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The research investigates valuers' understanding of the value of sustainability in property and its consideration in valuation practice. The paper explores the extant research that has examined valuers' perceptions of the relationships between sustainability and market values, sustainability measurement, value relationships and the standards and guidelines released industry bodies.

This paper, part 1 of 2, reports the current state of play of valuation research in the consideration of sustainability in valuation practice and the role of industry bodies in the guidance regarding sustainability consideration in valuation. The second paper provides the next rendition of a longitudinal study examining valuation practice in Australia.

The paper provides an overview of the evolution of the consideration of sustainability in property over the past two decades. Providing insights of how the property sector, its markets and valuation professionals have responded to answering the questions of: what is the value of sustainability? Whilst earlier publications both industry and academic publications alike focussed on the normative aspects of how sustainability should affect value, more recent research starts to ascertain the implications of sustainability on property values. Despite industry bodies providing information, education, guidelines and standards, it would seem that valuers in their practice are still grappling with the challenges of understanding the rapidly evolving area of sustainability, environmental, social and governance and climate risks in valuations.

The paper does not present as an authority on all research that has been conducted to date, it provides an overview of the evolving nature of both academic research and industry consideration of sustainability, particularly in a valuation context. This provides the background for Part 2.

The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating substantial changes in property markets, as investors reconsider their positions and model the implications of carbon emissions on their bottom lines. Government policies appear to have a considerable influence over market behaviours, which filters through to stakeholder decision-making. However, despite government policies, clear market signalling and industry body guidance on valuing sustainability, the content and depth of sustainability consideration in valuation are still limited.

The paper provides an overview of the last decade of research into the value of sustainability and the evolving nature of information and guidance for valuers to identify, evaluate and consider sustainability in valuation.

This paper explores the historical roots of accounting for biodiversity and extinction accounting by analysing the 18th-century Naturalist's Journals of Gilbert White and interpreting them as biodiversity accounts produced by an interested party. The authors aim to contribute to the accounting history literature by extending the form of accounting studied to include nature diaries as well as by exploring historical ecological accounts, as well as contributing to the burgeoning literature on accounting for biodiversity and extinction accounting.

The authors’ method involves analysing the content of Gilbert White's Naturalist's Journals by producing an 18th-century biodiversity account of species of flora and fauna and then interpretively drawing out themes from the Journals. The authors then provide a Whitean extinction account by comparing current species' status with White's biodiversity account from 250 years ago.

This paper uses Gilbert White's Naturalist's Journals as a basis for comparing biodiversity and natural capital 250 years ago with current species' status according to extinction threat and conservation status. Further the paper shows how early nature diary recording represents early (and probably the only) forms of accounting for biodiversity and extinction. The authors also highlight themes within White's accounts including social emancipation, problematisation, aesthetic elements and an example of an early audit of biodiversity accounting.

There are limitations to analysing Gilbert White's Naturalist's Journals given that the only available source is an edited version. The authors therefore interpret their data as accounts which are indicative of biodiversity and species abundance rather than an exactly accurate account.

From the authors’ analysis and reflections, the authors suggest that contemporary biodiversity accounting needs to incorporate a combination of narrative, data accounting and pictorial/aesthetic representation if it is to provide a rich and accurate report of biodiversity and nature. The authors also suggest that extinction accounting should draw on historical data in order to demonstrate change in natural capital over time.

Social implications include the understanding gleaned from the authors’ analysis of the role of Gilbert White as a nature diarist in society and the contribution made over time by his Journals and other writings to the development of nature accounting and recording, as well as to one’s understanding and knowledge of species of flora and fauna.

To the authors’ knowledge this is the first attempt to analyse and interpret nature diaries as accounts of biodiversity and extinction.