Ecosystem services and land values: Analysing Land Value Capture Instrument's implementation process in coastal areas.

The nexus between Land Value Capture instruments and environmental solutions has been receiving increasing attention from researchers due to the features of land-based financing mechanisms as an alternative to ease the funding response of the authorities -amid rising government climate-crisis-related expenditure. Several examples of the relationship between environmental improvements -such as Nature-based Solutions (NbS)- and land values can be found. For instance, in China, improvements in air quality led to citywide increases in property values of 5.6 per cent (Lord, van der Krabben & Don, 2022). However, literature shows that there is still much to understand about this relationship -especially from the implementation processes perspective involving public and private stakeholders.

In this context, valuation mechanisms developed by Ecosystem Services grant a solid starting point. Ecosystem Services valuation was first mentioned in 1997 when authors defined the concept of natural capital (Restrepo, 2021) -referring to the stock provided by nature services and benefits (Constanza et al., 1997). Furthermore, Ecosystem Services depict a robust nexus between economy and nature expressed in continuous value flows received by human society. In other words, it describes the link between nature and economy throughout the value flows to human society (Restrepo, 2021). Bearing in mind that the concept of Ecosystem Services entails a bond between nature and economy, it is possible to develop an economic valuation of Ecosystem Services, acknowledging that humans receive a "dividend" from the natural capital (Restrepo, 2021; TEEB, 2010). Hence, it is essential for both the present and future of people's well-being to maintain a strong stock of natural capital.

The Economics of Ecosystems & Biodiversity approach (TEEB'S, 2010) suggests three main steps to assess Ecosystem Services valuation. Firstly, recognizing the broad dimensions of the value in species, biodiversity, landscapes and ecosystems. Secondly, demonstrating value by calculating, for example, the cost and benefits of improving water quality and flood protection provided by wetlands -which is substantively different from the traditional grey-infrastructures approach that would develop wastewater treatment plants or dams. Thirdly, capturing value. In this final step, the link between Land Value Capture instruments and Ecosystem Services is more precise, since it entails introducing tools that incorporate ecosystems' values into decision-making.

To sum up, this research tackles the implementation processes of Land Value Capture instruments in coastal areas that can set up a sound alternative to cope with the challenge of capturing value. By applying the Ecosystem Services assessment, it will be necessary to understand not only the financial opportunity given by Land Value Capture mechanisms but also the interplay among stakeholders when instruments are designed and implemented in each context (May, 2012; Sander, 2018). With this being said, from the basis given by Ecosystem Services valuation, this research will focus on the implementation process of Land Value Capture instruments -addressing the behavioural, institutional and political dimensions- aiming to identify key factors that allow these mechanisms to thrive.