MASTS members are among the successful awardees of the inaugural Scotland Beyond Net Zero (SBNZ) seed fund. The fund was established to foster collaborations and partnerships between universities and external organisations to drive innovative research and solutions that contribute to Scotland’s journey towards achieving net zero.
Beyond Net Zero: A Framework for Natural Capital Markets in the Marine Environment
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Collaboration between: University of Glasgow; University of St Andrews
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Key contacts: Dr Katherine Simpson (Glasgow), Professor David Paterson (St Andrews)
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SBNZ theme: Finance; natural systems
Scotland’s marine environment is vital for climate regulation and carbon storage. It supports rich biodiversity with cultural, social, economic, and scientific benefits to coastal communities and Scotland as a whole. Natural capital markets are rapidly emerging, promising to leverage private finance to sustain and enhance these benefits, by supporting much-needed restoration and conservation efforts. However, we need greater knowledge on what natural capital markets mean for the marine environment to avoid some mistakes made in land-based natural capital markets, such as irreversible environmental damage, loss of market trust, and other unintended consequences for social and environmental justice. Our research will develop an interdisciplinary and multi-stakeholder partnership to form a Scotland-wide Marine Natural Capital Markets working group, embedded within the marine science community through MASTS to ensure durable, long-term collaboration. This partnership between environmental economists, marine scientists and conservationists will develop a framework for how private investment into the restoration and conservation of the marine environment can truly deliver ecologically and socio-economically beneficial outcomes. We will address a crucial gap by applying lessons from land-based natural capital markets; while understanding the differences between land and sea (e.g. ownership, rights), we will adapt successful strategies to tackle similar issues in the marine environment. This foundational work will pave the way for future research tailored to marine ecosystems, accelerating the transition to a sustainable, nature-rich, net zero marine environment.
