Nations urged to estimate 'natural capital' for green accounting purposes

By Malaka Rodrigo, reporting from Rio de Janeiro

Environment protection is an investment, say participants at the World Earth Summit Rio + 20.
Since Monday last week, environment activists and groups, including lawmakers, have been converging on Rio de Janairo, Brazil, for the United Nations Conference on Sustainable Development.

The summit marks the 20th anniversary of the 1992 Earth Summit, held in the same city. Hence the name Rio + 20.

Since Last Monday lawmakers, have been converging on Rio de Janairo to
attend the GLOBE summit

The historic ’92 event was attended by 172 governments, including 108 heads of state. Some 130 heads of state are expected at this week’s Rio+20, including Sri Lanka President, Mahinda Rajapaksa. The UN says up to 60,000 participants will be involved in what is projected as the world’s biggest environment event.

Sri Lanka will be represented by some 35 delegates from various Ministries. In addition to the Presidential team, non-state environment organisations and youth groups are participating. The total number of Sri Lankans participating could exceed 75.

Heads of state will be in Rio during the three days from June 20 and 22, leading up to the RIO+20 main programme. Meanwhile, related side events are taking place in different parts of the beautiful of city of Rio. One is the World Summit of Legislators, or GLOBE conference, which is under way at the Tiradentes Palace. This summit is dedicated to reviewing, formulating and enforcing laws to protect the world environment. For example, the Convention on the International Trade in Endangered Species (CITES) was signed by different countries, including Sri Lanka, in the 1970s, but the laws still remain inadequate. The three-day summit will be a forum for establishing a mechanism to expedite the passing of laws at national level.

The GLOBE summit is focused on “green accounting” and estimating “natural capital”. Natural Capital is the sum of natural resources needed to sustain a community. Accounting for natural capital has proved to result in better, environment-sensitive decision-making by governments. For example, a government set on turning a forest into farmland should know that cutting down forests leads to watershed losses, and the resulting water shortages could make the farmland unsustainable in the long run. In green accounting, natural capital is factored into discussions on national spending.

On the second day of the GLOBE summit, speaker Dr. Glenn-Marie Lange pointed out that natural capital accounts, like the GDP (gross domestic product), do not always capture the value of natural assets in the economic environment. This was the reason for creating a new accounting system, the UN System of Environmental and Economic Accounting (SEEA). The accounting systems are still being developed. Meanwhile, countries like Japan, South Korea, the Philippines and Australia are already balancing Green National Accounts.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other News Articles
Dengue: Emergency action tomorrow
Attack on meeting state terror: JVP
Rs. 200m in public funds down the drain for C’wealth Games
Cement Corporation caught tampering
Authorities silent on how he came to possess so much foreign currency
Colombo-Tuticorin ferry service abandoned
Bridging friendship between Japan and Sri Lanka
Nations urged to estimate 'natural capital' for green accounting purposes
Police suspect one gang behind 2 break-ins at Battaramulla bank
Meet demands now or face strike action, says FUTA
Animal remains rest in pieces as talismans
Rs. 11 m. due from cinema hall owners in City
Fake banknotes doing the rounds
Fonseka release: Court of Appeal to scrutinise presidential order
CEB losses rise with drop in reservoir levels
N’Eliya water supply illegally tapped for 15 years
Beehives to remain while officials comb for solutions
Crate law shoots up veggie prices, say traders
Road deaths by buses on the rise
Will it be a case of bye, bye blackbird?
A world for our children's grandchildren
Unstoppable deadly dengue marches on
High risk Negombo facing shortage of vital staff
Protests over unhealthy payment to get clean bill of health
Govt. distances itself from SB’s sexual assault charge within Colombo campus
Waiting to be fired up
Maldivian President’s brother escapes assault outside embassy
Sunken buses and trains are perfect for fish
Fowzie off to Saudi Arabia for Crown Prince’s funeral


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution