Exploring water accounting and ecosystem services with visiting PhD student Vittoria Reas
Can you tell us a bit about yourself and what led you to pursue a PhD in this area?
I’m a second-year PhD student at the University of Siena, currently doing a visiting research stay at the University of East Anglia. My supervisor introduced me to the water accounting work as part of my thesis. It’s a collaborative effort with UCL, King’s College London and ESCoE and it aligns well with my background. I did my master’s in economics for the environment and sustainability, and my thesis focused on marine ecosystem services. So, transitioning into a PhD in economics with a focus on ecosystem services felt like a natural step.
For those unfamiliar with water accounting, what is it in basic terms and why does it matter for economic measurement?
When we talk about accounting, people usually think of capital – but rarely of natural capital, like water. Water is essential for life and for the economy, yet we often overlook it in traditional economic statistics. Water accounting aims to align biophysical data – like water volume, quality, and availability – with National Accounts. This helps us understand what we have, what we’re losing, and what we’re using in terms of water-related ecosystem services.
This integration is crucial for informed policymaking. For instance, if we’re depleting water resources, we won’t see the impact reflected in GDP. Water accounting provides a more complete picture, linking environmental realities to economic and social decisions.
What are some key water-related issues in the UK right now that link to your research?
There’s a wide regional variation – some areas deal with droughts, others with flooding. One goal of water accounting is to offer a long-term view that supports better water resource management. However, it’s complex because you’re dealing with diverse needs across regions and many sources of data. From a technical perspective, one big challenge is data availability and integration. Water data is often dispersed across public institutions – like national statistics offices, environmental agencies, or organisations like Natural England – and it’s not always easy to access or consolidate.
Even quantifying physical measures like water volume can be tough because it’s influenced by unpredictable factors like precipitation. As economists, we often lack expertise in hydrological modelling, so strong collaboration with hydrologists and ecologists is essential. That interdisciplinary work is a key challenge, but also a big opportunity.
Tell us about the conference you recently attended with ESCoE.
It was the 10th joint seminar between the OECD (Organisation for Economic Co-operation and Development) and UNCEEA (the UN Committee of Experts on Environmental-Economic Accounting) on the implementation of the SEEA (the System of Environmental-Economic Accounting). SEEA is a UN-mandated framework that integrates environmental data into National Accounts. Every country faces unique challenges and data gaps, so the seminar was an incredible opportunity to dive into real-world implementation issues. It was also great for networking, not just with academia but also institutions like the Basque Centre for Climate Change and other European agencies.
What kind of impact do you hope your work will have?
I hope it can help shape future policy – especially in guiding investment towards restoring water ecosystems. There’s sometimes a fear around valuing nature, but it’s not about putting a price tag on it. It’s about giving people and policymakers the tools to understand the impact of environmental damage in economic terms. Economic measurement is a universal language, and including nature in that system gives us the chance to protect it more effectively.
Who or what first inspired your journey into environmental economics?
I did my undergraduate degree in business economics, which didn’t involve much environmental focus. But towards the end, I started hearing about sustainability thinkers like Partha Dasgupta and realised economics could be much more than just money and statistics. During my master’s, I met my current supervisor, Silvia Ferrini, who teaches at UCL and the University of East Anglia. Her passion for environmental policy and evaluation methods really inspired me to continue with a PhD.
What are you most looking forward to in the next stage of your research?
I’m about halfway through my PhD, and right now I’m gathering data, building collaborations, and learning as much as I can from the experts around me. The next stage will focus on evaluating specific ecosystem services – like water provisioning and purification – at the national level. The goal is to produce publishable research that can contribute to national statistics and ultimately inform natural capital accounts.
Finally, what would you say to another PhD student or early career researcher thinking of working with ESCoE?
I’d definitely recommend it. ESCoE offers a collaborative environment, not just with academics but also with public institutions and research centres. Working on shared projects with people from different disciplines is incredibly enriching. It also provides much-needed direction and support. This is especially important for early career researchers who might otherwise feel like they’re navigating things alone. You learn so much from being part of a community with shared goals.