International Conference on Valuation and Accounting of Natural Capital for Green Economy (VANTAGE) in Africa

On Tuesday, 3 December, experts and government officials from Africa and around the world convened at UN headquarters in Nairobi, Kenya, to discuss Valuation and Accounting of Natural Capital for Green Economy (VANTAGE) in Africa. VANTAGE was conceived with a view to promoting a paradigm shift, whereby natural ecosystems, and the services they provide, are given greater standing and consideration in decision making processes, including in development efforts.

In the morning, participants convened for an opening session, followed by a discussion of experiences and lessons learned from key international initiatives on ecosystem valuation and measurement. Participants also discussed case studies from the African region of implementing economic valuation accounting frameworks, including from Uganda, Kenya and Tanzania.

At lunch, the UN Environment Programme (UNEP) launched two publications: ‘Values, payments and institutions for ecosystem management: A developing country perspective,’ by Pushpam Kumar and Ibrahim Thiaw and a ‘Guidance Manual on Value Transfer Methods for Ecosystem Services.’

In the afternoon, participants discussed methodologies and data needs for economic valuation of ecosystem services and country experiences in using non-economic valuation techniques. Participants also considered how to incorporate VANTAGE into efforts to promote a “green economy” approach to development and reflected on next steps in promoting this paradigm shift.

Common themes that emerged during the day include: a growing consensus that natural capital must be adequately valued and included in national accounting frameworks; and the existence/availability of tools to do so. Participants also identified common challenges, including the costly nature of data collection and the lack of a coordinated approach to ensure consistency and comparability of data between disciplines, resources and sectors.

In the evening, participants enjoyed a reception hosted by UNEP, African Union Commission (AUC) and the Government of Kenya.