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Phase 1 - Methods and Data: 

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• We produced a literature review on natural capital accounting to explore the various methodologies that are in use around the world.

• Identified available data sources along with data gaps. These data sources inform the accounts, and contribute to the development of a framework for Natural Capital Accounting in Ireland.

• Professor Jane Stout of Trinity College Dublin led this Work Package.

 

Phase 2 - Ecosystem Accounts:

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• We selected four river catchments for study.

• Collated existing datasets and developed indicators, and used them to generate a range of ecosystem accounts that describe habitat condition, habitat extent, as well as environmental flow accounts including water, land use and carbon.

• Used these case studies to test the strengths and weaknesses of the accounts, and identify the data gaps.

• Developed a framework to guide the appropriate use of monetary valuation and determined how these values can be integrated with existing economic and environmental policies to inform decision-making. While these accounts do not necessarily require monetary valuation, we will assess the efficacy of monetising the benefits to people that certain ecosystem services provide. 

• Professor Mary Kelly-Quinn of University College Dublin led this Work Package.

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Phase 3 - Economic Analysis:

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• Used an input-output model to assess the impact of policy change on natural capital stocks.

• Used data visualisations to produce sectoral natural capital management frameworks.

• Produced a gap analysis of information monitoring systems and policies underpinning them.

• Conducted economic impact assessments to better understand the trade-offs between policy options.

• Professor Stephen Kinsella of the University of Limerick and Professor Cathal O'Donoghue of NUI Galway led portions of this Work Package.