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“Local government efforts to account for natural assets… run afoul of Canadian public sector accounting rules, which do not allow accountants to consider natural assets to be ‘real’ assets for financial purposes,” stated Roy Brooke. “This could — and should — change, however, as the result of an ongoing consultation led by Canada’s Public Sector Accounting Board. They develop the Handbook that guides Canada’s public sector accountants, and this consultation is a once-in-a-generation opportunity to make adjustments to the concepts underlying our Canadian public sector accounting standards.”

“The concept of natural capital and natural assets can be a challenge to integrate effectively into asset management practices,” stated Kim Stephens. “Local governments need ‘real numbers’ to deliver outcomes and support decision making. EAP – Ecological Accounting Process – deals with a basic question: what is a creekshed WORTH, now and in future, to the community and various intervenors? Selection of Brooklyn Creek as an ‘EAP Demonstration Application’ was made possible by the willingness of the Town of Comox to participate in a program funded by the governments of Canada and BC.”

“This demonstration application of the Ecological Accounting Process (EAP) has endeavoured to establish what the Brooklyn Creekshed may be worth from the point of view of investments made in the lower catchment by the Town of Comox and other intervenors / managers. As well, this demonstration application of a systems approach provides context for identifying future opportunities to access more ecological services from the middle and upper catchments of the creekshed to serve human demands as well as the intrinsic needs of nature,” stated Tim Pringle.

“We get it. It can feel incredibly daunting to implement a significant change to your established systems – even when there’s clear evidence that change will almost certainly help improve decision-making, reduce asset funding requirements and advance your community’s resilience to climate change over the long-term,” states Emanuel Machado. “That’s why the Town of Gibsons was first inspired to create “Advancing Municipal Natural Asset Management: The Town of Gibsons’ experience in financial planning and reporting” – otherwise known as ‘Advancing MNAM’.”

Hydrology is the engine that powers ecological services. Thus, integration of the Partnership for Water Sustainability’s work within the BC Framework should accelerate implementation of the whole-system, water balance approach at the heart of the Partnership’s ‘Sustainable Watershed Systems, through Asset Management’ program. “The Ecological Accounting Process, EAP, establishes what the definable benefits of ecological services derived from creekshed hydrology are, what they may be worth to stakeholders, and how they may be maintained and enhanced,” wrote Tim Pringle.

“EAP would help stakeholders / managers determine whether or not they should change practices and adopt new strategies regarding the ecological systems in the stream corridor, riparian zone and the entire watershed. EAP would contribute to a range of stakeholder interests and needs,” stated Tim Pringle. “Taking action would depend on what they think the creekshed is worth. The next step is doing. A strategy is the path to success, and becomes our primary interface with the world.”

“The Symposium provided a platform for a call for action because adapting to climate change requires transformation in how we value nature and service land. An informed stewardship sector can be a catalyst for action on Vancouver Island and beyond, through collaboration with local government,” stated Kim Stephens. “Tim Pringle shared demonstration application anecdotes about EAP, a whole-system view of watersheds that assesses hydrology in order to accurately describe ecological services.”

“Initially, we saw EAP as a tool (i.e. ‘the protocol’) that would help practitioners calculate the opportunity cost of balancing ecological services with drainage infrastructure. However, our thinking has evolved over the past year. Testing the approach through two demonstration applications has resulted in this defining conclusion: EAP is a process, not a protocol. Thus, we are rebranding EAP as the Ecological Accounting Process,” stated Tim Pringle.

“Our eco-assets journey began in 2012,” stated Emanuel Machado. “The triggering event was the release of the Gibsons Aquifer Mapping Study. Shortly afterwards the Town changed the definition of infrastructure and formally acknowledged the need to understand and manage (eco)systems and not simply individual infrastructure assets. This action led directly to the Gibsons Eco-Asset Strategy.”

“It is important to recognize that we are all on a journey, and this journey did not just start yesterday. This journey has a 20 year history,” stated Kim Stephens. “Post-2015, there are two initiatives in play. One is the Municipal Natural Asset Initiative. The other is the Ecological Accounting Protocol Initiative. They have the potential to achieve complementary outcomes. It is important to establish precedents. We learn from precedents.”