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Appraisal of environmental effects at step 3 in

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appraisal of environmental effects at Step 3.In addition to the process in Box 23, further points relevant to the natural capital approach include:!an understanding of biological and physical changes in natural assets is the starting point of the appraisal andassociated economic valuation (for example, understanding the impacts of a woodland creation and carbonsequestration project).!environmental effects and associated values are often geographically specific. The recreational value of new ordestroyed woodlands, publicly accessible green space or changes in air quality may be greater in or near denselypopulated locations than more remote areas. Recreational values may be greater where there are feweralternative sites.!the sustainable use of natural assets should also be considered. In addition to the marginal valuation of a loss inservices, the degradation of a renewable asset should be assessed, such as the exploitation of a fishery or a lossin condition of the underlying biodiversity. Non-marginal effects such as reaching ecological tipping points mightlead to dramatic or irreversible loss in the asset under consideration. This would result in a loss of environmentalservices and welfare. Cumulative effects of multiple investment decisions upon the underpinning stocks of naturalcapital should also be considered.!future scarcity values for goods and services are likely to rise over time. This is due to the rising demand forgoods and services which depend on natural capital and the services it provides, combined with limited, and inThe Green Book (2022) - GOV.UK-...49 of 8629-09-2022, 17:19
some cases diminishing, underlying stocks. This is not a problem easily addressed through the appraisal ofindividual project level interventions, as diminishing underlying stocks and potential tipping points in complexsystems may well involve non-marginal effects.Box 23. Identifying whether an intervention may affect Natural CapitalThe four steps to consider whether and how and intervention may affect stocks of natural capital are:Step 1 – identify the environmental context of the proposal (“what and where?”):!identify scale, location, outputs and spatial reach of the intervention.!what types of land cover and natural system will the proposal affect, directly or indirectly (e.g. farmland, urbangreen space, woodland, freshwaters, moorland, coastal margins)?Step 2 – consider bio-physical effects on natural assets (“how?”):!which natural assets (such as land use, water bodies, species, wildlife habitats and soils) are specifically likelyto be affected?!this step facilitates the assessment of relevant welfare effects in Step 3, as well as informing on the physicalsustainability of natural stocks.

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