The benefits of nature-based systems in a changing and uncertain world

Abstract

Multifunctional nature-based solutions (NBS) can help urban areas become more climate proof and adaptable and provide a range of societal goals. Alongside chronic impacts from climate change, the Covid-19 pandemic has illustrated the disruption that unexpected and acute shocks can bring to society. Measures such as NBS can help reduce the vulnerability of urban areas and increase resilience. Traditional infrastructure planning relies on strong business cases to demonstrate the economic value of a scheme. Numerous approaches assign economic value to the benefits from using NBS. However, this value is more than what can be accounted for by traditional finance methods, as there are many different perspectives on ‘value’. Decision making processes for selection of NBS measures require stronger integration of these value perspectives. This paper considers these perspectives in the business models that are being used in the decision processes regarding use and selection of NBS. Examples are drawn from case studies in the EU Begin project and also from the Living with Water partnership in the UK, which illustrate how value perspectives can be included in business cases for NBS, also signposting the need to account for potential future changes using scenario planning.