13 October 2012: The Annual Meetings of the World Bank and International Monetary Fund (IMF), held in Tokyo, Japan, on 9-14 October 2012, highlighted the new impetus given to natural capital accounting as a next step towards green growth.

The Communique of the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee) indicates that, “following the discussions at Rio+20, the Ministerial Dialogue on Sustainable Development sharpened our focus on sustainability and allowed us to exchange views about the effective use of policies to support inclusive green growth and how to pursue better measures of growth and welfare.” The Communique indicates that the Committee has called on the World Bank Group to provide support to countries that want to use natural capital accounting to help chart their next phase of growth. This document also indicates reaffirmed commitment to achieving the Millennium Development Goals and encourages the World Bank Group to contribute actively to the post-2015 development framework.

Ministers also highlighted the urgency of tackling ocean conservation and stated that they “are encouraged that the WBG-supported Global Partnership for Oceans has attracted new members and created a sense of urgency about the need for action to restore oceans to productive health and for sustainable aquaculture.” During the Annual meeting, seminars were also held on developing capacity for sustainable growth, management of natural resources and energy challenges in Africa. [2012 Tokyo Annual Meetings] [Development Committee Communiqué]