A nationwide natural capital accounting process, under the Endheri (Black Coral) Project, will be implemented once the assessment of Laamu (L.) Atoll is completed, Minister of Climate Change, Environment and Energy, Thoriq Ibrahim has said.
Natural capital accounting utilises an accounting framework to systematically measure and report on the state of natural capital—natural resources—and the contributions these resources provide to society and the economy.
Speaking at the Endheri Small Grants 2024 awarding ceremony in L. Fonadhoo, Thoriq noted that, while many nations have assessed their natural resources, the Maldives’ most important natural resources and ecosystems have remained overlooked.
Australia’s University of New South Wales (UNSW) was awarded the contract under which studies have been conducted this year to assess the condition of natural resources, such as coral reefs, in Laamu Atoll.
According to UNSW, natural capital accounting is increasingly recognised as a critical tool for measuring the importance of nature to guide the sustainable development of the blue economy; by valuing the benefits of ecosystems and understanding the trade-offs of development policies, decision-makers can develop effective strategies to promote the sustainable use of natural resources.
A UNSW team is scheduled to visit the Maldives in November to release the results of the research and provide training to the relevant institutions.
