UK to assist Pakistan in ‘National Capital Accounting’

Ag APP

ISLAMABAD: The United Kingdom will provide technical support on “National Capital Accounting” — a process by which natural assets can be valued accurately for conservation efforts — and a letter to that effect was signed between the UK British High Commission Islamabad, UK Statistics Authority and the Ministry of Climate Change on Thursday.

The Prime Minister’s aide on climate change, Malik Amin Aslam and the British High Commissioner in Pakistan, Dr Christian Turner, also witnessed the signing ceremony. Turner also posted a photo on his Twitter account.

Both sides pledged to work together to introduce the concept of natural capital accounting systems and its implementation for the conservation and protection of natural resources, biodiversity and ecosystems.

Addressing the ceremony, Turner highlighted the diversity and importance of Pakistan’s natural resources and their vitality for sustainable socio-economic and environmental development. He said: “Pakistan’s natural biodiversity is one of its greatest assets. Climate change threatens that, and the water supply on which the country depends. This UK assistance will help Pakistan manage its natural assets efficiently and attract much-needed finance.”

While speaking, UK Development Director Annabel Gerry, who signed the letter of support on behalf of the UK government, vowed to extend technical support in implementing the concept of Natural Capital Accounting in Pakistan to help protect and conserve the country’s natural resources while feeding the national socio-economic development in a sustainable way.

She said: “With this technical capacity Pakistan will be able to apply Natural Capital Accounting methods and to value its natural assets accurately.”

Malik Amin Aslam, when he spoke, said the incumbent government is very much aware that the accounting of natural capital is of unprecedented significance as far as achieving the sustainable management of natural resources in context of their contribution to socioeconomic development and its implications is concerned.

“However, support of the UK government in assisting Pakistan for framing and implementing of policies and programmes for natural capital accounting is of paramount importance. Because the UK is globally recognised as one of the global leaders in development of natural capital accounts systems/procedures and their integration into policymaking,” the PM’s aide told the event participants.

He hoped that the agreement between British and Pakistani governments would go a long way in boosting latter’s capacity to mainstream natural capital accounting into policymaking at social, economic, environmental, energy and food security levels as well as enhancing the country’s climate resilience.