Sunday, October 24, 2010

'Natural Wealth' Accounts

India set to be first country to publish 'natural wealth' accounts

Accounts of the nation's 'natural capital' meets key demand of the UN study of The Economics of Ecosystems and Biodiversity (TEEB)

20 October 2010 - India is today expected to become the first country in the world to commit to publishing a new set of accounts which track the nation's plants, animals, water and other "natural wealth" as well as financial measurements such as GDP.

The announcement is due to be made at a meeting of world governments in Japan to try to halt global destruction of biodiversity, and it is hoped that such a move by a major developing economy will prompt other countries to join the initiative.

Work on agreeing common measures, such as the value of ecosystems and their "services" for humans – from relaxation to clean air and fertile soils – will be co-ordinated by the World Bank, which hopes it can sign up 10-12 nations and publish the results by 2015 at the latest.

The move fulfils one of the key demands of a major report also being published today at the Japan meeting, a UN study of The Economics of Ecosystems and Biodiversity (TEEB) . {read rest w/backlinks}

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