To develop a practical definition of sustainable development relevant to the European Union and set out the conditions expressed in terms of the conservation of natural capital and the creation of new man made capital, for the achievement of that sustainability.
Develop the policy requirements consequent upon that capital maintenance objective, for the achievement of sustainable development.
The work involves the development of a rapid modified national accounting (RAMONA) procedure to enable a "quick" first assessment of "green Net Domestic Product": a measure of sustainable income taking account of the change in the value of the total asset base including natural capital. This is achieved by:
i) the estimation of resource depletion within the European Union, including the reduction in the value of such finite assets as natural gas reserves and depleted renewable resources such as forests managed on a non-sustainable basis and by the valuation of that environmental damage, not covered by the depletion measure;
ii) a substantial Cost Benefit type Analysis of the value of the loss of natural capital is provided by two case studies covering the Spanish Mediterranean Forest and the Wadden Sea, both including detailed valuations of a significant European ecosystem.
The achievement of sustainable development is facilitated through the integration of sustainability indicators into policy analysis and revised policy appraisal procedures, possibly through the medium of sustainability consistent "shadow prices" for natural capital.
Funding SchemeCSC - Cost-sharing contracts
1081 HV Amsterdam