Yorkshire Water signs up to Natural Capital Commitment
Yorkshire Water has become the first UK water company to sign up to the Natural Capital Commitment.
The Natural Capital Commitment is an initiative connected to Business for Nature: a coalition of leading global organizations who have come together to convene a united business voice at the Convention on Biological Diversity COP that will take place in China in 2020.
By signing, Yorkshire Water has confirmed its commitment to working with partner organisations, and working with nature, to create better outcomes for the environment, and to get the most out of the land to ensure great service and great recreation opportunities for customers and visitors throughout the region. It also commits the company to sharing the outcomes of its natural capital assessments publicly, helping other organisations to consider their own impacts and dependencies on natural capital.
Natural capital is one of the six capitals – Financial, Manufactured, Human, Natural and Social – which Yorkshire Water accounts for in its monitoring, reporting and decision-making. It is an approach which looks beyond the balance sheet at the company’s true impact, helping to make more sustainable, long-term decisions.
This announcement follows on the recent “Growing Social Value Through the Six Capitals” conference organised by Yorkshire Water. The event saw representatives from over 50 businesses, charities and government organisations come together to explore how Yorkshire can continue to lead the way in tackling some of the biggest issues facing the country, including dealing with the climate emergency and ensuring inclusive growth.
Yorkshire Water Head of Sustainability, Gordon Rogers, said: “We are delighted to sign this agreement which shows our continued commitment to the Six Capitals model. We are excited by the possibilities of working with other institutions to enhance natural capital and protect our natural environment.
“As an anchor institution we consider it our duty to sign up and work with schemes such this and we urge others to do the same.”
Mark Gough, Executive Director of the Natural Capital Coalition, said: “It’s fantastic to see that Yorkshire Water has formally committed to apply natural capital thinking, and to act upon the results to improve their decision making. Yorkshire Water’s Six Capitals approach will help them to provide value for nature and people alongside the creation of traditional business value, and puts them in a strong position as a ‘Capitals Approach’ continues to be adopted around the world.”