IPIECA attended the inaugural World Forum on Natural Capital held in Edinburgh, UK, from 21 to 22 November 2013. Over 500 individuals from government, industry and civil society participated in the Forum representing 35 countries. The forum builds on the significant private sector interest shown at the United Nations Earth Summit held in Rio de Janeiro, Brazil, in June 2012, which saw the launch of the Natural Capital Declaration, a global finance-led initiative convened by the United Nations Environment Programme Finance Initiative and the Global Canopy Programme.
The forum included four parallel streams that discussed this rapidly evolving way of thinking surrounding natural capital and how to value the economic benefits derived from the natural environment. The ultimate aim was to progress the debate and turn the concept into practical collaborative action. Natural assets do not currently appear on traditional balance sheets and although ‘natural capital’ is not the total answer it can be a useful decision making tool.
The conference was concluded in 7 words:
- Silos – natural and social capital need to be integrated
- Scale – we need to scale-up action
- Drivers – identifying the drivers for action is important
- Outlay – who pays for this?
- Metrics – data is important - you can’t manage what you don’t measure
- Storytelling – narrative is compelling
- Youth – leadership is key and the youth will be the future leaders.
Based upon the success of the initial World Forum on Natural Capital the next forum was announced and will be hosted in Edinburgh, 25-25 November 2015.
- 25 November 2013