The Natural Assurance Value Of Nature-Based Solutions: A Layered Institutional Analysis Of Socio Ecological Systems For Long Term Climate Resilient Transformation

Nature based solutions are proposed as integrated solutions to transform the current water intensive economic model to a more balanced model, where water is considered as an eco-social asset. We analyse the logic of action and underpinning belief systems, values, and norms of these evolving economic (and underpinning value) systems, through a conceptual frame based on a three layered institutional framework, considering new institutional economics and old institutionalism. This is applied to the case study of an intensively used aquifer of Medina del Campo in Spain, in relation to drought and water scarcity. We examine how water scarcity and drought are framed, and the implicit underpinning economic development models and values that help to legitimise decisions. It offers an application of the potential for natural assurance schemes as a specific type of nature based solutions to create safe landscapes and help transform the system through deep territorial transformation, based on a wider and deeper range of eco-social values. Systems which are more adaptable under climate change. The analysis of the definition of the problem (through individual stakeholder interviews) and the co-design of preferred choices through a series of participatory workshops led to the consideration of a wider range of options by stakeholders. We conclude that in Medina del Campo, the de-construction of the values and beliefs underpinning the concept of water scarcity as a problem, helps to re-construct adaptation to water scarcity as an opportunity for a more diversified and resilient economic model for long-term development. This is reflected in the selection of hybrid nature-based strategies (as compared to sole grey infrastructure strategies) that incorporate a broader range of values shifting from the single prioritisation of provision services to understanding water as a eco-social asset, encompassing the full range of ecosystem services, thus opening the decision-making space for additional long term climate resilient development.