A New Era of Economic Measurement for the Environment and Natural Capital

Abstract

In January 2023, the US federal government finalized a national strategy to develop natural capital accounts and associated environmental-economic statistics. Implementing natural capital accounts and environmental-economic statistics is the logical next step in the evolution of national economic statistics and is possible because of new technology, methods, and political will. Natural capital accounts and environmental-economic statistics will require engagement by the research community, because there is still substantial work to do. They will also open new avenues for research. Here, I provide a brief description of the US national strategy to develop natural capital accounts and associated environmental economic statistics, offer the context for this national strategy, discuss some potential uses, and identify potential areas where new research is likely needed.