In the 2019 report, Destinations at Risk, the Invisible Burden, we categorized all of the areas which were not being accounted for. Natural capital was certainly one of those areas. We stated "it is as crucial as built capital (for example, hotels) and human capital (for example, trained staff.)"
I would recommend these three steps:
- Create locally trained teams to manage destination accounting
- Make certain metrics for climate and natural capital are consistent and are applicable to larger reporting systems utilized by global monitoring bodies, such as NDC reports for the Paris Agreement, in the field of climate change accounting.
- Review highest priorities for destinations at risk and apply models as quickly as possible. Consider areas as highest priority that are facing high risk scenarios for local people and the tourism industry located at the site.
Destinations need an operational approach to managing all capital accounts, which would allow decision makers to target Key Performance Indicators and prevent natural and social capital from decaying to the point we saw in 2015-2019. The devil will be in the details (or software these days), in that local trained experts will have to manage the accounting on an on-going basis.
Ecological Economics has given us a way of understanding the full value of natural capital. But our report concluded that natural capital can be operationally valued, and put into spreadsheets (and someday software!) that can allow us to understand the Invisible Burden of tourism and begin the process of managing accounts that place value on the cost of managing tourism. To help guide this process, the hospitality research world is doing a very fine job right now working on net zero pathways for the hotel world for lowering carbon emissions, which looks very promising. A member of our team is now a reviewer of this material.
Now that I am working more time with the Cornell University Sustainable Asset Management Program, (STAMP) at the Center for Sustainable Global Enterprise, S C Johnson College of Business, our goals are many. First we are developing an online certificate for Sustainable Tourism Destination Management which will be 40 hours of challenging but enlightening videos, with a wealth of applicable materials, and readings that walk students through management of the Invisible Burden. A wide range of learning goals are being charted together with eCornell's expert team. Some of the learning goals include,
"Recognize lack of natural and social asset protection - Why isn't the invisible burden being managed? - Review the water, waste, energy, natural, and social capital needs required to make the destination more sustainable and Identify gaps in natural and social capital management that serve both local and visitors' needs"
Full cost accounting for natural and social capital is still an emerging field. But happily net zero accounting using science based carbon accounting systems can help chart the way. We look forward to hearing from all of you on your progress in both areas.
Cornell has rich history in the field of natural capital, and our goal is to incorporate the best of our university has to offer in this new certificate being done with the Travel Foundation and UNWTO with support from the German Corporation for International Development (GIZ), to be sure it is accessible with low cost to professionals and students worldwide. Happy holidays everyone!