Reflections on natural capital accounting at the national level: Advances in the system of environmental-economic accounting
Sustainability Accounting, Management and Policy Journal
ISSN: 2040-8021
Article publication date: 7 September 2015
Abstract
Purpose
This paper aims to increase awareness of work on accounting for natural capital at the national and international level that has been ongoing for many years and has recently culminated in the adoption of international statistical standards for environmental-economic accounting.
Design/methodology/approach
The paper provides the context for work on natural capital accounting with particular links to the measurement of progress and a brief history of the work on natural capital accounting from an official statistics perspective and summarizes the key aspects of the technical and accounting aspects of the new international statistical standards. The paper also outlines some of the limitations of the approach and required research.
Findings
The paper highlights that while natural capital accounting does not provide a complete basis for assessment of sustainable development, a broad body of work is now in place to use accounting approaches for the assessment of environmental sustainability.
Research limitations/implications
The paper observes that much of the work on natural capital accounting from the perspective of the official statistics community has not engaged the academic community and there is strong potential for collaboration to take this work forward particularly in the area of land and ecosystem accounting.
Social implications
The paper describes a framework for the organization of information on the links between environmental and economic issues and an indication of the relevance of this work for the broader measurement of progress. Compilation of data following the framework is intended to provide a broader base of information for public policy and other decisions and thus has the potential to influence social, economic and environmental outcomes.
Originality/value
The paper’s value lies in raising awareness of the work that has been developing outside of the academic community but which likely has many connections to existing research and ongoing policy discussions.
Keywords
Acknowledgements
The national accounting content of this paper represents a summary of the material contained in the United Nations SEEA. The various documents of the SEEA provide international statistical standards and guidelines on natural capital accounting. The author acknowledges the significant contributions of many experts to the process of developing the standards and guidelines of the SEEA, and the overarching coordination role of the UNSD.
Citation
Obst, C.G. (2015), "Reflections on natural capital accounting at the national level: Advances in the system of environmental-economic accounting", Sustainability Accounting, Management and Policy Journal, Vol. 6 No. 3, pp. 315-339. https://doi.org/10.1108/SAMPJ-04-2014-0020
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited