BUU44706 Natural Capital Accounting 2025/26

(5 ECTS)

Lecturer:

Catherine Farrell

Office Hours: By Appointment, email only

Pre- Requisite: None

Available to Exchange Students

Module Description

This course is designed for students who are interested in exploring the role that nature plays in human well-being, and current approaches to integrating nature into decision making to ensure wise and sustainable livelihoods. Understanding the complexities of nature from the perspective of stocks and flows, helps us to account for changes in natural systems over time. This further assists us to identify pathways to addressing broader societal and economic systems-level challenges, in relation to inter-related sustainable development goals such as energy and food production, climate change, water supply, and biodiversity loss. Students will be introduced to nature literacy, and conceptual frameworks relating to natural capital, natural stocks and flows and framings, through different lenses, including the IPBES framing of nature’s contributions to people, the Capital’s Coalition definition of Natural Capital and the UN System of Environmental Economic Accounting Ecosystem Accounting (SEEA EA) module.

Following from these foundational aspects, we will then take a deeper look into the SEEA EA accounting framework: this requires a systems thinking approach to understand how the accounting can be developed to track changes in natural stocks (extent, type and condition), and flows (services and benefits), for decision making at varying levels of governance (national policy, business and wider use).

We will look at those applying this trans-disciplinary approach in the global, European, and national context, exploring the complexities of integrating a broad range of values into the decision-making process, as well as how to ensure appropriate levels of community and business engagement. Students will be brought through the full UN SEEA EA process and encouraged to take a critical approach to how natural capital accounting can be used, in particular in terms of ensuring sustainable futures.

Learning And Teaching Approach

This module will follow a seminar format with emphasis on readings and discussion of assigned materials. Students will complete an MCQ, and an end of module exam. The module content will be delivered in-person with occasional online learning materials. Learning material (weekly content -readings/podcasts/other) will be made available through BlackBoard to be reviewed in advance and discussed during the in-person weekly seminars and the module tutorials.

The weekly in person contact sessions will comprise a mix of:

Seminar style presentations (delivery of core content with weekly reading materials / videos / podcasts posted through Blackboard and prompts for self-enquiry).
Practical exercises in class, building on course content (flipped classroom approach, numbers permitting).
Invited speakers from relevant expert areas and practical case studies with opportunities for debates and discussions, especially during tutorial sessions.
In class discussions with potential for small group discussions, incorporating working through case studies, frameworks, and tools.
Field trips on Trinity campus will also be explored (pending practicalities and time permitting).

Learning Outcomes

The module will build on learnings throughout previous studies and modules in the degree programme to date, building particularly on topics related to sustainability. On successful completion of this module, participants will be able to:

Understand the concept of natural capital and natural capital accounting and how these conceptual framings ‘fit’ within the context of sustainability, particularly from the lens of systems thinking.
Demonstrate the use and/or limitations of the UN SEEA EA and related accounting frameworks emerging in relation to business and policy makers.
Identify available and/or required data sets and tools to build natural capital accounts; and differentiate relevant types of data and sources of information.
Develop an awareness of the relevant legislation and policy landscape, and the role policy makers and businesses play, in relation to natural capital accounting and nature related reporting.
Communicate with nature literacy, in relation to the role of and the varying values of nature and Appreciate different perspectives in relation to the process.

Relation to Degree

The module is integrative of the study of business, management, and entrepreneurship that participants have developed over the previous three years and during their Senior Sophister year. As such, it builds on participants’ former training in relation to human resource management, finance, marketing, and operations as well as strategy, organisation theory and behaviour, and sustainability, coupled with their interest in nature-related issues.

Participation in this module encourages students to take a cognitive approach in relation to what values and behavioural changes are required in terms of approaching nature related challenges, and leading business change, for Nature Positive futures.

The module aims, teaching approach and learning outcomes support the Trinity Graduate Attributes: To Develop Continuously, To Think Independently, To Act Responsibly, and To Communicate Effectively.

Workload

*Content*	*Indicative Number of Hours*
Lecturing hours	20
Reading of assigned materials and active reflection on lecture and course content and linkage to individual experiences	40
Tutorials (5/6 in total): prep and discussions	12
Preparation for MCQ and exam	10 and 20
*Total*	*102*

Textbooks And Required Resources

All required readings will be specified in advance of each in-person session on BlackBoard.

Required core reading(s):

UN SEEA EA: Relevant chapters will be flagged on a weekly basis with case studies and all other materials linked in Blackboard, a week in advance of in person sessions.

https://seea.un.org/sites/seea.un.org/files/documents/EA/seea_ea_white_cover_final.pdf

The Dasgupta Review: This comprehensive overview is worth reading in its entirety if you are really interested in the topic; however, given its length and breadth, at minimum, please read the opening chapters (Chapters 0, 1 & 2) prior to starting the module and consider the other chapters listed here depending on your level of interest. Downloadable here: Full Report:

Chapter 0 How We Got to Where We Are
Chapter 1 & 2 Nature as an Asset, Biodiversity and Ecosystem Services
Chapter 3 & 4 Biospheric Disruptions, Human Impact on the Biosphere
Chapter 4* The Bounded Economy
Chapter 5 Risk and Uncertainty
Chapter 17 Managing Nature-Related Financial Risk and Uncertainty
Chapter 16, 19 Conservation of Nature, Restoration of Nature
Chapter 20 Finance for Sustainable Engagement with Nature
Chapter 21 Options for Change (how can we address our Nature Challenge).

