A User Guide for Valuing the Benefits of Peatland Restoration. Yorkshire integrated Catchment Solutions Programme (iCASP) report, developed in collaboration between University of Leeds, Moors For the Future Partnership, and Yorkshire Peat Partnership.

Abstract

Peatlands are the most efficient terrestrial carbon store and provide multiple other benefits such as clean water and habitat for wildlife. However, peatland landscapes continue to be adversely affected by burning, drainage, and forest plantation, which result in large areas of peatlands being damaged and their benefits being undermined or threatened. In the context of important investments being planned for restoring peatlands, it is crucial to understand whether these investments generate net benefits to society. This User Guide provides guidance on state-of-the-art methods for the economic valuation of the societal benefits provided by peatlands. It will assist practitioners, policy makers, and potential investors in the application or commissioning of valuation assessments as part of peatland restoration planning. Using an interactive format, it includes case-study illustrations and it points to the existing evidence on the value of the benefits of healthy peatlands. The guide provides a simple explanation of the available valuation methods, what they entail and how they can be used to value different types of ecosystem services. It highlights relevant evidence from existing valuation studies, which can be used to strengthen restoration business cases, make investment plans, or communicate the social value of peatland to the public. It also demonstrates how the estimated values obtained with these methods can be used to inform decision making in peatland restoration, through the use of cost/benefit analysis, for example. The guide was developed collaboratively by the University of Leeds, the Moors For the Future Partnership (MFFP), and the Yorkshire Peat Partnership (YPP) as part of the Yorkshire integrated Catchment Solutions Programme (iCASP) funded by NERC (NERC Grant NE/P011160/1)