“Rwanda presented the first results of its Natural Capital Accounting process on February 16th during a national workshop in Kigali. The results from the first accounts – on the topics of land and water – come after about 18 months of work, as Rwanda is bracing to begin planning for its third Economic Development and Poverty Reduction Strategy, a process that will start in May 2017. The results from the two accounts are expected to inform the national planning process, especially when it comes to including natural resources in economic development and poverty reduction.
“For Rwanda to progress, grow, and manage our economy wisely, we need good measures to evaluate our economic status and performance,” said Dr. Vincent Biruta, Rwanda’s Minister of Natural Resources (pictured at left). “Gross Domestic Product (GDP) is a standard or traditional measure of economic performance, focused on income, the value of goods and services. But it does not give us insight about the underlying wealth and the assets that sustain our income, or the trends in their use or performance.”
He added, “For some time now, we have been keen to evaluate and measure natural assets’ contribution to ensure sustainability. The just-ended National Workshop on Natural Capital Accounting in Rwanda will help us address this challenge. Natural capital accounting gives us an approach and tools that will help us analyze the trends in our underlying natural assets. This tool can inform our efforts to sustain performance through sound management of natural assets.”…”
Read on at: Wealth Accounting and the Valuation of Ecosystem Services (WAVES).