NCI and INCASE websites have good introductory resources: www.naturalcapitalireland.com and www.incaseproject.com

Planetary boundaries: Katherine Richardson et al. (2023) Earth beyond six of nine planetary boundaries. Sci. Adv.9, 2458 (2023) DOI:10.1126/sciadv.adh2458 https://www.science.org/doi/10.1126/sciadv.adh2458

General Supplemental Readings:

Schumacher, E.F. (1973). Small is Beautiful: Economics as If People Mattered. Vintage.
Lovelock, J. (1979) Gaia: A New Look at Life on Earth. Oxford, and other works by James Lovelock in relation to Gaia theory.
From an Irish nature perspective: The National Biodiversity Action Plan: the Executive Summary and The Five Objectives are relevant.
Raworth, K. (2017) Doughnut Economics: Seven Ways to Think Like a 21st Century Economist. White River Junction, Vermont, Chelsea Green Publishing. Chapter 1 available to download here.

Student Preparation For The Module

Documentaries and videos as introduction are useful, such as

Breaking Boundaries: The Science of Our Planet, with David Attenborough (available on Netflix (trailers here).

COURSE COMMUNICATION

Please note that all course related email communication must be sent from your official TCD email address. Emails sent from other addresses will not be attended to.

Announcements on Blackboard (which are also set to your TCD email) will be the primary form of communication on any relevant course updates so please keep an eye on Blackboard and your email. Discussion boards are set up on Blackboard for any course-related query to ensure consistency in the response to all students. If you have a query which is of a more personal nature, please email farrec23@tcd.ie directly. Alternatively, please post your query on the Blackboard discussion board which will then turn into a useful FAQ for all students.

Assessment

MCQ test	30%	In class, after Semester 1 reading week.
Exam (written)	70%	End of Semester 1 (tbc)

Note: the assessments will include questions relating to content from the tutorial sessions, related to invited speaker content and case studies.

SUPPLEMENTAL ASSESSMENT:

Students who fail the module and are permitted to submit a supplemental assessment by the Court of Examiners will have to resubmit their course work, with an added appendix addressing questions set by the course lecturer.

A viva may be considered to enable the student to demonstrate that they have addressed each questions satisfactorily; this will be at the discretion of the programme team.

PLAGIARISM

Please note the plagiarism provisions in the General Regulations of the University Calendar for the current year, found at: http://www.tcd.ie/calendar , and make sure you have completed the Online Tutorial on avoiding plagiarism 'Ready, Steady, Write', located at https://libguides.tcd.ie/academic-integrity/ready-steady-write

POLICY ON THE USE OF GENERATIVE AI TOOLS

Note: due to the assessment format, this policy used within the wider Trinity Business School is flagged, but unlikely to be relevant for this module.

The module leader may grant the use of generative AI tools for an assessment. If AI is permitted the following generative AI declaration must be included

Generative AI Declaration

Please choose A or B with regards to your use of generative AI tools in this project:

A. Nothing to declare. I did not use generative AI software.
B. I used generative AI software.

If you answer A and the module leader finds evidence that you used AI software, this behaviour will be considered as unethical, the assignment will be failed, and you will be penalized accordingly with reference to the TCD policy on academic misconduct. If you answer B, please clearly explain for which parts of submission you used AI software and how it helped you to improve your learning process within ethical guidelines. You should include your answer – 300 to 600 words approx.- in the appendix.

If the module leader has any concerns about the validity of any work undertaken by a student either before or after assessment submission, they may request any of the following three things.

Using Gibb’s (1988) reflective model, students may be asked to write a reflective piece on their learning of between 1000 to 2000 words.
A student may be asked to submit a 10-minute video presentation of their assessment.
A student may be asked to engage in a 10-minute Q&A about their assessment over zoom or in person.

If the module leader finds evidence for undeclared use of ChatGPT or other AI software, this behaviour will be considered as unethical, the assignment will be failed, and the student/s will be penalized accordingly with reference to the TCD policy on academic misconduct.

Biographical Note

Dr. Catherine Farrell CIEEM is Assistant Professor in Business and Nature (appointed March 2025). Prior to this, Catherine worked as a Senior Research Fellow in the School of Natural Sciences and Adjunct Teaching Fellow in the Business School at Trinity College Dublin. A pioneer of nature restoration and research in Ireland and internationally, Catherine also worked to pilot the UN SEEA Ecosystem Accounting framework at catchment scale in Ireland through the EPA funded INCASE project.

Catherine was Senior Ecologist with Bord na Mona (2001-2019), where she worked to promote and develop peatland restoration and rehabilitation. A long time self-employed ecological consultant, Catherine has worked on a number of development projects (such as roads, electricity networks, housing, water provision, amenity), she also led the LIFE on Machair project (2022-2024), working with Ireland's rare and unique species-rich coastal grassland habitats. Her current research as part of BiOrbic, the National Bioeconomy Research Centre, focuses on developing mechanisms to structure, finance, monitor and communicate the direct impacts and broader societal benefits of nature restoration; largely under the umbrella of the project ReFarm.

A founding member of Natural Capital Ireland, Catherine has a strong commitment to community and business engagement and innovation through nature conservation and works to bridge and build connections from local / SME (bottom up) to national / corporate scales, while recognising the integral need for strong and functional governance systems (top down). Catherine has worked with Business in the Community Ireland to help build awareness within companies and is presently Business Programme Lead for the Business for Biodiversity Ireland Platform.

Catherine provides advisory support to a number of ENGOs including Hometree (a woodland charity based in Co. Clare) and the Community Wetlands Forum.