From growth to prosperity: Recognising the value of nature

Abstract

The article introduces true cost accounting and The Economics of Ecosystems and Biodiversity (TEEB) as approaches that make the wider costs, benefits, dependencies and trade-offs associated with economic activity more visible. In agriculture, this means looking beyond production and market returns/pricing to consider impacts on soil health, water, biodiversity, carbon, farmer livelihoods, resilience and other forms of value. It also highlights the complementary role of the System of Environmental-Economic Accounting – Ecosystem Accounting (SEEA-EA), which provides a statistical framework for measuring ecosystem extent, condition and services, and linking these with economic activity. In the Indian context, the article highlights existing progress on environmentaleconomic accounting and UNEP’s TEEBAgriFood work with MoAFW, MoEFCC, MoSPI, ICAR and other institutions on sustainable agriculture including organic farming and agroforestry. The article emphasises that better integration of these approaches can support evidence-based policy, stronger incentives and development pathways that build lasting prosperity while sustaining the natural systems on which it depends.