Dieter Helm's lecture series on Natural Capital

2. QUESTIONS
Why have a plan?
What should go into the plan?
Assets or outputs?
The milestones
Credibility and legislation
Institutions
A possible alternative

3. QUESTIONS
• Why have a plan?
• What should go into a plan: outputs or assets?
• Ecosystem services or natural capital?
• The milestones
• Credibility and legislation
• The institutional framework

4. WHY HAVE A PLAN?
• The overarching objectives
“to be the first generation to leave the natural environment in a better state
than it inherited”
• Need strategy and investments to get there: current path is not
remotely sustainable
• Capital maintenance and enhancements and their funding and
financing required on a long term basis
• No other feasible way of stopping the rot

5. WHAT SHOULD GO INTO THE PLAN
• Aims, objectives, goals, outputs?
• A coherent integrated plan or a shopping list of politically attractive
measures?
• A set of principles
• Measurable outcomes
• Landscape-wide frameworks

6. ASSETS OR OUTPUTS
• Natural capital and bequeathing a better set of assets to the next
generation
Or
• Renewable outputs going up
• Assets and capabilities and positive freedom
Or
• Utilities

7. THE MILESTONES
• Thresholds to operationalise the plan
• Setting intermediate targets
• 5-year intervals – set ahead on rolling basis
• Period 1: establish the 3 principles: public goods, pollution charges
and net gain
• Hold to account through continuous assessments

8. CREDIBILITY AND LEGISLATION
• Lobbying and vested interests will attack key principles continuously
• Examples: farmers, polluting industries, householders - anyone who
loses existing subsidies and has to pay for their pollution
• Investment horizons for long terms assets-in-perpetuity
• Legal sanctions

9. INSTITUTIONS
• The narrow watchdog/enforcers
• The reporting function
• The practical developer of the plan
• The integration of multiple parties

10. A POSSIBLE FRAMEWORK
Nature Act
ENVIRONMENTAL PROTECTION
AGENCY
ONS
TAXES, REGULATION,
ENFORCEMENT,
PROSECUTION
RIVER
CATCHMENTS
UPLANDS/NATIONAL
PARKS
MARINE
ORGANISATIONS
URBAN
AUTHORITIES
+

11. SUMMARY
• The plan matters – it’s a radical break
• It needs clear goals, principles and supporting metrics
• It needs a statutory underpinning
• Milestones are essential
• A new institutional architecture required – existing bodies not fit for
these new functions.

12. BOOKS
WWW.DIETERHELM.CO.UK