Natural Capital Valuation Project

As part of the Leeds4Trees project, UBoC and LEAF are investigating the economic value of trees and green spaces across the city of Leeds, in collaboration with Treeconomics, the Sustainability Service Living Lab Programme at the University of Leeds, and Leeds City Council.

Urban green spaces such as gardens, parks and woodlands provide many benefits to people and vital habitats for wildlife. Urban vegetation stores carbon, helping to mitigate climate change, and reduces the likelihood of flooding by storing excess rain water. Green spaces can improve air quality, limit the impact of heatwaves, encourage people to undertake physical activity and reduce depression. However, these benefits are difficult to quantify and compare to other, more easily monetised, uses of land.

Local authorities are under considerable pressure to cut spending on the services they provide and those responsible for parks and woodlands lack robust information about the value to society of the green spaces they manage. A survey in London using i-Tree software revealed that the city’s 8.5 million trees are contributing approximately £2.8 million per year in flood alleviation, £4.8 million per year in terms of carbon sequestration, and over £100 million per year in terms of air quality improvement.

The first stage of our Leeds-wide project will involve a detailed evaluation of the trees at the University of Leeds, using the campus as a testbed and employing i-Tree Eco software, to deliver an assessment of the ecosystem services they provide. As well as understanding the current woodland resource, this assessment will inform operational decision making at the University and facilitate future decision making on planting in and around campus.

The project also aims to explore the application of other tools similar to i-Tree: including potentially ORVal, EcoServe, InVEST and BOUNTY – each of which sets out to measure different values for natural capital.

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United Bank of Carbon is a not-for-profit collaboration between businesses and environmental scientists, which protects and restores forests and other greenery, through environmentally and socially-responsible partnerships with local communities. We undertake research, support forest and woodland projects in the UK and the tropics that deliver CSR/PR benefits, provide carbon reduction advice, and help to arrange compensation for unavoidable carbon emissions