The purpose of this policy brief is to provide the Inter-American Development Bank (IDB) and its audiences with a broad overview of the importance of coastal natural capital for sustainable development. The brief highlights the role of nature-based infrastructure and integrated solutions for building coastal resilience and proposes critical areas of work to effectively address development challenges in Latin America and the Caribbean.
The Philippines is producing mineral, mangrove, and ecosystem accounts. The data generated will give a clearer picture of the country’s natural capital resources and provide input for investment and policy decisions.
Costa Rica has prepared three main accounts—for forests, water, and energy—using the United Nations System of Environmental-Economic Accounting (SEEA). Results from the first set of accounts will start to reveal the value of natural capital’s contributions to society. This data will help to define the country’s policies into the future.
Natural resources have long played a significant role in Indonesia’s economy. Efforts are ongoing to strengthen the existing environment and economic accounting system and develop more robust indicators to measure sustainability. Careful attention to how natural resources are used, depleted, and replenished is of paramount importance for national planning.
With WAVES support, Colombia has produced water, land, and timber/forest accounts at the national level; ecosystem accounts at the regional level; and land, water, and expenditure accounts at the watershed level. These accounts make it possible to better assess the real value of natural capital to the economy.
Wealth Accounting and the Valuation of Ecosystem Services (WAVES) is a World Bank-led global partnership that aims to promote sustainable development by ensuring that natural resources are mainstreamed in development planning and national economic accounts.