This case study presents the findings of an ecosystem valuation that was undertaken to assess the types and scale of economic benefits associated with wetland restoration in Ripon City Quarry, Yorkshire. The study shows that the value of biodiversity benefits that would be generated by the proposed wetlands (£1.4 million), the recreational benefits of the lake (£350,000), and increased flood storage capacity of the overall area (£224,000) would, after deducting restoration and opportunity costs, deliver net benefits to the local community of about £1.1 million.
The study further shows that the costs of ecosystem restoration and aftercare are small, compared to both the economic benefits of wetland restoration and the financial returns from sand and gravel extraction. This example illustrates that compensation for adverse environmental impacts is not only an important means for companies to maintain their license to operate, but can deliver overall improvements in ecosystem services with substantial economic benefits at modest expense. The company hopes to do more ecosystem valuation to demonstrate to planning agencies and the public that it makes valuable investments in ecosystems following extractive activities. Future access to minerals depends on companies leaving sites in which it operates with any ecosystem no worse off and preferably even better off.
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