1. Mumbai, 8 July 2014 Professor Jeremy B Williams Director, Asia Pacific Centre for Sustainable Enterprise @TheGreenMBA @jeremybwilliams tinyurl.com/teribcsd

2. Time to rethink well-being 3. Good or bad for GDP? 4. The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP... goals for more growth should specify of what and for what. 5. (2005) 6. Capitalism, as practiced, is a financially profitable, non- sustainable aberration in human development. What might be called industrial capitalism does not fully conform to its own accounting principles. It liquidates its capital and calls it income. It neglects to assign any value to the largest stocks of capital it employs the natural resources and living systems, as well as the social and cultural systems that are the basis of human capital. Hawken, Lovins and Lovins (1999), Natural Capitalism, p. 5. 7. Introducing TEEB G8 Environment Ministers Meeting Potsdam, March 2007 8. Pavan Sukhdev Lead the TEEB study and CEO-Founder of 9. Ending the economic invisibility of nature 10. (2012) 11. < 1/3 of responding ACCA members were familiar with the term ecosystem services 70% of ACCA members surveyed said they needed training on its potential impact on corporate value and performance 12. Examples of ecosystem services (Costanza et al 1997) Ecosystem service Examples Climate regulation Greenhouse gas regulation, dimethyl sulfide production affecting cloud formation. Disturbance regulation Storm protection, flood control, drought recovery and other aspects of habitat response to environmental variability mainly controlled by vegetation structure. Water regulation Provisioning of water for agriculture (e.g. irrigation) or industrial (e.g. milling) processes or transportation. Water supply Provision of water by watersheds, reservoirs and aquifers. Soil formation Weathering of rock and the accumulation of organic material. Nutrient cycling Nitrogen fixation, nitrogen, phosphorous and other elemental or nutrient cycles. Waste treatment Waste treatment, pollution control, and detoxification. Pollination Provision of pollinators for the reproduction of plant populations. Biological control Keystone predator control of prey species, reduction of herbivory (plant eating by insects) by top predators. Food production Production of fish, game, crops, nuts, fruits etc. by hunting, gathering, subsistence farming or fishing. Raw materials Production of lumber, fuel or fodder. Genetic resources Medicine, products for materials science, genes for resistance to plant pathogens and crop pests, ornamental species (pets and horticultural varieties of plants). Recreation Eco-tourism, sport fishing and other outdoor recreational activities. Cultural Aesthetic, artistic, education, spiritual and/or scientific values of ecosystems. 13. Pollination services from bees in Britain would cost the UK 1.8 billion p/a 14. Changes at national level post-Rio + 20 15. Kubiszewski et al (2013: 63) 16. (Released 14 May 2014) Executive Summary: Natural capital will become as prominent a business concern in the 21st Century as the provision of adequate financial capital was in the 20th Century ... We are already drawing down on 50% more natural capital a year than the earth can replenish and the rate of depletion is accelerating. All too soon, businesses will face a stark choice: adapt or fail. 17. HRH Prince Charles 18. Count It, Change It, Scale It 19. The Joint Perspectives Model (BOM, 2013) 20. Links between natural capital and corporate value 21. Which of natures assets should your company be investing in? 22. September 2013 Follow up on Is Natural Capital a Material Issue? narrative reporting on strategy and management providing qualitative understanding of an organisations relationship to natural capital and the processes used to manage the various risks and opportunities; and performance reporting providing stakeholders with quantitative information on KPIs that can be used to track performance over time 23. Ecological case Social case Business case Eco-efficiency Eco-effectiveness Socio-efficiency Socio-effectiveness Ecological equity Sufficiency Sustainable enterprise Intra-generational equity Inter- generational equity Social responsibility Posterity Ecological stability Ecological sustainability A model for sustainable enterprise (Young & Tilley, 2006; Dyllick & Hockerts, 2002) 24. The service and flow economy 25. (ACCA, 2013) 26. Piloting the Natural Capital Protocol (2014-15) 27. November 2013 28. The conservation of natural capital needs should be price determining, not price determined (Farley 2008) Neoclassical Cost-Benefit Analysis where everything has a price is a hazardous approach Ecologists and climate scientists must help identify critical tipping points and set the boundaries for market exchange. Closing thoughts 29. profjeremybwilliams