Waves - Wealth Accounting and the Valuation of Ecosystem Services

Wealth Accounting and the Valuation of Ecosystem Services (WAVES) is a World Bank-facilitated global partnership that aimed to promote sustainable development by mainstreaming Natural Capital Accounting (NCA) in countries’ development planning and national accounting systems. One of the main goals of the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) partnership was to implement natural capital accounting in countries around the world. Forest accounts are especially important in many of these countries as efforts to reverse deforestation trends, maintain vital watersheds, and enhance ecotourism benefit flows are focal points for future development. However, there was little guidance in the way of forest accounts. To meet the growing demand, WAVES updated the Manual for Environmental and Economic Accounts for Forestry, published by FAO in 2004. The update reflects the multiple advances made in the decade since the original by: (i) incorporating new case studies and country examples of how forest accounts have informed policy decisions, (ii) harmonizing the manual fully with the System of Environmental-Economic Accounting SEEA 2012 standard methodology, (iii) exploring the advances of data collection techniques, and (iv) developing new training materials and guidance of how to compile accounts