November 2016: The Mayor is to “undertake a natural capital account for London parks and green spaces. Natural capital accounting is a methodology developed by the Natural Capital Committee on behalf of the Department for Food and Rural Affairs (Defra) to establish an accounting framework which values some of the intangible benefits of the natural environment.
“The National Trust has trialled a natural capital accounting framework for the parks network in Sheffield. The London natural capital account will take this framework and test its applicability to a city region.”
The approval form goes on to say that the “outputs will be used to help reveal the economic value of London’s parks and green spaces; a necessary step in order to help develop the business case for green infrastructure as recommended by the London Infrastructure Plan and the Green Infrastructure Task Force report. ”