Partnership on Cooperation on Nature Capital Accounting, Environmental-Economic Accounting, and Related Statistics
On December 9, 2023, Canada joined with the United States of America and Australia on an initiative that will help decision makers account for the many values of nature when making plans and policies, called the Partnership on Cooperation on Natural Capital Accounting, Environmental-Economic Accounting, and Related Statistics.
Text of the partnership’s joint statement:
“We, the Participants of the Partnership on Cooperation on Natural Capital Accounting, Environmental Economic Accounting, and Related Statistics:
Recognizing that nature and natural resources are capital assets that are critical for economic growth and prosperity, and that their inclusion in economic planning is imperative for addressing 21st century societal challenges such as climate change, biodiversity loss, and declines in natural capital wealth;
Acknowledging that international cooperation is key to combine the expertise, ingenuity, and creativity necessary for aligning environmental and economic data into national environmental-economic statistics, as well as organizing those statistics into natural capital accounts, which are linked to national economic accounts;
Appreciating the co-benefits of sharing expertise and methods for advancing, developing, and maintaining natural capital accounts and environmental-economic statistics;
Cognizant of the importance of these accounts and statistics as collections of organized, accurate, and reliable information that supports environmental planning and decision making, and also supports economic planning and decision making, including those related to financial stability;
Affirming our joint commitment to advance cooperation on natural capital accounting, environmental-economic statistics, and nature-based solutions;
Have reached the following understandings:
The Participants intend to develop a common approach to Natural Capital Accounting, Environmental-Economic Accounting, and Environmental-Economic Statistics in ways that are guided by the UN System of Environmental-Economic Accounting (SEEA) framework;
The Participants intend to share experiences, methods, and learnings on various topics that the Participants have in common including:
- Accounting for large and biodiverse spatial areas with sizable and diverse land and water interests,
- Coordinating across multiple states and territories, and
- Weaving in diverse cultures, including those of Indigenous Peoples.
The Participants intend to facilitate opportunities for global leadership and agenda setting, including by coordinating participation at international fora to advance the development and adoption of an approach on natural capital accounting and nature-based solutions, and to encourage other nations to incorporate nature into economic decision making.
The Participants intend to advance this agenda through:
A Senior Official Dialogue
- Participants intend to hold an annual dialogue by Senior Officials or their designated representatives on natural capital accounts, environmental-economic statistics, and nature-based solutions, with Participants alternating coordination, chairing, and hosting of the dialogue virtually or in-person.
- The dialogue is expected to be an opportunity for Senior Officials from relevant departments and agencies in each country to: share their progress on implementing natural capital accounts and environmental-economic statistics; discuss their policies on environmental management and combatting nature loss; embed nature and climate change in economic planning and forecasting; and explore related matters of mutual interest.
A Technical Working Group
- Given the breadth of expertise required to develop natural capital accounts and environmental-economic statistics, the Participants intend to convene a Technical Working Group comprised of experts to share learnings, leverage expertise, solve common challenges, and work toward comparability of approaches. The Technical Working Group is expected to convene every six months virtually or in-person, and the Participants intend to alternate coordination and chairing of the Technical Working Group meetings
Global Leadership
- Participants intend to work with other States to encourage a common approach to natural capital accounting, environmental-economic statistics, and investment in nature-based solutions.
The Participants intend to focus on cooperation on natural capital accounting and environmental-economic statistics as outlined here to advance our shared vision of a vibrant and trusted system of environmental-economic statistics. Additional States may be invited to become Participants of the Partnership, and may be listed as additional Participants after accepting such an invitation.
Issued on the 9th day of December 2023 by the following Participants:
Australia
Canada
United States of America”
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