Mirror the ‘true worth’ of nature in financial insurance policies and choices, urges UN chief |

The UN chief harassed that the world economic system had nearly quintupled over the previous fifty years, however that development got here at an enormous price to the setting.

“Nature’s assets are nonetheless not included in nations’ wealth calculations. The present system is targeted on destruction, not preservation, ”he stated.

“The underside line… is that we have to remodel the best way we view and worth nature. We have to replicate the true worth of nature in all of our insurance policies, plans and financial methods, ”urged Guterres, including that in doing so, investments could be directed in direction of actions that defend and restore nature.

“The rewards shall be immense,” he stated.

Secretary-Common’s enchantment comes as nations meet at UN Statistical Fee are able to deliberate on a brand new statistical framework for measuring financial prosperity and human well-being, which incorporates the contributions of nature.

Transcend GDP

The body, known as the Financial and environmental accounting system – Ecosystem accounting, goes past the generally used gross home product (GDP) statistic and ensures that pure capital, corresponding to forests, oceans and different ecosystems, is factored into financial experiences, in keeping with the Division of Enterprise United Nations Financial and Social Affairs (DESA).

The system additionally helps to higher reply to environmental emergencies, corresponding to local weather change and biodiversity loss, he added.

“We handled nature as if it was free and as if it was limitless. So we degraded nature and depleted it with out actually being conscious of what we have been doing and what we have been shedding within the course of, ”stated Elliott Harris, Assistant Secretary-Common for Financial Improvement and Chief Nations Economist. United.

The brand new framework, he stated, “will permit us to see how our financial actions can have an effect on our ecosystems, how the presence of nature impacts us and the way our actions might be altered to attain prosperity with out damaging or destroying nature. within the course of”.

DESA added that the Statistical Fee is predicted to debate and undertake the brand new statistical framework on Tuesday, offered there aren’t any objections inside 72 hours of Friday, March 5.

United Nations Statistical Fee

Based in 1947, the Statistical Fee is the best decision-making physique of the United Nations for worldwide statistical actions, liable for the institution of statistical requirements and the event of ideas and strategies, together with their implementation on the nationwide and worldwide ranges.

The Fee usually meets for a four-day session in March annually, with the participation of chief statisticians from UN member states, consultants, policymakers and civil society.

This 12 months, nonetheless, given the coronavirus pandemic, the session shall be held in a lowered digital format, comprising 4 casual two-hour conferences, from March 1 to three and 5.

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