the world felt vast, and the notion that humanity could consume more than the planet could provide likely seemed just as unimaginable.  For anyone interested in those early days I highly recommend Boulding’s 1966 beautifully written essay “The Economics of the Coming Spaceship Earth”.   ### Dollar Amount Placed on Capital In the late 1990s, the concept of natural capital took a big step forward. Robert Costanza and other top ecological economists wrote a paper that tried to put a price tag on the Earth's resources. The study took a global look at the value of the planet's natural capital and ecosystems. Published in the scientific journal *Nature* in 1997, Costanza and his peers estimated that the value of ecosystem services was in the range of trillions of dollars annually–more than the combined GDP of every nation on earth at the time. The study provided a much-needed wake-up call for the governments of the world to recognize the massive economic value of nature, and how vital natural capital is to the functioning of our economies.  As of today, this article has been cited nearly 40,000 times by researchers. Since then, the concept of natural capital has gained traction in many fields such as: - Ecological economics - Agriculture - Forestry - Environmental policy - Sustainable business These days, organizations like the United Nations and the World Bank have fully embraced the concept of natural capital. They actively encourage governments and businesses to include nature in their economic and policy decisions. Natural capital has become a key part of global sustainability efforts, influencing major initiatives like the UN's Sustainable Development Goals (SDGs), which aim to tackle social, economic, and environmental challenges and create a more sustainable, equitable world by 2030. While lots of progress has been made in integrating natural capital into decision-making, a few challenges remain that are holding back wider adoption in the business world—especially when it comes to fairly valuing it.  Since everyone shares a stake in protecting the environment, it’s crucial that natural capital is properly valued in economic and policy decisions for everyone, regardless of access or privilege.   ## Is Land and Freshwater Conservation an Investment in Natural Capital? At Unique Places to Save, we’re all about protecting and improving natural capital, both on land and in freshwater ecosystems. Our work focuses on key projects like: - Preserving wetlands - Restoring rivers - Removing outdated dams - Conserving forests and grasslands Through these efforts, we’re not just safeguarding natural capital, we’re actually improving its quality, which means better ecosystem services for future generations. For example, when we remove old, non-functioning dams, we restore the natural flow of rivers, helping fish populations recover, improving water quality, and revitalizing habitats. Similarly, conserving forests boosts carbon storage, supports wildlife, and helps regulate the climate, making these natural assets even more valuable. By improving the quality of natural capital, we’re also enhancing the ecosystem services it provides—like cleaner water, healthier ecosystems, and more resilience to climate change. In short, investing in natural capital means ensuring that nature’s essential services keep working better for both people and the planet. --- *Conserving land and freshwater ecosystems are essential for protecting our planet’s natural capital, and you can help make a difference. By supporting* ***Unique Places to Save****, you’re directly contributing to the protection of natural resources that benefit all of us. Your efforts help ensure these natural systems continue to provide clean water, fertile soil, and habitats for countless species.* [Donate Now](https://cta-service-cms2.hubspot.com/web-interactives/public/v1/track/click?encryptedPayload=AVxigLLlCrXXUKQd2c2j5PRL16ZQDpNGDl8s1y%2BU%2B1zw%2Bh3bkc1pmQaLlRCVmV61TQT7BOmwZAP5AJf6WH%2Fc36gMHzAPo5ypWYeSWir1yLA8oIc9nDANxcqWl4EJpOC3ROcMIVISU4IKBYSfUe4loZjjX0UT5vMhQ%2FSojkQx059ml3rriX1Vk28JeJWrrXLBDfY5V7NAit8%3D&portalId=43952016)   About the Author![Sam Warnock, Aquatic Resources Manager](https://uniqueplacestosave.org/hs-fs/hubfs/samuel%20warnock.png?width=208&height=208&name=samuel%20warnock.png) Sam Warnock brings in-depth experience with ecosystem services, natural capital accounting, and environmental regulations based on his time spent in the private environmental sector and his education. His experience stems from projects related to regulatory permitting, chemical analysis, and EPA compliance.  He has overseen a broad range of projects across the globe with a focus on environmental sustainability. [Learn More](https://uniqueplacestosave.org/news/sam-warnock-aquatic-resources-manager) ![A slow stream winds through an open wetland meadow lined with cattails and shrubs, with a band of trees on the horizon under a golden evening sky.](https://uniqueplacestosave.org/hubfs/image%20of%20wetlands%20conservation.jpg) [Conservation for Land Managers](https://uniqueplacestosave.org/news/tag/conservation-for-land-managers), [Unique Places to Save](https://uniqueplacestosave.org/news/tag/unique-places-to-save), [Conservation for Land Planners](https://uniqueplacestosave.org/news/tag/conservation-for-land-planners), [Conservation & Development](https://uniqueplacestosave.org/news/tag/conservation-and-development) Michael Scisco, September 2026 ### [What Happens After a Mitigation Bank is Complete?](https://uniqueplacestosave.org/news/mitigation-bank-long-term-management) Regulatory closeout is a major milestone for a mitigation bank. It confirms that the required restoration or enhancement work has been completed, performance standards have been met, and the formal monitoring and maintenance period can end.... ![Pink survey flagging tied to shrubs along a marsh-lined creek on the Point Farm conservation easement, with a weathered stump standing in the still water.](https://uniqueplacestosave.org/hubfs/point%20farm%20conservation%20mitigation%20easement.jpg) [Conservation for Land Managers](https://uniqueplacestosave.org/news/tag/conservation-for-land-managers), [Unique Places to Save](https://uniqueplacestosave.org/news/tag/unique-places-to-save), [Conservation for Land Planners](https://uniqueplacestosave.org/news/tag/conservation-for-land-planners), [Conservation & Development](https://uniqueplacestosave.org/news/tag/conservation-and-development) Mandi Taylor, September 2026 ### [The Impossibility of Capturing Nature in a PDF](https://uniqueplacestosave.org/news/baseline-documentation-report) Every profession has the gap between what the job looks like on paper and what actually happens on the ground. In land conservation, that divide can be neatly summarized by one specific, legal document: the Baseline Documentation Report (BD... ![Mandi Taylor smiling beside a tree in bare winter woods, wearing a cap and a daypack, with pine needles covering the slope behind her.](https://uniqueplacestosave.org/hubfs/mandi%20in%20the%20field.jpg) [Conservation for Land Managers](https://uniqueplacestosave.org/news/tag/conservation-for-land-managers), [Unique Places to Save](https://uniqueplacestosave.org/news/tag/unique-places-to-save), [Conservation for Land Planners](https://uniqueplacestosave.org/news/tag/conservation-for-land-planners), [Conservation & Development](https://uniqueplacestosave.org/news/tag/conservation-and-development) Mandi Taylor, September 2026 ### [Behind the Scenes of Land Stewardship](https://uniqueplacestosave.org/news/what-does-a-land-steward-do) When people think of land conservation wins, they usually picture all the work and coordination required to place land with rich ecological, historical, or cultural value into a conservation easement. And they are right to celebrate those e... ![A shallow rocky river running through summer woodland.](https://uniqueplacestosave.org/hubfs/photo%20of%20ramseur%20deep%20river.jpg) [Conservation for Land Managers](https://uniqueplacestosave.org/news/tag/conservation-for-land-managers), [Unique Places to Save](https://uniqueplacestosave.org/news/tag/unique-places-to-save), [Conservation for Land Planners](https://uniqueplacestosave.org/news/tag/conservation-for-land-planners), [Conservation & Development](https://uniqueplacestosave.org/news/tag/conservation-and-development) Sam Warnock, August 2026 ### [The River That Built a Town: Ramseur’s Past Shapes Future Conservation (Part Two)](https://uniqueplacestosave.org/news/the-river-that-built-a-town-ramseurs-past-shapes-future-conservation-part-two) This is the second installment in a two-part series on the Deep River restoration project in Ramseur, North Carolina. For this series, I sat down with Mayor Hampton Spivey and Town Clerk Carol Akers to hear how growing up alongside the Deep... 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