Nations to adopt ecosystem accounting

New York, March 11 : In a historic step that may reshape decision and policy-making towards sustainable development, the United Nations adopted a new framework on Thursday that includes the contributions of nature when measuring economic prosperity and human well-being.
The new framework, the System of Environmental-Economic Accounting — Ecosystem Accounting (SEEA EA), was adopted by the UN Statistical Commission and marks a major step forward that goes beyond the commonly used statistic of gross domestic product (GDP) that has dominated economic reporting since the end of World War II.
This measure would ensure that natural capital — forests, wetlands and other ecosystems — are recognized in economic reporting.
Experts emphasize that while a statistic such as GDP does a good job of showing the value of goods and services exchanged in markets, it does not reflect the dependency of the economy on nature, nor its impacts on nature, such as the deterioration of water quality or the loss of a forest.
UN Secretary-General Antanio Guterres welcomed the adoption of the new economic and environmental framework. “This is a historic step forward towards transforming how we view and value nature. We will no longer be heedlessly allowing environmental destruction and degradation to be considered economic progress.” The new framework can also underpin decision-making at two crucial conferences later this year — COP15 on Biodiversity in Kunming and the Glasgow Climate Conference, COP 26.