Report On Natural Resource Accounting (NRA):
The Comptroller and Auditor General of India has stated that it would be coming up with report on Natural Resource Accounting (NRA) by November 2022.
- It is an attempt to develop accounting systems to help monitoring their responsible utilisation, which will in turn lead to sustainability.
- Natural Resource Accounting is a process of estimating the value of natural resource depletion and environment degradation due to economic activities.
- The concept of NRA was emerged to capture the intimate interplay between the various components of the natural environment and the economic progress of a country.
- It is based on the concept – ‘measurement of a resource leads to its better management’.
- The need for NRA took its first step at the United Nations (UN) conference on Human Environment in 1970 (Stockholm Conference) when the relationship between economic development and environmental degradation was discussed for the first time.
- The Brundtland Commission, set up by the UN, articulated the idea of close association between the environment and economic activities in 1987, which was followed up by environmental accounting and the Earth Summit at Rio de Janeiro in 1992.