Natural Capital Accounting is a global effort to reshape accounting practices, evaluating business on a Triple E analysis – Environment [nature before man], Equity [new social system and legal principles] and Economy [as in fascist control]. The purpose of this new system is to assign values to nature and resources and advance the creation of “public private partnerships.”
The following are excerpts from TEEB (The Economics of Ecosystems & Biodiversity).
The TEEB for Business Coalition is a global, multi stakeholder open source platform for supporting the development of methods for natural and social capital valuation in business.
Its founding organisations and supporters include:
- The Institute of Chartered Accountants in England and Wales (ICAEW)
- H.R.H The Prince of Wales’ Accounting for Sustainability Project
- International Union for Conservation of Nature (IUCN)
- World Business Council for Sustainable Development (WBCSD)
- Economic Development Board of Singapore
- Conservation International
- The Global Reporting Initiative
- Global Initiatives
- The World Bank
Seed funding has been provided by The Gordon and Betty Moore Foundation and the UK Department of the Environment Food and Rural Affairs.
The International Finance Corporation and the World Bank on Tuesday 5 March, 2013 event focuses on natural capital accounting – what has been done since last year’s UN Conference on Sustainable Development (“Rio+20”) and what it will take to translate widespread support into action and make natural capital accounting a reality.
The event brings together experts from the fields of sustainable development, government, academia, international business, statistics and accounting. It will be a discussion informed by two panels, one focusing on the public sector and the other on the private sector. Panelists will discuss what has already been done and what needs to happen next to develop and scale natural capital accounting models and tools. They will also talk about the challenges involved in implementing such systems in a global economy, and what it will take to achieve the vision of a world in which natural capital is valued and managed responsibly.
Wealth Accounting and the Valuation of Ecosystem Services (WAVES): A Global Partnership, Paper prepared by the World Bank for discussion.