Series three of Tales of a Nuffield Scholar continues 🎙️ This series is looking at some of the biggest challenges, innovations and conversations shaping agriculture today, and this time we’re getting into a topic that is becoming increasingly important across UK farming, natural capital 🌱
I was joined by 2026 Nuffield Scholar Liz Warner, a first generation tenant farmer from Devon who farms around 200 acres of beef, arable and grassland alongside working as a farm and natural capital consultant. Liz and her husband started with rented land and a few sheep before taking on a Devon County Council farm, so there is a really interesting story behind how they found their way into farming in the first place 🌾
We spoke about what natural capital actually means for farmers, from biodiversity net gain and carbon through to water management and wider environmental outcomes. One of the really interesting points was around additionality and how these markets often reward the improvement you make rather than simply what is already there, raising some big questions around how we recognise farmers who have been looking after nature for years.
Liz’s Nuffield topic is “Cultivating Capital: A Farmer’s Role in a Growing Natural Capital Economy” and comes from wanting to make sure farmers have a genuine voice as these markets develop. We spoke about balancing food production with nature recovery, making natural capital commercially viable for farms of different sizes and ensuring farmers properly understand the long term commitments that can come with entering these markets 🌍
Her Nuffield journey is still very much underway. After focusing heavily on the UK so far, Liz is looking towards Brazil, the US and the Netherlands, with Australia and Kazakhstan potentially on the list too. What I particularly liked was her ambition to look not only at natural capital projects that have worked, but also those that have gone wrong and understand what can be learned from both.
We also chatted about her CSC in Japan, the realities of farming through another incredibly dry summer in Devon and how natural capital might eventually sit alongside food production as another part of building more resilient farm businesses.
There is clearly a lot still to develop in this space, which makes following Liz’s Nuffield journey over the next year particularly interesting.
Thank you to NFU Mutual for their support of this project.
Enjoy! 🙂