The National Economic and Social Council (NESC) in Ireland has published Natural Capital Accounting: A Guide for Action.
This guide outlines the centrality of natural capital accounting to protecting Ireland’s natural capital and biodiversity. It describes how accounting can systematically bring nature’s hidden value, and the risks of losing nature, into view. It provides examples of how nature is valued and accounted for in other countries, including Australia, Canada, Mexico, the Netherlands, the United Kingdom (UK).
NESC recommends three areas of action to develop natural capital accounting and embed it into the wider policy-making system in Ireland, thus supporting the increased policy momentum on nature.
The three areas of action are:
- Capacity-building: Identifying actions to enhance Ireland’s work on natural capital accounting, building capacity in areas including measuring ecosystem services and spatial mapping, and in using the accounts in national departments, agencies and local authorities.
- Spotlight on Payment for Ecosystem Services Schemes: Examining the development of PES schemes to support the transition towards nature positive by supporting farmers and other land holders in caring for nature, improving management of water and forestry resources and securing benefits from carbon sequestration and a range of other ecosystem services.
- Support for integration: Providing advice on how to integrate natural capital accounting into the wider policy system.
Our Director, Carl Obst, was interviewed in the development of the guide which incorporated the experiences and views of a wide range of experts on natural capital accounting from around the world. Through this approach, the guide continues to build the community of expertise in natural capital accounting and raises awareness of the potential of natural capital accounting to be a key driver of nature positive outcomes.
We encourage you to read through the guide and raise awareness of it through your networks.