By Staff Writer
The Acting Director of Development Planning at the Ministry of Finance and National Planning, Richard Lungu, has emphasized the necessity for Zambia to formulate a comprehensive national strategy on natural capital accounting.
This strategy aims to facilitate better coordination and integration of efforts related to natural capital within the country.
Mr. Lungu is also advocating for collaboration among both national and international institutions, as well as various stakeholders, to enhance investment and dedication towards producing credible and valuable natural capital accounts which are essential for informed integrated planning, monitoring, and decision-making.
During the Natural Capital Accounting Strategy (NCAS) and benchmarking consultative meeting in Pretoria, South Africa, Mr. Lungu noted that Zambia’s published Natural Capital Accounts have significantly influenced policy in the national planning process.
He acknowledges the policy implications resulting from the integration of Natural Capital Accounting into Zambia’s Eighth National Development Plan (8NDP) 2022-2026, specifically focusing on environmental sustainability and natural resources management.
Since Zambia’s involvement with the Wealth Accounting Valuation of Ecosystem Services (WAVES) initiative in March 2017, Mr. Lungu highlights the substantial progress made in mainstreaming natural resources into the nation’s development planning and economic accounts, supported by organizations like the World Bank and Worldwide Fund for Nature (WWF).
Mr. Lungu commends the efforts of the South African government in advancing Natural Capital Accounting and ecosystem services, emphasizing the significance of recognizing these achievements and leveraging them for Zambia’s benefit.
He views the consultative meeting as a progressive step for Zambia, enabling knowledge sharing, experience exchange, and constructive engagement with stakeholders. Mr. Lungu believes these interactions are crucial for addressing various issues and advancing sustainable utilization and management of Zambia’s natural capital, aligning with the Eighth National Development Plan (8NDP).
He underscores the importance of such meetings in establishing crucial linkages and partnerships essential for realizing Zambia’s vision of prudent natural resource management.
Participating institutions in the benchmarking exercise include technical officers from the Ministry of Finance and National Planning, Tourism and Arts, Green Economy and Environment, Water and Sanitation, Zambia Statistical Agency (Zamstat), Wildlife Fund (WWF), and the United Nations Development Program (UNDP) – Zambia country office.
This is contained in a statement issued by Tamara Nyirenda First Secretary Press and Public Relations Zambia High Commission South Africa.
