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Govt sets up Natural Capital Commission to link environmental protection with economic development

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Ahead of the Council of Ministers’ decision on the future of the Dominga project, President Gabriel Boric’s government announced the creation of the Natural Capital Commission, a move aimed at protecting the country’s biodiversity as well as economic standards.

“It will create a governance platform that provides information and environmental knowledge, but with an economic focus aimed at improving the country’s fiscal, public budget and productive decision-making without destroying nature,” the executive said in a statement. said the statement. Explained by minutes.

in that line, e.g. SecondWill be led by the Ministry of Environment, Finance and Economy: “It puts Chile at the forefront of the urgent need to tackle climate change and the crisis of biodiversity loss, putting nature at the center of discussions on clean and sustainable development.”

The government also made it clear that the Natural Capital Commission will make recommendations and present a course of action.”In the measurement, assessment, valuing, conservation, restoration and improvement of Chilean natural capital, allowing for the integration of nature and biodiversity in the design and implementation of national development.,

With this in mind, Environment Minister Maisa Rojas insists on this initiative “Recognize and emphasize the contribution of nature and biodiversity to economic development (…) We hope that this work will come to fruition, that we will gain a better understanding of Chile’s natural capital, drive changes in the design of public policies, and that investment promotion decisions will be based on this environmental criterion in their decision-making. ,

Meanwhile, Finance Minister Mario Marcel emphasized that various organizations such as central banks and the Inter-American Development Bank (IDB) are part of the example to set measurable, achievable goals based on experience. Example: “In 2023, Chile will launch a pilot program to establish a natural capital baseline at the national level, allowing for the first methodological estimation and current assessment of the state of natural capital stocks”.

,This is the first step before making a decision, which allows, among other things, to assess how the current state of our natural capital can contribute to assessing the enormous socio-environmental challenges we face.’, added the economist.

Finally, President Boric kicked off the event by signing a decree establishing the Natural Capital Council, highlighting the initiative as a pioneer in Latin America and reaffirming the importance of biodiversity to the country’s development.

“We have to have another way of looking at things and more information to make better decisions (…) We’re talking about a tool to identify the intrinsic value of nature, What it seeks is to value it economically, with the aim of promoting its conservation by explicitly incorporating said value into our decision-making, something we have not done before.“, the president stressed.

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