OFFSENS Biodiversity Valuation - FCP: Target and cost-based biodiversity valuation and feasibility

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Defra’s Environmental Land Management (ELM) schemes are a key delivery mechanism for England’s biodiversity targets set via the Environment Act 2021. These include halting the decline in species abundance by 2030 before increasing species abundance 10% by 2042 and restoring or creating over 500,000 hectares of wildlife-rich habitat. Monetary valuation of the biodiversity impacts of the ELM scheme is needed for conducting value-for-money assessments and informing budgetary decisions. However, existing methods for valuing biodiversity benefits face challenges. These include: the challenge of the complexity and multidimensional nature, functions and value of biodiversity, limited alignment with biodiversity policy objectives, which can result in valuations that do not reflect progress toward statutory targets being difficult to apply at the level of individual actions, particularly where aggregation effects complicate interpretation

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