Natural Capital Accounting and Valuation of the Ecosystem Services (NCAVES)

Natural Capital Accounting and Valuation of the Ecosystem Services (NCAVES) India Forum-2021 was organised by the Ministry of Statistics and Programme Implementation (MoSPI) in virtual format. The MoSPI has taken up several initiatives under the project “Natural Capital Accounting and Valuation of Ecosystem Services (NCAVES)” which aims to advance the theory and practice of ecosystem accounting in India.

  • The NCAVES Project, funded by the European Union, has been jointly implemented by the United Nations Statistics Division (UNSD), the United Nations Environment Programme (UNEP) and the Secretariat of the Convention of Biological Diversity (CBD).
  • India was one of the five countries taking part in this project - the other countries were Brazil, China, South Africa and Mexico.
  • In India, the NCAVES project is being implemented by the MoSPI in close collaboration with the Ministry of Environment, Forest and Climate Change (MoEF&CC) and the National Remote Sensing Centre (NRSC) under the Department of Space.

Natural Capital Accounting (NCA)

  • It is an umbrella term covering efforts to make use of an accounting framework to provide a systematic way to measure and report on stocks and flows of natural capital.
  • Natural capital is another term for the stock of renewable and non-renewable resources that combine to yield a flow of benefits to people.
  • NCA covers accounting for individual environmental assets or resources, both biotic and abiotic (such as water, minerals, energy, timber, fish), as well as accounting for ecosystem assets (e.g. forests; wetlands), biodiversity and ecosystem services, in both physical and monetary terms.
  • Just like the compilation of national accounts of a country is guided by the System of National Accounts (SNA), for natural capital accounting, the System of Environmental-Economic Accounting (SEEA) is taken.
    • The System of Environmental-Economic Accounting (SEEA) provides a framework for measuring the link between the environment and the economy.
    • SEEA-Central Framework was adopted in February 2012 as an international statistical standard by the UN Statistical Commission.
    • The SEEA accounts bring into direct focus the relationship between the environment and economy not revealed through traditional measures of economic activity, such as Gross Domestic Product (GDP).

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