A New Look at the Natural Capital Concept: Approaches, Structure, and Evaluation Procedure

• Published in: Sustainability
• Main Authors: Margarita Ignatyeva, Vera Yurak, Oksana Logvinenko
• Format: Article in Journal/Newspaper
• Language: English
• Published: MDPI AG 2020
• Subjects: natural capital; abiotic and biotic components; ecosystems; ecosystem services and functions; economic assessment; envir; manag; khanty; khanty-mansi; Mansi
• Online Access: https://doi.org/10.3390/su12219236; https://doaj.org/article/3bea74c9a391412682b89181a3974daa

This article considers the concept of natural capital as a basic construct of sustainable development. However, after numerous studies, a number of aspects of accounting and valuation of natural capital remain unspecified. The relevance and imperfection of the guidelines used to assess natural capital make relevant the development of such issues as the conceptual apparatus and methods to natural capital assessment. Therefore, the core objectives of the paper are: (1) to substantiate the structure of natural capital, taking into account the natural resources and ecosystem approaches; (2) to clarify the concepts of “function” and “services” in relation to abiotic and biotic components of the environment; (3) to generalize and analyze the classifications of ecosystem services, and to develop the authors’ classification; (4) to identify the most common methods for the economic assessment of natural capital’s components, and to implement these methods within a specific territory. These methods have been tested on the Khanty–Mansi Autonomous Okrug (KhMAD, Russia). The most typical ecosystems of the region and their inherent ecosystem services have been identified. Assessment results are presented for (1) forest ecosystems, (2) mountain ecosystems, and (3) ecosystems of swamps, lakes, and rivers.