Integrating Natural Capital and Ecosytem Services into Kenya’s Macro-Economic and Investment Decisions
The Economic Planning Principal Secretary, James Muhati held a consultative meeting with a team from the World Bank and Senior Officials from the Kenya National Bureau of Statistics (KNBS) at the Treasury Building today, 18th February, 2024. The leader from the World Bank team was Ragini Dalal, World Bank Sector Leader for Sustainable Development. They deliberated on advancing the development and institutionalization of Natural Capital Accounts in Kenya.
Natural Capital Accounting (NCA) is a method for measuring and reporting on the value of natural resources and services. It can provide detailed statistics for better management of natural resources that contribute to economic development.
The institutinalization of NCA aims to intergrate natural capital and ecosystem services into Kenya’s macro-economic and investment decisions.
The World Bank team made a presentation on the three blocks of technical assistance to Ministeries, Departments and Agencies (MDA’s) which include; Support for Development Accounts,Capacity Building and Institutionalization of Natural Capital Accounts (NCA).
The presentation highlighted the principle of coordination among statistical agencies within countries which is essential to achieve consistency and efficiency in statistical systems.
The meeting agreed to form a National Steering Committee and Technical Working Groups involving various agencies to steer this initiative.
” I affirm that we will engage the leadership in the National Treasury and other government officials who will be part of this Steering Committee in collaboration with the Kenya National Bureau of Statistics (KNBS) that will help in coming up with a strategy on how to institutionalize the Natural Capital Accounts”, PS Muhati said.
The PS further stated that the establishment of the Macro-economic department within the State Department for Economic Planning is part of the reforms that will help in the planning process.
The availability of quality and timely data is critical in economic planning and I guarantee my committment to support this initiative”, PS Muhati reiterated.
The KNBS has been spearheading the operationalization of natural capital in macro and investment decisions to enhance data quality and reliable statistics in national development planning.
PS Muhati thanked the WorldBank team for coming up with this timely initiative that will foster impactful economic decision making.
In attendance also were : Economic Planning Secretary, Timothy Gakuu, Economic Planning Director, Benson Kiriga, World Bank Officials, KNBS Officials among others.
