Measuring the Value of Natural Assets in Saskatoon
The City of Saskatoon completed a pilot project to assign measurable value of the ecosystem services provided by its natural assets.
The project had three phases: (1) compile an inventory and choose the natural assets to focus on, (2) identify the ecosystem services, and (3) assign value to those ecosystem services.
The City used a value transfer method to calculate average value per hectare. The project roughly estimated the total annual value of the natural assets in the City’s inventory at $48.2 million per year.
The City learned that getting started on a natural asset management plan, even when you are not ready to complete an ambitious set of goals, can yield tangible progress, generate valuable knowledge, and lay the groundwork for next steps.