The funding will deliver a project to explore how the importance and value of marine resources, such as food and fuel, could be better represented during regional decision-making.
The Connecting the Dots project focuses on a 95-mile long stretch of coastline from Staithes to Spurn Point.
Led by the Yorkshire Marine Nature Partnership (YMNP), in collaboration with the North York Moors National Park Trust, it will bring together marine and coastal experts from different organisations, ensuring that important information is shared across sectors.
Heather Davison-Smith, Development Officer for the Yorkshire Marine Nature Partnership, said: “We receive so many things from the natural environment, from the food we eat to the air we breathe.
"We’re working with partners from across Yorkshire’s terrestrial and marine areas to understand the value of these services to our society, so that we can look after them better and enhance their functions.
"Understanding our ‘natural capital’ is an important tool in supporting nature recovery and it is vital that we co-ordinate this work across different environments.”
Amy Carrick-Knowles from the North York Moors National Park Trust said: “The North York Moors National Park Trust are delighted to support this project, which will build additional capacity into the Yorkshire Marine Nature Partnership.
"We all know that our coastline is incredibly valuable, but this has never been properly quantified in terms of the benefits it provides for us.
"With marine habitats under threat, it is critically important to asses this so that we can better understand what is at stake and ensure it is properly protected in the future.”
The project will deliver a report as to how marine natural capital can be integrated into regional decision-making.
A series of short films will also be produced, exploring the meaning of natural capital for Yorkshire’s coastal ecosystems and how the concept can be used to benefit nature recovery.
Visit www.ymnp.org.uk to find out more about the Yorkshire Marine Nature Partnership.