Purpose

The Goulburn Broken Catchment Management Authority (CMA), on behalf of Victorian CMAs, is seeking to appoint an individual(s) and/or organisation(s) with demonstrated skills and experience, to explore future roles and opportunities for Catchment Management Authorities (CMAs) with natural capital, natural capital accounting and in nature markets, to support preparedness, and a more unified approach to future possibilities.

Organisational context

Victorian CMAs are statutory authorities and operate under two main Acts of Government, the Catchment and Land Protection Act (1994) and the Water Act (1989). Catchment Management Authorities are responsible for the integrated planning and coordination of land, water and biodiversity management in each catchment and land protection region. A key function of each CMA is to prepare and coordinate the delivery of a regional catchment strategy that outlines a long-term vision for the regional landscape. Catchment Management Authorities also have obligations in relation to the management of regional waterways, floodplains, drainage and environmental water. The Vic Catchments forum was established in February 2017 and its purpose, as an unincorporated body based on a collegiate agreement between the ten Victorian CMAs, is to showcase Victoria’s integrated catchment management (ICM) framework.

This project has been funded by Department of Energy, Environment and Climate Action (DEECA), Water and Catchments and Biodiversity units.

Background

A natural capital approach could offer CMAs a transformative opportunity to enhance natural resource management by providing a comprehensive framework for valuing and managing natural assets. By embracing natural capital, natural capital accounting and nature markets, CMAs can better quantify the economic, social, and environmental benefits of natural resources. This approach not only supports more informed decision-making and strategic planning but also fosters stronger stakeholder engagement and collaboration. Ultimately, it could empower CMAs to achieve sustainable outcomes that align with community and environmental goals, ensuring the long-term health and resilience of natural ecosystems.

There is significant activity at the federal, state and local level associated with natural capital, natural capital accounting and nature markets. Victorian CMAs are involved in a range of activities associated with these areas and continue to provide valuable connection and linkages between federal, state, regional and industry initiatives. While siloed and fragmented approaches are enabling issue specific progress, there is a lack of coordination that could better leverage siloed investments and efforts. Catchment Management Authorities are wanting to explore their role in natural capital, natural capital accounting and nature markets and investigate how their involvement as regional, place- based ICM organisations can support industry and state and national government effort.

Objectives

The objectives of the project are to:

-Provide the CMAs and DEECA with an enhanced understanding of:

• the value, risks, benefits and opportunities associated with a natural capital approach, natural capital accounting and nature markets for CMAs; and
• the potential roles for CMAs in natural capital, natural capital accounting and nature markets.

-Provide a clear path forward for CMAs to work together, and with DEECA, to progress a natural capital approach, utilise natural capital accounting and explore nature market opportunities.