FINANCIAL VALUATION OF STREAM CORRIDORS AS ECOLOGICAL SYSTEMS:“A central idea of the EAP methodology is that a stream is a land use. If the stream did not exist, the land it occupies would be in the same use as nearby development. A stream is a land use because the area of the setback zone is defined in regulations,” stated Tim Pringle, Chair, Ecological Accounting Process Initiative (May 2021)
EAP satisfies a local government need for a financial methodology and metrics for valuation of ecological assets. Most importantly, EAP interweaves the financial, social and ecological perspectives within a single number. This number is defined as the Natural Commons Asset (NCA) value. “The EAP methodology focuses on the historical and current land use practices that have changed landscapes, modified hydrology, and have led to present-day community perceptions of the worth of the stream or creekshed and the ecological services it provides. A whole-system understanding is the starting point for developing meaningful metrics,” stated Tim Pringle.