(The Gist of PIB) Natural Capital Accounting and Valuation of the Ecosystem Services (NCAVES) India Forum-2021

(THE GIST OF PIB) Natural Capital Accounting and Valuation of the Ecosystem Services (NCAVES) India Forum-2021

NCAVES India Forum 2021 is being organised by the Ministry of Statistics and Programme Implementation (MoSPI).
NCAVES project seeks to advance the theory and practice of environmental and ecosystem accounting in Brazil, China, India, Mexico and South Africa.

About:

It is funded by the European Union and implemented jointly by the UN Statistics Division (UNSD), UN Environment Programme (UNEP) and Convention on Biological Diversity (CBD).
Project has helped MOSPI commence the compilation of the Environment Accounts as per the UN- System for Environmental-Economic Accounts (SEEA) framework and release environmental accounts in its publication “EnviStats India” on an annual basis since 2018.
Natural capital accounting integrates natural resources and economic analysis, providing a broader picture of development progress than standard measures such as GDP.
Natural Capital includes all of the resources that can be easily recognize and measure, like minerals, energy, timber, agricultural land etc. and “invisible” resources, such as air and water filtration, flood protection, carbon storage etc.
Incorporating natural capital into national accounts reveals the interactions of economic activity with the environment, and support better economic decisions.