Nature's Role In The Economy

4th November 2024

Scotland's natural assets contribute more than £40 billion to the economy and support around 260,000 jobs, according to new research..

The Importance of Natural Capital to the Scottish Economy report highlights the vital economic contribution the natural world makes to Scotland and highlights the value of the ecosystems and the services they provide..

Important industries such as agriculture, fishing and aquaculture, forestry, water, food and drink and renewables all rely upon the continued availability of high-quality natural resources.

The research investigates the economic impact of natural capital, which is defined as "the renewable and non-renewable stocks of natural assets, including geology, soil, air, water and plants and animals that combine to yield a flow of benefits to people." 

The Scottish Government conducted the research to provide the most up-to-date reflection of the true value of nature to the Scottish economy, as it is often undervalued or not included in economic assessments. The study demonstrates the link between the threats to Scotland's economic performance, and the economic opportunity associated with increasing nature dependent sectors.

The Scottish Government's National Strategy for Economic Transformation (NSET) makes clear that working with and investing in nature is a top priority of Scotland's wellbeing economy.
  
Speaking while visiting Blackthorn Salt in Ayrshire, which produces salt through filtering sea water, Rural Affairs Secretary Mairi Gougeon said, "This research reinforces the vital role of our natural capital in supporting many of our vital industries - a connection that is often under-represented when we look at economic performance. Blackthorn Salt is an excellent example of a business that is dependent on natural capital, using sustainable, traditional methods to produce an exceptional products that provides jobs and can be found in kitchens across the country and beyond.

"The twin crises of climate change and nature loss are inextricably linked, nature offers some of the best ways to protect us from the worst impacts of climate change, so it is essential that we work with partners across the public sector and private investors to protect biodiversity and reduce our emissions as we support sustainable businesses utilising our incredible landscapes and ecosystems."

NatureScot Chief Executive, Francesca Osowska said, "Nature is vital for our quality of life and that of future generations. In Scotland we are fortunate to have rich and varied landscapes and habitats, with individuals and businesses willing to step up to the challenge of stopping nature loss with hard work and investment.

"NatureScot is responding to this urgent need with leadership of vital programmes such as the £250m Peatland ACTION fund, the £65m Nature Restoration Fund and the innovative new Facility for Investment Ready Nature Scotland (FIRNS) which aims to both restore nature and benefit communities. "