Zambia Aims to Develop Comprehensive Natural Capital Accounting Strategy
The Acting Director of Development Planning at the Ministry of Finance and National Planning, Mr. Richard Lungu has stressed the importance of Zambia creating a complete national strategy for natural capital accounting. This strategy aims to improve how the country manages its natural resources.
According to a statement Issued by Tamara Nyirenda, First Secretary Press and Public Relations of Zambia High Commission, Mr. Lungu also calls for collaboration between national and international organizations and stakeholders to invest more in producing accurate and valuable natural capital accounts. These accounts are crucial for making informed decisions and plans that consider the environment.
During a meeting in Pretoria, South Africa, Mr. Lungu mentioned that Zambia’s published Natural Capital Accounts have significantly influenced the country’s policies and planning.
He acknowledges that including Natural Capital Accounting in Zambia’s Eighth National Development Plan (8NDP) for 2022-2026 is important, especially for environmental sustainability and managing natural resources.
Since Zambia joined the Wealth Accounting Valuation of Ecosystem Services (WAVES) initiative in March 2017, Mr. Lungu highlights substantial progress in integrating natural resources into the nation’s development planning and economic accounts. Organizations like the World Bank and Worldwide Fund for Nature (WWF) have supported these efforts.
Mr. Lungu appreciates the efforts of the South African government in advancing Natural Capital Accounting and ecosystem services. He believes that Zambia can benefit from recognizing these achievements and working together with South Africa.
He sees the consultative meeting as a positive step for Zambia, allowing knowledge sharing, experience exchange, and collaboration with stakeholders. Mr. Lungu believes these interactions are essential for addressing various issues and managing Zambia’s natural resources sustainably, in line with the Eighth National Development Plan (8NDP).
He emphasizes the importance of such meetings in establishing vital connections and partnerships to achieve Zambia’s goal of responsible natural resource management.
Participating institutions in the benchmarking exercise include technical officers from various government ministries and agencies, as well as international organizations like the United Nations Development Program (UNDP).
