Estimate the economic value of natural assets and ecosystem services and include in decision-making
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This action builds off of work to inventory the City's natural assets (E4.1) which has been postponed due to budgetary constraints and competing priorities.
One effective strategy in natural asset management is quantifying the economic value of natural assets and the ecosystem services they provide, both now and in the future. By estimating these values, natural assets can be more effectively integrated into decision-making and financial and asset management planning. For instance, understanding the economic contributions of the urban forest – such as stormwater management, carbon storage, habitat provision, and recreational opportunities – can enable development decisions to better evaluate trade-offs and long-term benefits.
The City has already taken an important first step by completing a natural asset inventory. This action will build on that work by conducting an economic assessment of Surrey's natural assets and incorporating the findings into decision-making processes. This approach will support informed, sustainable, and equitable planning for the City's future.