This week Carl Obst talked with Laurissa Smith on ABC radio’s Tasmanian Country Hour about the relevance of natural capital accounting in Tasmania and what is needed to build support nationally.
Thanks to the support of the Forest Practices Authority (Tasmania) and Private Forests Tasmania (PFT), Tasmania’s forestry industry has been a global pioneer in seeking to understand and develop practical applications of natural capital accounting for both native and plantation forest management.
Tasmania’s leading role has also been demonstrated by the work done by IDEEA Group for Forico to develop the world’s first set of SEEA based ecosystem accounts for a commercially managed forest, described in more detail here
Carl explains that natural capital accounting is the art of bringing natural capital into economic decision making – providing the tools needed to integrate natural capital valuations within standard economic decision-making frameworks.
With this tool, decision makers can value environmental benefits, known as ecosystem services, such as carbon sequestration or water provision as part of the stock and flow of economic values associated with natural capital assets, such as timber, farm products and fish.
Carl highlights the urgent need for a common international language – for the standardisation of accounting principles across different types of natural capital assets to enable economic and financial decision making that take the environment into account more consistently and automatically.
As leading authorities on the development and practical application of Natural Capital Accounting, IDEEA Group welcome anyone interested to contact us to discuss how we can support your business.