Presidential Address: The Case for Revisiting Property Rights in the Context of the Climate and Nature Crises

ABSTRACT There is growing evidence that a transformation in land use is required if we are to avoid the existential threats posed by the climate and nature crises. This paper revisits the influence of property rights on land use decisions in the context of climate and biodiversity commitments and the emergence of new voluntary natural capital markets. Scotland is used as a case study, having a high natural capital endowment and an ongoing commitment to land reform. Using Mazzucato's common good framework as an analytical lens, the paper highlights how recent changes in governance are beginning to rebalance property rights in favour of the wider public interest and redress some of the issues raised by the voluntary natural capital markets. However, significant policy gaps remain. The paper calls for a more integrated and spatially targeted approach to land use policy, supported by an appropriate balance of property rights and responsibilities, to ensure climate and nature goals are met.