RICS: Challenges to international professional practice: from market value to natural value
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Presentation at RICS on 15 November 2012 launching the RICS Thinkpiece on Challenges to International Professional Practice: from Market Value to Natural Value. This paper reviews the emerging markets and policy emphasis on nature's services and their valuation (ecosystem services) and highlights the implications for estate management, property development and professional valuation practice. The opportunities and implications are wide ranging, and herald a new paradigm in land management.
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RICS: Challenges to international professional practice: from market value to natural value
- 1. Challenges for international professional practice: From Market Value to Natural Value Charles Cowap RICS, London, UK 15 November 2012 Charles Cowap MBA MRICS FAAV
- 2. New land management Requirements are emerging New markets New challenges to professional practice Charles Cowap MBA MRICS FAAV
- 3. Peat’s Story Charles Cowap MBA MRICS FAAV
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- 5. Wimbleball Resr & Context: Exmoor example R Haddeo R Exe Exmoor R Barle Replenishment Exebridge Pumping Pumping Approx 5 miles, Station lifting water from 120 to 240 m CO 2 AOD Charles Cowap MBA MRICS FAAV
- 6. Top 10 Business Opportunities 1= Biodiversity Offsetting (BDO) and Conservation Banking • Estimated size of market £50 – 300 million pa from housing, plus other sectors • Brokerage, certification and registration • Additional costs to builders/developers deducted from land value 1= Peatland Carbon Code and Carbon Credits • Peat restoration for carbon storage • Management schemes and incentives • Certification and brokerage Charles Cowap MBA MRICS FAAV
- 7. 2. Woodfuel and Woodburning Stoves 3. UK ecosystem knowledge economy 4. Layered PES – Different Environmental Services to different buyers – Eg Charles Cowap MBA MRICS FAAV
- 8. 6. Carbon sequestration 7. Sustainability certification – Opportunities for intermediaries 8. Sustainable tourism Charles Cowap MBA MRICS FAAV
- 9. 9= Global centre of excellence in ESS certification 9= Water re-use technology 11 Reducing insurance risk through green infrastructure 12 Environmental bonds http://www.valuing-nature.net/opportunities-uk-business- protect-and-value-natures-services-report-published- today [accessed 19 July 2012] Charles Cowap MBA MRICS FAAV
- 10. NEW VALUATION REQUIREMENTS ARE EMERGING Charles Cowap MBA MRICS FAAV
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- 13. SOME WORK HAS BEEN DONE ALREADY Charles Cowap MBA MRICS FAAV
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- 17. We face challenges to valuation ECONOMIC APPRAISAL Charles Cowap MBA MRICS FAAV
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- 19. And Now ECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
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- 22. ECOSYSTEM SERVICES Charles Cowap MBA MRICS FAAV
- 23. From TEEB Foundations, Chapter 5 APPROACHES FOR THE ESTIMATION OF NATURE’S VALUES Charles Cowap MBA MRICS FAAV
- 24. Market Contingent Cost Analysis Valuation Methods Deliberative Avoided Valuation Group Replacement Cost Valuation Cost Methods Regime Shift Methods Analysis Insurance Resilience Ecological Value Value Risk Footprint Analysis Joint Mitigation Analysis Input/Output Production Cost Analysis Function Method Charles Cowap MBA MRICS FAAV
- 25. Valuation WHERE DOES IT FIT? Charles Cowap MBA MRICS FAAV
- 26. Foresight Land Use Futures 2010 Charles Cowap MBA MRICS FAAV
- 27. Key Questions for RICS • Is this anything to do with us? • Our Public Interest Function in this area? • Our Member Services Function in this area? • Our Global Positioning? • What, if anything, needs to be done? Charles Cowap MBA MRICS FAAV
- 28. Thinkpiece • Royal Charter – Promote the usefulness of the profession to public advantage • New opportunities in land management • New ways of working in development • New points to reflect in conventional valuations • New types of valuation Charles Cowap MBA MRICS FAAV
- 29. And we should offer: • Our expertise • In Land Tenure and its relationship to land management and development • Our experience of valuation in challenging commercial markets • Our expertise in brokerage Charles Cowap MBA MRICS FAAV
- 30. Questions? Charles Cowap MBA MRICS FAAV
- 31. Contact Details Translating new knowledge for rural professional practice cdcowap@gmail.com 07947 706505 Twitter: @charlescowap Blog: http://charlescowap.wordpress.com/ Slideshare: http://www.slideshare.net/cdcowap Charles Cowap MBA MRICS FAAV