Indian Government Pledges to Account for Nation’s ‘Natural Wealth’

The Indian government has pledged to publish an account of the nation’s natural wealth, a valuation of such resources as forests, wildlife, and freshwater supplies that international officials call critical to avoiding the financial costs of biodiversity loss. India’s commitment coincides with the release of a UN-backed Economics of Ecosystems and Biodiversity report that warns that failure to account for the value of nature to humankind — from clean air to healthy fish stocks — will contribute to increases in species extinction and the consequent financial costs. “Natural capital is a massive asset class, and developing nations’ biggest asset,” said Pavan Sukhdev, an economist and lead author of the study. “For it to be missing from the balance sheet of the nation, or failures not to be counted, does not make sense.” Authors of the report, which was commissioned by the G8+5 nations in 2007, hope that several more nations will join the initiative and that results will be available by 2015.