A roadmap issued earlier this year called for expanding the nation’s economic accounting system to include natural capital. Image: Joshua Rainey Photography/Shutterstock.com
By: FEDweek StaffThe Biden administration has issued draft guidance on including the impact on ecosystems in cost-benefit analyses.
A posting by the Office of Information and Regulatory affairs says that failing to account for what it calls ecosystem services, “has led to under-valuing and erosion of our nation’s natural assets. When we account for our environment, we are able to harness opportunities to confront climate change, promote prosperous and resilient communities, and invest in strong infrastructure. We must measure what we value, not just value what is simple to measure.”
The guidance builds on several administration initiatives including a “roadmap” issued earlier this year on expanding the nation’s economic accounting system to include natural capital, it said “Both that roadmap and this guidance will help inform decisions that affect nature, and will better reveal how those changes ultimately affect people,” it said.
“The draft ecosystem services guidance for benefit-cost analysis reflects collaborations with ecologists and economists across departments and agencies, and it aligns best practices within government with state-of-the-art scientific knowledge. Input from the public is an important part of creating this guidance. That’s why we are seeking public comment on the draft guidance, which will also undergo peer review,” it said.
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