International leaders in business, government and Non-Governmental Organizations (NGO) launch global coalition for valuing natural capital.
International leaders from business, government and NGOs gathered in Singapore to officially launch the new TEEB (The Economics of Ecosystems and Biodiversity) for Business Coalition headquarters, whose aim is to achieve a shift in corporate behaviour towards preserving and enhancing the earth’s natural capital.
The coalition is a not-for-profit organisation and will aim to study and standardise methods for natural capital accounting to enable its valuation and reporting in business, with a focus on global stakeholder engagement and research and development.
Singapore’s Minister for environment and water resources Vivian Balakrishan said at the launch that due to "significant challenges, the only way that we are going to solve them is through a coalition of all the different stakeholders. It is absolutely essential that we get the economics right".
The long list of coalition partners includes the Singapore and the UK Governments, The Institute of Chartered Accountants in England and Wales, as well as the charity WWF-UK.