WAVES Newsletter, Issue 51, March 2019
A snapshot of West Africa`s disappearing coast. WAVES is now providing Targeted Technical Assistance to  the West Africa Coastal Areas Management Program (WACA) countries. (Photo credit: Miguel Antonio Toquica Onzaga)
Dear colleagues, 

We have some good news! We are excited to welcome Egypt and Morocco as Core Implementing Countries (CICs). In addition, Targeted Technical Assistance for select accounts and valuation will be given to Nepal, Madagascar, and the West Africa Coastal Areas Management Program (WACA) countries. This means we are now working with eight CICs and look forward to sharing progress as these countries kickstart work. 

Another significant development is from Rwanda where the Ministry of Finance and Economic Planning has taken on the work on natural capital accounts from the Ministry of Environment. A nine-member unit will be housed within the macroeconomics division of the Ministry of Finance that is responsible for national planning and resource allocation. With this, we have moved a step further toward a key objective of the WAVES program to institutionalize accounts. 

In other work, momentum is building up on using the System for Environmental-Economic Accounts (SEEA) as a framework for measuring post-2020 targets for biodiversity to be launched at COP15 in China. Our partner, UNSD held a joint workshop with the W orld Conservation Monitoring Centre  in Cambridge, UK to discuss how systematic ways of measuring natural capital could be useful in designing and monitoring targets. The World Bank will contribute to this by leveraging the Bank's work on measuring natural capital and by collaborating with selected parties to the CBD, to ensure that the work will inform the process leading up to the China COP.

Payment for Ecosystem Services (PES) will be one such policy option to encourage countries and forest communities to protect forests. You can read a blog by a World Bank Senior Economist on an impact evaluation study that found that Mexico's PES program has reduced deforestation in high risk areas.

The WAVES Team
News from the WAVES Partnership
Egypt and Morocco join as core implementing countries and WAVES is providing Targeted Technical Assistance to Nepal, Madagascar, and WACA countries. 
Interest around Natural Capital Accounting (NCA) continues to grow with more affluent countries investing in developing accounts. 
An evaluation found that Mexico's PES program has reduced deforestation in high 
risk areas. 
New in the Knowledge Center
News from our Partners

Green Growth Knowledge Platform asked thought leaders to share their insight on new approaches to wealth accounting and the challenges of moving beyond GDP. 

The aim of this workshop was to develop sustainable development indicators set based on selected SEEA modules, and to provide an opportunity to discuss how the SEEA relevant indicator set can  support the Post-2020 Biodiversity Framework. 

The third PAGE Ministerial Conference adopted an outcome document that stresses the need to shift from linear economic models of production, consumption and investment towards  circular  economies.

A story on the launch of step-by-step guide to enable financial institutions to carry out rapid natural capital risk assessments in Johannesburg. 

WAVES Voices

" The loss of species, ecosystems and genetic diversity is already a global and generational threat to human well-being. Protecting the invaluable contributions of nature to people will be the defining challenge of decades to come. Policies, efforts and actions - at every level - will only succeed, however, when based on the best knowledge and evidence. "    
  - Sir Robert Watson, IPBES Chair
Natural Capital Accounting in the News

February 23, 2019
Upcoming Events
Natural Capital Accounting: Connecting the Pillars of Sustainability
March 5-8, 2019
New York, USA
Integrated Water Resource Management
Republic of Rwanda
March 20, 2019
Kigali, Rwanda

Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services
April 29 - May 4, 2019 
Paris,  France
United Nations
June 24-25, 2019 
New York, USA

This n ewsletter  is published by the WAVES Communications Team. We welcome your submissions of news, events and publications at wavespartnership@worldbank.org