Want to know how the oceans' natural capital is part of the foundation for achieving the social and economic SDGs? Stay tuned to this video as our regional coordinator, Patrick Debels, who recently attended the Global Accounts Partnership Meeting in Costa Rica, explains key concepts on how ocean accounting supports the preservation and restoration of valuable natural resources that provide ecosystem services for human benefit. 

What is Ocean Accounting?

Natural capital accounting describes efforts to use an accounting framework to systematically measure and report on the state or “health” of natural capital and the contributions these assets make to society and the economy. It is also a key tool for measuring the importance of nature in guiding the sustainable development of the blue economy. By quantifying these benefits in monetary terms, natural capital accounting can help decision-makers understand the trade-offs and impacts of different development scenarios and policies on the environment and human well-being. For example, by understanding and valuing the benefits of coral reefs, policymakers can identify and prioritize the most impactful investments in coral reef conservation and restoration programs.

The Global Accounts Partnership (GOAP) Meeting in Costa Rica was an opportunity for global leaders, experts, donors and organizations to come together and advance sustainable ocean management through the development and implementation of ocean accounts. PROCARIBE+ Regional Coordinator, Patrick Debels, explains how ocean natural capital accounting supports the preservation and restoration of valuable natural resources that provide ecosystem services for human benefit. 

Under Component 2 of the project, PROCARIBE+ will provide technical and financial support to the advancement of Ocean Natural Capital Accounting in Costa Rica. 

Thank you Global Accounts Partnership for advancing the use of this important tool in the Wider Caribbean Region. Notably at this meeting Ocean Coordination Mechanism Countries of Antigua and Barbuda, Costa Rica made pledges to advance Ocean Accounts by 2030 date.