Government welcomes publication of NESC’s report ‘Natural Capital Accounting: A Guide for Action’

This report from the National Economic and Social Council (NESC) recommends making significant progress on accounting for nature in the Irish policy system. Following a request from Government, the Council engaged with policy stakeholders and conducted international case studies to inform Ireland’s approach to natural capital accounting which is a valuable tool and information system for nature.

This report is part of the NESC@50 programme of research and events, marking NESC’s 50th year. In the last decade, NESC’s work has brought major insights to natural capital in relation to a shared island, agriculture and as part of the development of Ireland’s National Wellbeing Framework. The report’s conclusions exemplify the Council’s longstanding approach of fusing economic, social, and environmental considerations in its research.

Overall, the Council outlines that there is a gap in how Ireland accounts for nature and this report helps to bridge this gap. The report sets out what is required to bring nature considerations more effectively into policy decision-making in Ireland.

The Council recommend three areas of action that can be taken to help develop natural capital accounting and to help embed it into the wider policy making system. The three areas are: capacity building; putting a spotlight on ecosystems services; and further integrating natural capital accounting into policy decisions.

As the government works to further develop natural capital accounting in Ireland, the findings of this report complements ongoing work by the CSO in compiling Ecosystem Accounts for Ireland, with the first national Ecosystem Extent Accounts recently published. The forthcoming National Biodiversity Action Plan 2024-2030 will further set out ambitious actions on biodiversity, including recommendations on the development of ecosystem accounts, as part of natural capital accounting.

The research was undertaken by the National Economic and Social Council, an independent Council comprising employers, trade unions, farmers, community and voluntary sector representatives, environmentalists, senior officials from government departments, plus independent members. The Council was set up to analyse and report on strategic issues relating to the efficient development of the economy, the achievement of social justice and environmental sustainability. The report is available on NESC’s website.