Participants at the International Conference on Valuation and Accounting of Natural Capital for Green Economy (VANTAGE) in Africa agreed on a draft outcome document that takes stock of progress on natural wealth valuation and accounting, and formulates recommendations on increasing implementation of VANTAGE in Africa.
6 December 2013: Participants at the International Conference on Valuation and Accounting of Natural Capital for Green Economy (VANTAGE) in Africa agreed on a draft outcome document that takes stock of progress on natural wealth valuation and accounting, and formulates recommendations on increasing implementation of VANTAGE in Africa.
The conference, which took place from 3-4 December 2013, at the UN Environment Programme (UNEP) headquarters in Nairobi, Kenya, showcased efforts by countries and organizations in the pursuit of valuation and accounting of natural capital, and promoted awareness of, and participation in, future efforts. Conference participants emphasized natural capital data needs to be available, reliable and useful for policy to facilitate implementation of valuation and accounting.
The first day focused on capacity building, including experiences and lessons learned from international initiatives on ecosystem valuation and measurement. On the second day, a high-level policy forum discussed African experiences with natural wealth valuation and accounting.
The draft outcome document recognizes the importance of valuation and natural capital accounting and the role it can play in moving Africa towards a green economy. It takes stock of international efforts to promote this approach, including the Gaborone Declaration, the Aichi Biodiversity Target 2, the outcome document of the UN Conference on Sustainable Development (Rio+20) and the International Platform on Biodiversity and Ecosystem Services (IPBES). The document lists limitations to implementation, including: the inadequacy of current measures of economic performance, such as GDP; the need for more research, data and political will; and the need for better quality and comparability of data.
The document recommends specific activities to be undertaken, inter alia: promoting environmental policy as part of economic stimulus packages; building capacity in the field of valuation and accounting of natural capital, including via academic collaboration; providing relevant tools and methodologies; facilitating the collection and organization of data; promoting knowledge sharing; and mobilizing financial and technical assistance to support implementation in Africa.
The conference was convened by UNEP, in partnership with the World Bank, the UN Statistics Division and the African Union Commission (AUC). [Conference Website] [IISD RS Coverage of the Conference]