3.2 Natural Capital Adapted from: %20Environmental%20Systems%20and%20Societies% Human Population, Carrying Capacity, and Resource Use

Assessment Statements  Explain the concept of resources in terms of natural income.  Define the terms renewable, replenishable, and non- renewable natural capital.  Explain the dynamic nature of the concept of a resource.  Discuss the view that the environment can have its own intrinsic value.  Explain the concept of sustainability in terms of natural capital and natural income.  Discuss the concept of sustainable development.  Calculate and explain sustainable yield from given data.

3.2.1 Explain the concept of resources in terms of natural income.  Natural Capital – The store of resources of the planet  Natural Income – Resources in the forms of valuable goods and services produced by the planet  Goods – Marketable commodities  Services – Flood and erosion protection, climate stabilization, and maintenance of soil fertility.

3.2.2 Define the terms renewable, replenishable, and non- renewable natural capital. Renewable Resources – Living species and ecosystems which can be replaced by natural productivity as fast as they are used. *It takes more than 500 years for an inch of soil to form.

3.2.2 Define the terms renewable, replenishable, and non- renewable natural capital. Replenishable Resources – Non-living resources that are continuously restored by natural processes as fast as they are used.

3.2.2 Define the terms renewable, replenishable, and non- renewable natural capital. Non-renewable resources – natural resources that can’t be replenished within a timescale remotely similar to that at which they are taken from the environment.

3.2.3 Explain the dynamic nature of the concept of a resource. Nature of resources is very dynamic – what was valuable a long time ago, may be worthless now, and vice versa Examples – Flint and Uranium

3.2.4 Discuss the view that the environment can have its own intrinsic value. Intrinsic value – Value in it’s own right, irrespective of economic value Non-consumptive use – Recreational and cultural activities that do not require harvesting of products.

3.2.4 Discuss the view that the environment can have its own intrinsic value.  Indirect use values– derived from ecosystem services that provide benefits outside of the ecosystem itself. Ex. Natural water filtration  Optional value – derived from potential future use of ecosystem goods and services not currently being used.

3.2.4 Discuss the view that the environment can have its own intrinsic value.  Non-use (existence) values – Aesthetic and intrinsic values  Other ways to measure value of a resource include calculating or estimating:  Cost of replacing it with something else  Cost of mitigating its loss  Cost of averting the cost of its degradation  Its contribution to other income or production  How much people are prepared to pay for it.

3.2.5 Explain the concept of sustainability in terms of natural capital and natural income.  Sustainability – Use of global resources at a rate that allows natural regeneration and minimizes damage to the environment.  When processing a natural resource (natural capital) to create income, sustainability needs to be applied at every level of the supply chain.  Harvesting  Processing  Packaging  Marketing

3.2.6 Discuss the concept of sustainable development.  Sustainable development – Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.  Encompasses ideas and values that inspire individuals and organizations to become better stewards of the environment and promote positive economic growth and social objectives.

3.2.6 Discuss the concept of sustainable development.  Is it possible in the long term? – would require people to reduce their standard of living, to find renewable resources to replace non- renewable resources, and control population growth.  Global summits can play a leading role in this as they can affect changes across the globe.

3.2.7 Calculate and explain sustainable yield from given data.  Sustainable yield – rate of increase in natural capital that can be exploited without depleting the original stock or its potential for replenishment.  Simplified as annual growth and recruitment minus annual death and emigration  Living off “interest” of natural capital – not using it up!

3.2.7 Calculate and explain sustainable yield from given data.  Maximum Sustainable yield – largest yield that can be taken from the stock of a species over an indefinite period. Note: Be sure to review the practice problems on calculating sustainable yield.