A Classification and Interpretation of Methodological Approaches to Pursue Natural Capital Valuation in Forest Research

This paper reviews natural capital (NC) valuation approaches in the context of woodland, forest, and riparian ecosystems, emphasising the need for participatory methods to take priority over neoclassical economics approaches. Focusing on research carried out in Scotland, the study analyses findings according to a classification of natural capital initiatives that we have developed, building on ideas proposed by the UK ENCA initiative, a guideline proposed to help researchers and practitioners understand NC and take it into account in valuation, decision-making and policy. We have found that landscape-scale initiatives that address the relationships between people and place to inform value and decision-making beyond the economic (monetary) benefits generated by ecosystem services (ES) are becoming popular. For instance, recent methods employed to capture stakeholders’ non-utilitarian preferences include the use of participatory GIS mapping, scenario planning, and other participatory methods to identify, explore and quantify less tangible cultural ecosystem services (CES). The review shows that many studies provide information relevant to the formulation of a place-based NC approach, working towards the integration of contextual and relational values into land management decisions to help formulate management strategies that maximise ES delivery. Conversely, we have not found evidence of the integration of shared values arising from an eco-centric perspective of nature valuation into the more classical, instrumental value lens. Such an approach would help inform broader, overarching aspects of woodland and forest management that may foster more effective conservation and help to manage conflicts.