By Kerry Gupwell, Chief Executive, Boffa Miskell.
Boffa Miskell has been working at the intersection of environmental planning and design for more than 50 years. We spoke with Chief Executive Kerry Gupwell who shares why New Zealand must start treating natural capital as a core asset that underpins our economic recovery, infrastructure and communities.
I’d like to say the market truly understands what natural capital is, but we’re not there yet. From my experience, having conversations with clients – even those who appreciate the value of environmentally sustainable solutions - was challenging when the economy wasn’t operating at full speed. Across the private sector, councils and central government, budgets have been under real pressure, and conversations about nature considerations became more constrained.
As we step into 2026, there are signs of recovery that feel genuinely encouraging but across many organisations, natural capital is still viewed primarily through a risk and response lens. We respond to climate impacts. We respond to insurers, offshore markets, financiers and compliance requirements. Those forces increasingly shape what gets funded, insured or approved. That response is understandable but it’s incomplete.
Natural capital is more than the resources we extract. It’s the ecological processes that underpin healthy systems. When natural and built capital work together, outcomes can be more resilient, easier to maintain and more cost-effective over time.
As a country, we’re still collectively trying to define natural capital in a way that’s practical, measurable and easy to communicate. That’s why this conversation is so important.
To some extent, climate change, in part, is forcing it. In the past, extreme events were spaced far enough apart that people forgot. But climate impacts are not going away. They’re becoming more frequent, more visible and more personal; making them impossible to ignore.
For businesses reliant on nature and its services, the message is clear: natural capital needs to be treated like any other asset. Organisations need to understand what they depend on, what the risks are, and how those risks can be managed.
When you look at infrastructure planning in New Zealand, the focus is still largely on what we’ll build next: roads, bridges and hospitals. Far less attention is paid to natural capital.
Some areas are leading the way. Auckland Council’s blue-green network is a strong example, improving environmental outcomes while also helping keep communities safe during severe weather. We’re also seeing other councils in Queenstown and Whangarei implementing these networks too.
But a key question remains: how do we value natural assets like wetlands that absorb floodwaters and filter water? Once we value them properly, we can start treating them like built assets. That’s why I’m excited about The Aotearoa Circle’s upcoming Natural Infrastructure Plan. It has the potential to move this thinking from concept to action.
Encouragingly, there’s also been strong progress at the governance level through the Institute of Directors and partners of The Aotearoa Circle. Getting nature and climate risk onto the board agenda is critical, 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 one Circle podcast noted, organisations don’t compete on health and safety - they collaborate to protect people. We should apply the same thinking to place.
New Zealand’s environment and culture are unique, which means our climate change solutions need to be home-grown. This isn’t about copying overseas models; it’s about taking great ideas and adapting them to suit our needs.
Our work with the Ministry for the Environment on a New Zealand-specific nature credit market is one example. Overseas certification systems aren’t always fit for purpose here so we’re calibrating something that works for our unique environment. Pilot sites are already lined up, with the aim of attracting investment into real, on-the-ground restoration. Nature credits won’t be the only solution to the challenges we’re facing but they’re a meaningful one.
And while recovery may be emerging, regulatory certainty and long-term, bipartisan thinking for both our built and natural infrastructure are what will future proof our economy, and boost productivity, resilience and growth across every sector. It’s time we collectively planned that way.
