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  • Accounting and valuing the ecosystem services related to water supply in the Central Highlands of Victoria, Australia

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    Keith433484Accepted.pdf (868.1Kb)
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    Accepted Manuscript (AM)
    Author(s)
    Vardon, Michael
    Keith, Heather
    Lindenmayer, David
    Griffith University Author(s)
    Keith, Heather
    Year published
    2019
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    Abstract
    We examine the theoretical and practical aspects of accounting and valuing the ecosystem services of water provisioning, water filtration and water storage using the System of Environment-Economic Accounting (SEEA) and a case study from Central Highlands of Victoria Australia. We identify: (1) the ecosystem assets providing the ecosystem services, which is both the water body (e.g. lake or artificial reservoir) and surrounding land including the vegetation cover; (2) how these ecosystem services are used as inputs to the production of “Natural Water” as defined in the Central Product Classification used in the System of ...
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    We examine the theoretical and practical aspects of accounting and valuing the ecosystem services of water provisioning, water filtration and water storage using the System of Environment-Economic Accounting (SEEA) and a case study from Central Highlands of Victoria Australia. We identify: (1) the ecosystem assets providing the ecosystem services, which is both the water body (e.g. lake or artificial reservoir) and surrounding land including the vegetation cover; (2) how these ecosystem services are used as inputs to the production of “Natural Water” as defined in the Central Product Classification used in the System of National Accounts and the SEEA, and; (3) value the ecosystem services using exchange values and the replacement cost method. We propose that for accounting purposes, the generation and use of the ecosystem services of water filtration and water provisioning is simultaneous for the water sources used for supplying water to the economy. The ecosystem service of water provisioning is equal to inflow of runoff and precipitation to reservoirs used by the water industry and recorded at the time of the inflow, not when the water is abstracted and supplied as the product “Natural Water” to households and business.
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    Journal Title
    Ecosystem Services
    Volume
    39
    DOI
    https://doi.org/10.1016/j.ecoser.2019.101004
    Copyright Statement
    © 2019, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence, which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
    Subject
    Applied economics
    Other economics
    Science & Technology
    Life Sciences & Biomedicine
    Ecology
    Environmental Sciences
    Environmental Studies
    Publication URI
    http://hdl.handle.net/10072/396697
    Collection
    • Journal articles

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