NEW DELHI: In what could possibly be a significant growth in direction of taking into consideration the contributions of forests, oceans and different ecosystems to measure the wealth and human well-being of nations, the UN Statistical Fee has launched Tuesday a new accounting framework which, if adopted, will push nations to combine sustainable growth into their financial planning and political decision-making.
The Fee will focus on the brand new framework and transfer on to the adoption course of, offered there aren’t any objections inside 72 hours from friday.
India is, in actual fact, one of many 90 international locations which have come out in favor of adopting the System of Environmental Financial Accounting-Ecosystem Accounting (SEEA-EA) after incorporating it into its nationwide statistical framework to fight in opposition to environmental degradation.
The choice to undertake ecosystem accounting as a statistical customary by the United Nations physique comes as international locations put together for 2 essential conferences – COP15 on biodiversity in Kunming, China and the United Nations convention on local weather change (COP26) in Glasgow, UK – later this yr.
Urging nations to mirror the “true worth of nature” of their insurance policies, plans and financial techniques, the United Nations Secretary-Normal António Guterres mentioned the worldwide financial system has nearly quintupled over the previous 5 a long time, however at monumental value to the worldwide surroundings.
“Nature’s assets are nonetheless not included in international locations’ wealth calculations. The present system is targeted on destruction and never on preservation, ”he mentioned whereas stressing the necessity to assess nature and put a worth on carbon.
“The brand new framework would transcend the generally used gross home product (GDP) statistic and be certain that pure capital – the contributions of forests, oceans and different ecosystems – are acknowledged in financial studies,” mentioned the UN Financial and Social Division. enterprise in a press release.
At current, the nation’s wealth doesn’t mirror the financial system’s dependence on nature, nor its impacts on nature, corresponding to deterioration of air high quality or lack of land. ‘a forest.
Noting that greater than half of world GDP is dependent upon nature, however total, pure capital has shrunk by 40% in simply over 20 years, mentioned the UN: “Globally, international locations now spend $ 4-6 trillion a yr on subsidies that harm the surroundings. ”