Australia ramps up implementation of natural capital accounting

OECD

Natural capital accounting (NCA) is being used to manage marine and coastal resources at local, regional and national scales. IDEEA Group is working with the Commonwealth Department of Agriculture, Water and Environment to implement an NCA project in the Geographe Marine Park, Western Australia. The project will provide structured environmental, cultural, social and/or economic information to support Parks Australia’s delivery of a Monitoring, Evaluation, Reporting and Improvement (MERI) system.

The pilot is part of a suite of projects being rolled out by the Commonwealth Government on environmental-economic accounting to deliver on the Environmental Economic Accounting: A Common National Approach Strategy and Action Plan. The project also supports Australia’s involvement in the High-Level Panel for a Sustainable Ocean Economy.

In April 2018 the Australian Government and all states and territory governments agreed on a National Strategy and Action Plan to implement EEA across Australia. The Strategy and Action Plan builds on the efforts of the Australian Bureau of Statistics, and state and territory governments to deliver a nationally-consistent approach to Environmental-Economic Accounting.

Download the Environmental Economic Accounting: A common national approach – Strategy and Action Plan