The Philippines will be part of the World Bank’s “green accounting” pilot project

Along with Botswana, Colombia, Costa Rica, and Madagascar, the Philippines will be the site of the pilot implementation of the World Bank’s “green accounting” or Natural Capital Accounting project. This project, called, Wealth Accounting and the Valuation of Ecosystem Services (WAVES) is

…a global partnership that aims to promote sustainable development by ensuring that the national accounts used to measure and plan for economic growth include the value of natural resources.

In this project, a country will measure and plan for economic growth while taking into consideration the value of its natural resources. The GDP is an inaccurate picture of environmental issues and concerns that take a toll on the economy, and WAVES hopes to address this by providing a more complete picture by taking into consideration the effects of development, mining, and other activities on the economy. Read more about this on Inquirer.net.

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