UK and Pakistan have pledged to work together to introduce the concept of the natural capital accounting system and its implementation for conservation and protection of natural resources, biodiversity and ecosystems.
The earth’s natural resources, biodiversity, and ecosystems, which collectively make up our planet’s core natural capital, are now at risk of fast diminishing because of over-exploitation of the resources, said SAPM Malik Amin Aslam.
British High Commissioner to Pakistan Dr. Christian Turner has highlighted the diversity and importance of Pakistan’s natural resources and their vitality for sustainable socio-economic and environmental development while speaking at the ceremony of signing of “Letter of Support on Natural Capital Accounting (NCA)” between the British High Commission, Islamabad, UK Statistics Authority and the Ministry of Climatic Change, held in Islamabad on Thursday.
On the occasion, Malik Amin Aslam, the Special Assistant to Prime Minister said that the earth’s natural resources, biodiversity, and ecosystem which make it worth living are at risk.
He said, “However, sustainable use of the natural capital which actually provides the foundation for sustainability of the life on earth and overall socio-economic development of current and future generation is vital to its sustainability for generating ecosystem services for the lasting human well-being.”
He said it while witnessing the ceremony of signing the Letter of Support. It was agreed to work together to introduce the concept of the natural capital accounting system and its implementation for the conservation and protection of natural resources, biodiversity, and ecosystem. Amin Aslam said that natural capital is usually undervalued or neglected in decision-making.
Natural capital accounting is a tool to integrate nature into decision-making
He further said that the present government was well aware that the accounting of natural capital is of extreme value for achieving sustainable management of natural resources in the context of their contribution to socio-economic development, however, support of the UK government in assisting Pakistan for framing and implementing of policies and programs for natural capital accounting is of paramount importance. Because the UK is globally recognized as one of the global leaders in the development of natural capital accounts system’s procedures and their integration into policymaking.
The British High Commissioner said Pakistan’s natural biodiversity is one of its greatest assets. Climate change threatens that and the water supply on which the country depends. The UK assistance will help Pakistan to manage its natural assets efficiently and attract much-needed finance.
Meanwhile, Annel Gerry, the UK Development Director who signed the letter of support said, “With this technical capacity, Pakistan will be able to apply Natural Capital Accounting methods and to value its assets accurately.”