A conceptual framework based on accounting principles of stocks, flows, and investment can be applied to natural capital, social and cultural capital, human capital and financial and physical capitals. Development and application of this framework can help to reveal the environmental, social and economic impacts and interactions of prevailing land use (or other management) practices, and provide a way of assessing the effectiveness of different programmes for achieving desired management objectives.
The current plan of management for the Willandra Lakes World Heritage Area in Far West New South Wales is being revised to better address the needs and aspirations of different stakeholders in the region whilst protecting the natural and cultural values of this mixed World Heritage Property. The challenge here is to find a conceptual framework which will act as an umbrella for, and integrate, management actions intended to improve the sustainable management of the World Heritage property.
The proposed solution is predominantly an approach.
The project is still in the pilot stage; key issues are expected to be relate to definition and data collection of cultural capital, and ways of addressing potential conflicts in attempting to maximise values between different stakeholder interests.
The Project is still in pilot stages but is generating positive interaction between natural resource scientists and managers, spatial modellers, environmental economists, social scientists, landholders and the local aboriginal communities.