Define Natural Capital Accounting. Discuss how this concept is gaining momentum at the national and international level.
Define Natural Capital Accounting. Discuss how this concept is gaining momentum at the national and international level.
Natural Capital Accounting
- NCA is a tool that can help measure the full extent of a country’s natural capital. It also provides a perspective on the link between the economy, ecology and environment.
- Natural capital includes individual environmental assets or resources, both biotic and abiotic (such as water, minerals, energy, timber and fish), as well as ecosystem assets (e.g. forests and wetlands), biodiversity and ecosystem services (e.g. air and water filtration and purification and so on)
International level: (United Nation Environment Programme’s Projects)
- The Economics of Ecosystems and Biodiversity (TEEB)is an international initiative to draw attention to the global economic benefits of biodiversity.
- Natural Capital Accounting and Valuation of Ecosystem Services (NCAVES)
National level:
- Finance Commission Recommendations: earmarking funds for the states which maintain forests in their pristine form.
- NCAVES India Forum 2021 was organised by the Ministry of Statistics and Programme Implementation. It strives to present India’s achievements in the domain of Natural Capital Accounting (NCA)
- Green GDP - recently launched by Uttarakhand
- Payment for Ecosystem (PES) services - took shape for the first time in Palampur, Himachal Pradesh.
Conclusion:
- Thus Natural Capital Accounting is indispensable for the proper policy making as well as awareness generation in the realm of sustainable development.
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