Ministry of Finance and National Planning Permanent Secretary for Planning and Administration Prudence Kaoma has called for proper utilisation of natural resource management in the wake of climate change.
Ms Kaoma noted that it is essential to focus beyond the Gross Domestic Product (GDP) growth so as not to compromise the ability of communities who depend on natural resources for their survival and day-to-day needs.
She disclosed that Natural Capital Accounting (NCA) is providing a critical missing gap in the measurement and valuation of the links between the economy and the environment for effective policy decision-making.
Ms Kaoma was speaking today during the official opening of the three day Zambia-Kenya South-South Exchange on Natural Capital Accounting for Decision and Policy Making with the support of the World Bank through the Global Programme on Sustainability (GPS).
She highlighted that Zambia formally joined the Wealth Accounting Valuation of Ecosystem Services (WAVES) partnership in March 2017.
“Since then, the country, with the support of its development partners, particularly the World Bank and Worldwide Fund for Nature (WWF), has been working towards mainstreaming natural resources into development planning and national economic accounts,” she added.
She also said Zambia is poised to develop the energy Natural Capital Account and implored the World Bank to support the undertaking as it is key to understanding energy flows and needs in the country.
And Kenyan Head of delegation Benjamin Muchiri is concerned that the system of national accounts does not adequately capture the full impact of economic activities.
“In particular, the earlier versions of yesterday, ignored the environmental impact and do not account for the depletion of natural resources or environmental damage caused by economic activities , therefore leading to potentially misleading information on the economic health of the country,” he added.
Meanwhile, Programme Manager for the GPS Bekele Shiferaw outlined GPS as a leading technical facility at the World Bank in terms of valuing and measuring natural capital that also helps in mainstreaming natural capital decision making.
Mr Shiferaw pointed out that GPS wants to ensure that nature and natural capital is adequately managed and that economies can grow from proper use, management and utilisation of natural capital.
He disclosed that the World Bank is supporting the Natural Capital initiative in 30 countries.
