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Yale economist briefs Miami committee on "natural capital" accounting; committee identifies pilot opportunities
Summary
Dr. Eli Fenichel presented natural-capital accounting to the City of Miami Climate Resilience Committee, suggesting municipalities can put natural assets on balance sheets to inform fiscal planning. Committee members identified Biscayne Bay and urban trees as potential pilot accounts and asked staff to explore next steps.
The City of Miami Climate Resilience Committee received a remote presentation from Eli Fenichel, Nablag Family Professor of Natural Resource Economics at Yale University, on piloting natural-capital accounting for municipal assets such as mangroves, beaches, urban trees and groundwater.
Fenichel told the committee that natural assets provide services that feed municipal tax bases and budgets, and that better accounting can reveal fiscal risks and opportunities. He described how changes in natural capital can affect tax revenue and municipal bond spreads, and recommended starting with a small number of high-quality, repeatable accounts rather than trying to value every asset at once.
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