The Lord Mayor has convened a series of conversations on the Sustainable Development Goals (SDGs). Working in conjunction with the Royal Society three deal with different aspects of the SDG 13 – Climate change. The second session dealt with the issue of Nature and the Economy. It is of heightened relevance as we see the start of the impact of the recommendations made by the Taskforce For Nature-related Financial Disclosures (TNFD) and nature based solutions seem to be critical to so many of our intractable problems.
I hosted the event in the Mansion House on 16th April 2024 for the Lord Mayor and was able to remind the audience of the recent valuation of the City’s own open spaces – both as to their social value or net natural capital. This valued the air quality, net carbon balance, noise reduction, water quality, flood reduction, recreation and health and amenity of these sites. Whilst there is a lot to do to improve on all fronts, the report showed that for each £1 spent then the value returned is nearly £17.
The debate was chaired by Sir Mark Walport with a panel of four speakers – Dr Kat Bruce of NatureMetrics, Alessandra Melis of TNFD, Dr Vian Sharif of FNZ group and Professor Sir Martin Sweeting, Surrey Satellite Technology.
Whilst a full report is anticipated by the Royal Society, my takeaways made it clear that we need to measure and use data sensibly. Dr Bruce who is measuring biodiversity by analysing Environmental DNA is enabling more detailed outcomes and understanding of the water, soil and air around us. At the other end of the scale, Sir Martin spoke of the use of satellite data to monitor everything from the validity of reforestation claims to car parking patterns that could improve our lives. The work of TNFD is supported by 320 organisations from 46 countries who represent some $4trilllion in market capitalisation. As the business rep Dr Sharif made the point that investors are growing in awareness of the impact of nature with many investment houses now employing ecologists to advise them.
A lively Q and A ensued.
Alderman Alison Gowman