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UN moves to take into account the value of nature in the accounting of the wealth of countries | India News

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NEW DELHI: In what could be a major step forward in taking into account the contributions of forests, oceans and other ecosystems to measure the wealth and human well-being of countries, the UN Statistical Commission on Tuesday launched a new framework accounting that, if adopted, will drive nations to incorporate sustainable development into their economic planning and political decision-making.
The Commission will discuss the new framework and move toward the adoption process, provided there are no objections within a 72-hour period from Friday.
India is in fact one of the 90 countries that have come out in favor of adopting the System of Environmental Economic Accounting-Ecosystem Accounting (SEEA-EA) after incorporating it into their national statistical framework to combat environmental degradation.
The move to adopt ecosystem accounting as a statistical standard by the UN body comes at a time when countries are preparing for two crucial conferences: the COP15 on biodiversity in Kunming, China and the UN conference. on climate change (COP26) in Glasgow, UK, later. year.
Urging nations to reflect the “true value of nature” in their economic policies, plans and systems, UN Secretary General António Guterres said that the world economy has multiplied by almost five in the last five decades. , but at a huge cost to the global environment.
“The resources of nature still do not figure in the wealth calculations of countries. The current system leans toward destruction, not preservation, “he said while emphasizing the need to value nature and put a price on carbon.
“The new framework would go beyond the commonly used statistics of gross domestic product (GDP) and would ensure that natural capital, contributions from forests, oceans and other ecosystems, are recognized in economic reports,” said the department of economics. and UN society. matters in a statement.
At present, the wealth of the country does not reflect the dependence of the economy on nature, nor its impacts on nature, such as the deterioration of air quality or the loss of a forest.
Noting that more than half of the world’s GDP depends on nature, but globally, natural capital has decreased by 40% in just over two decades, the UN said: “Globally, countries now spend between 4 and $ 6 billion a year in subsidies. that harm the environment. ”

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