Approaches to accounting for our natural capital: applications across Ireland

Abstract

Natural capital accounting allows for the integration of our natural assets within economic and political decision making, can improve natural resource governance and permits the development of environmentally adjusted macroeconomic indicators to serve as complements to Gross Domestic Product (GDP). The United Nations System of Environmental-Economic Accounting (UN SEEA) is the accepted international standard for natural capital accounting, providing a framework for organizing and presenting statistics on the environment and its relationship with the economy. This paper details the different approaches to natural capital accounting related to the SEEA framework currently being undertaken across Ireland. We discuss the relationship between natural capital accounts and sustainable development measurement and provide recommendations for future work in these areas.