The UN Statistical Commission has adopted a new statistical framework on March 10, 2021 that takes into account the contributions of nature, when measuring economic prosperity and human well-being.
- The new economic and environmental statistical framework is expected to “reshape” decisions and policies for sustainable development and climate action.
- The new framework, called the System of Environmental-Economic Accounting – Ecosystem Accounting, will ensure that natural capital, such as forests, wetlands and other ecosystems are recognized in economic reporting.
- According to the UN Department of Economic and Social Affairs (DESA), it is a major step forward from the commonly used measure of gross domestic product (GDP), which dominated economic reporting for over seven decades.
- It recognizes that ecosystems deliver important services that generate benefits for people, and like economic assets, ecosystems are assets to be maintained. For example, forests help provide communities with clean water, serving as natural water filters with trees, plants and other elements that absorb pollution before it reaches streams, rivers and lakes.
(Source: UN)
