Boffa Miskell has been working at the intersection ofenvironment, planning and design for more than 50 years. We spoke with ChiefExecutive Kerry Gupwell who shares why New Zealand must start treating naturalcapital as a core asset that underpins our economic recovery, infrastructureand communities.
I’d like to say the market truly understands what naturalcapital is, but we’re not there yet. From my experience, havingconversations with clients – even those who appreciate the value of environmentallysustainable solutions - was challenging when the economy wasn’t operating atfull speed. Across the private sector, councils and central government, budgetshave been under real pressure, and conversations about nature considerations becamemore constrained.
As we step into 2026, there are signs of recovery that feelgenuinely encouraging but across many organisations, natural capital is stillviewed primarily through a risk and response lens. We respond to climateimpacts. We respond to insurers, offshore markets, financiers and compliancerequirements. Those forces increasingly shape what gets funded, insured orapproved. That response is understandable but it’s incomplete.
Natural capital is more than the resources we extract. It’sthe ecological processes that underpin healthy systems. When natural and builtcapital work together, outcomes can be more resilient, easier to maintain andmore cost-effective over time.
As a country, we’re still collectively trying to definenatural capital in a way that’s practical, measurable and easy to communicate.That’s why this conversation is so important.
Climate change, in part, is forcing it. In the past, extremeevents were spaced far enough apart that people forgot or became desensitised. Butclimate impacts are not going away. They’re becoming more frequent, morevisible and more personal making them impossible to ignore.
For businesses reliant on nature, the message is clear:natural capital needs to be treated like any other asset. Organisations need tounderstand what they depend on, what the risks are, and how those risks can bemanaged.
And when you look at infrastructure planning in New Zealand,the focus is still largely on what we’ll build next: roads, bridges andhospitals. Far less attention is paid to natural capital.
Some areas are leading the way. Auckland Council’sblue-green network is a strong example, improving environmental outcomes whilealso helping keep communities safe during severe weather.
But a key question remains: how do we value natural assetslike wetlands that absorb floodwaters and filter water? Once we value themproperly, we can start treating them like built assets. That’s why I’m excitedabout The Aotearoa Circle’s upcoming Natural Infrastructure Plan. It has thepotential to move this thinking from concept to action.
Encouragingly, there’s also been strong progress at thegovernance level through the Institute of Directors and partners of TheAotearoa Circle. Getting nature and climate risk onto the board agenda iscritical, and it’s something I’m keen to engage clients on more deeply.
We also need neutral ground where competitors, financiers,planners and designers can come together around a shared ambition. As oneCircle podcast noted, organisations don’t compete on health and safety - theycollaborate to protect people. We should apply the same thinking to place.
New Zealand’s environment and culture are unique, whichmeans our climate change solutions need to be home-grown. This isn’t aboutcopying overseas models.
Our work with the Ministry for the Environment on a NewZealand-specific nature credit market is one example. Overseas certificationsystems aren’t always fit for purpose here so we’re calibrating something thatworks for our unique environment. Pilot sites are already lined up, with theaim of attracting investment into real, on-the-ground restoration. Naturecredits won’t be the only solution to the challenges we’re facing but they’re ameaningful one.
And while recovery may be emerging, regulatory certainty andlong-term, bipartisan thinking for both our built and natural infrastructureare what will future proof our economy, and boost productivity, resilience andgrowth across every sector. It’s time we collectively planned that way.
