Track 3Institutions and Tools

We prioritise the valuation of critical ecological, social, spiritual, cultural assets as critical components of a sustainable economy; appropriate

development indicators that reflect and measure progress in these areas

of inclusive and sustainable development need to be developed

Track 3 Discussion • Short presentation on ecosystem services and

land valuation methodologies• Land and resource owners/custodians struggle to

value their resources due to: Market value that does not represent the genuine

environmental, cultural, social, spiritual value, and does not include cost of restoration over a long time period (eg mining, forestry projects)

lack of appropriate measurement methods and information tools that measure the genuine value (economic, cultural, environmental) result in unfair dealings

Discussion (cont.)• Inappropriate market value for natural resources

linked at national level to GDP measure that fails to distinguish benefits from costs and yet sets development agenda

• Need to move towards green accounting, and PIDF well placed to promote this through a multistakeholder approach

• Opportunity to develop a regional methodology for valuing what is important in sustainable development

• Important to address all levels: local/community, national and regional

Recommendations1. Develop ecoysystem and heritage/cultural

valuation methodologies appropriate to Pacific context (including traditional methods of valuation)

2. And work directly with communities on understanding and measuring the values of resources

3. Develop common indicators for GG and SD as a Region

Recommendations (Cont.)

4. Develop a Green GDP framework and make it a part of national accounts – (sectors also responsible for this)

5. Develop mechanisms with industry sectors (eg tourism, transport) to report back on their contribution to GG and SD