Archive for the ‘Ecological economics’ Category
The run up to Rio 20+ is well and truly on with the Planet Under Pressure Conference currently underway in London. There will be a declaration that carries on from the Copenhagen Declaration but the focus this time will be on solutions. And a good thing, too. A host of other declarations are also being prepared and signed.
One such is the Natural Capital Declaration:
The Natural Capital Declaration is a statement by the financial sector demonstrating our commitment at the Rio+20 Earth Summit to work towards integrating Natural Capital criteria into our financial products and services for the 21st century.
Through it we wish to acknowledge and re-affirm the importance of Natural Capital in maintaining a sustainable global economy, and call upon the private and public sectors to work together to create the conditions necessary to maintain and enhance Natural Capital as a critical economic, ecological and social asset.
Natural Capital comprises Earth’s natural assets (soil, air, water, flora and fauna), and the ecosystem services resulting from them, which make human life possible. Neither these services, nor the stock of Natural Capital that provides them, are adequately valued compared to social and financial capital. Despite being fundamental to our wellbeing, their daily use remains almost undetected within our economic system. Using Natural Capital this way is not sustainable.
The Natural Capital Declaration is the first of its kind to be only open to signature by CEOs of willing financial institutions – a measure intended to get top-level buy-in by banks, institutional investors and asset managers and (re-)insurance companies.