Wealth Accounting and the Valuation of Ecosystem Services UPSC

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it is a world Bank led global partnership to pramote sustainable development which is to be achieved by ensuring that natural resources and mainstreamed in development planning and national economic accounts.

brings together collision of united nations agencies, national institution of government, NGO and academics

it was launched in Japan at 10th COP to the convention of biological diversity.

Global program Sustainability (GPS)

In this global program it involves accounting for environmental risks and opportunity and also valuing natural capital and ecosystem service.

i.e how much monetary value does a natural capital commands.

Natural Capital:

Natural Capotal includes all resources, minerals, energy and timber, agriculture land, fishery, water etc.

it includes ecosystem services which are filtration, water filtration, fluid protection by environment protection from cyclone, carbon storage potential, mangrove, pollination of crops, habitat for wildlife etc.

if we put monitory value for all there things it means natural capital accounting

and these natural resources hace to be integrated into development planning, so as to ensure green economic growth.

along with these objective, it also aims to establish a global platform for training and knowledge sharing.

it is funded by European commission and countries such as Denmark, France, japan, Norway, UK etc.

though it is partnership with United Nation agency, governments, NGO’s, etc.

10 countries were identified as core implementing partners and india is not amoung them.

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