Recommendation 63

HM Government · verbatim extract Accepted

The Dasgupta Review sets out how a broader measure of ‘inclusive wealth’, comprising natural, human and produced capital, can provide insights into a nation’s sustainable economic progress over time. In response to the Review, the Government will go further to deliver a nature positive economy, including by working with ONS to improve the way nature is incorporated into our national accounts. HM Treasury will provide further funding to the ONS to improve its natural capital estimates. This will improve their relevance for policy making and ensure continued consideration of a broader measure of economic activity than just GDP. The UK is already demonstrating global leadership in driving forward natural capital approaches as a means to transition to a nature-positive economy and was pleased to use its recent role as G7 President to secure international agreements in this space. For instance, G7 Climate and Environment Ministers agreed an ambitious Communiqué which included commitments to work with businesses and other stakeholders in developing standardised natural capital accounting practices. They agreed to work collaboratively to build on the Dasgupta Review insights and to support efforts so that economic and financial decision-making properly takes account for the value of nature. They also welcomed the work being done by the UN Statistical Commission to continue updating the SEEA ecosystem accounting system.