Economics of the environment - natural capital accounting
Event Details
- Date:
- Wednesday, 02 November 2022 - Wednesday, 02 November 2022
- Time:
- 3:00 pm - 4:00 pm
- Room:
- Zoom Online
- URL:
- https://www.tern.org.au/events/2022-ecosystem-webinars/
- Event category(s):
Event Contact
- Name:
- Ms Mary-Anne Fiebig
- Phone:
- 0488 229 130
- Email:
- m.fiebig@uq.edu.au
- Org. Unit:
- Terrestrial Ecosystem Research Network
Event Description
- Full Description:
- Natural capital accounting is looking further than the carbon molecule as the base unit of sustainability. When we exploit minerals, fish, timber, wetlands, wildlife or degrade our water resources, we are depleting Australia’s wealth.
Under an environmental economic accounting framework, Australia’s goal is to incorporate natural capital into the country’s accounts to make better economic decisions. To date, with few exceptions, when we evaluate national economic performance to assess effectiveness of development policies and plans, natural capital sustainability is invisible.
Conventional wealth indicators, based on national income accounts like GDP (gross domestic product), say nothing about longer-term sustainability of current growth patterns. Relying on GDP alone to assess economic performance is misleading. Short term growth may be running down natural capital assets.
By doing nothing about the sustainability of the natural assets that underlie national income accounts, so we endanger the future?
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