The UK’s national standards setting body, the British Standards Institute (BSI), has published what it claims is the world’s first guidance for preparing natural capital accounts.
In the latest sign that the UK is carving out a leadership role on biodiversity and finance, the new standards, BS 8632: Natural Capital Accounting for Organisations - Specification, outline terminology, principles, steps and outputs for natural capital accounting.
According to BSI, the new framework will allow institutions to identify their impacts and dependencies on nature, and therefore the risks and opportunities arising from biodiversity loss. It will also make communication easier, and help the private sector make more informed business decisions.
“By combining financial, environmental and socioeconomic information, natural capital accounting can reveal the value of nature to organisations and society, and importantly, the value of organisations’ impacts …