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Ecosystem accounting has been advocated as a potential ‘game changer’ for managing the environment and economy and was recently standardised by the United Nations (UN) in the System of Environmental-Economic Accounting Ecosystem Accounting (SEEA-EA). However, Indigenous Peoples, their lands, values, and knowledge have not been explicitly included in the SEEA-EA. With more than 40% of global land under some form of Indigenous management or tenure, this omission must be addressed if Indigenous Peoples are to use the SEEA-EA; and if the values and aspirations of Indigenous Peoples are to be reflected in broader environmental and economic management and policy. We outline how Indigenous perspectives differ from those currently recognised in SEEA-EA. A key difference is that Indigenous Peoples view themselves as part of ecosystems rather than distinct from them, and this relationship is two-way, not one-way, as presented in the SEEA-EA. Reconciling these perspectives is possible but will require collaborative engagement with Indigenous Peoples guided by the principles of free, prior, and informed consent. To achieve a reconciliation, we call for two actions: (1) including recognition of Indigenous values as a new item on the SEEA-EA research agenda, and; (2) that Indigenous Peoples be part of the UN processes governing the development of the SEEA-EA.

Demand for ecological restoration of Earth’s degraded ecosystems has increased significantly since the adoption of The Kunming-Montreal Global Biodiversity Framework in December 2022, with target 2 aiming to ensure that at least 30% of degraded ecosystems are under effective restoration by 2030. More recently, in December 2023, the Australian Parliament introduced the Nature Repair Act, which establishes a framework for the world’s first legislated, national, voluntary biodiversity market. How can the effectiveness of these ambitious targets be measured? Natural Capital Accounting (NCA) provides a framework to measure changes in ecosystem condition that is applicable across ecosystems and potentially catalogue effects of restoration interventions to drive investment, improvement to practice, and ultimately, to better protect the Earth's ecosystems. However, the framework has not been tested in this context. In this progressive approach, we populated the leading global NCA framework with ecological data to quantify changes in ecosystem condition after restoration. In principle, NCA is fit for purpose, however, methodological refinements and ecological expertise are needed to unlock its full potential. These tweaks will facilitate adoption and standardisation of reporting as efforts ramp up to meet ambitious global restoration targets.

Biodiversity accounting is promoted as a way of improving the conservation of species and ecosystems. Advancing the theory and practice of biodiversity accounting is driven by the United Nation's standardization of ecosystem accounting in 2021 and a desire to make production of ecosystem accounts commonplace and useful. While the theory of biodiversity accounting has advanced, in practice few accounts have been produced and all have focused on iconic or threatened species. We present a set of novel biodiversity accounts for the 92 butterfly species of the Australian Capital Territory (ACT), spanning 1978–2021, using historical records and systematic surveys of 224 sites between 2014–15 and 2020–21 in the Southern Hemisphere survey season (Spring‐Autum). We conclude that species level biodiversity accounting is useful for biodiversity conservation and that species accounting must go beyond accounting for iconic and threatened species and reflect other characteristics, such as the distribution, abundance, residential status, breeding status, endemism, and ecological status of all species. Habitat specialization provides a link to ecosystem condition accounting, with changes in the distribution and abundance of habitat specialists a likely indicator of ecosystem condition. With such information, species accounts can be used to assess and target conservation activity and examples for ACT butterflies are provided. Biodiversity accounting is a way of organizing information to improve the conservation of species and ecosystems. We present butterfly accounts for the Australian Capital Territory, Australia, covering 92 species and spanning the years 1978–2021. We conclude that to be useful for biodiversity conservation, biodiversity accounting must the reflect the distribution, abundance, residence, breeding status, endemism, and habitat specialization of all species, and not just iconic or endangered species.

Decisions about natural resource management are frequently complex and vexed, often leading to public policy compromises. Discord between environmental and economic metrics creates problems in assessing trade-offs between different current or potential resource uses. Ecosystem accounts, which quantify ecosystems and their benefits for human well-being consistent with national economic accounts, provide exciting opportunities to contribute significantly to the policy process. We advanced the application of ecosystem accounts in a regional case study by explicitly and spatially linking impacts of human and natural activities on ecosystem assets and services to their associated industries. This demonstrated contributions of ecosystems beyond the traditional national accounts. Our results revealed that native forests would provide greater benefits from their ecosystem services of carbon sequestration, water yield, habitat provisioning and recreational amenity if harvesting for timber production ceased, thus allowing forests to continue growing to older ages. Ecosystem accounts quantify trade-offs between the economy and the environment. Here, the authors apply this approach to a regional case study of native forest use to show how it can be used to inform policy about complex land management decisions.

First Nations’ values are frequently overlooked in public and private sector decision-making. Natural Capital Accounting is increasingly promoted for decision-making but overlooks First Nations’ values, limiting its potential. Here, we present three Australian case studies highlighting the approaches, challenges, and progress made towards integrating First Nations’ values into accounting, aiming to distil lessons and help realize accounting’s potential to achieve transformative change in how decisions affecting First Nations people are made globally. We conclude that collaboration, respecting data sovereignty, and prioritizing First Nations’ voices are needed for comprehensive accounting. We recommend establishing an international working group under the auspices of the United Nations to include recognition of these values in accounting and how this recognition can inform decision-making. Recognizing First Nations’ values in Natural Capital Accounting benefits all by making these values visible and providing First Nations people, literally and figuratively, a “seat at the table” in the decisions affecting them. Including First Nations’ cultural and ecological values in natural capital accounting by engaging with land and sea managers helps bridge the gap between Indigenous and Western knowledge and enables inclusive decision making, as discussed through three Australian case studies in this Perspective.

A growing number of countries is setting up natural capital accounts (NCA) based on the system of environmental-economic accounting (SEEA); however, actually using them for better policy making turns out to be complex. This paper synthesises lessons on the institutional mainstreaming of the SEEA and its use in improving policy decisions affecting natural capital. It draws on discussions held at two Policy Forums organised by the World Bank Wealth Accounting and Valuation of Ecosystem Services program and the United Nations Statistical Division. Practical examples of how the SEEA helps to improve policy making are explored. Emerging from the Forums were ten principles for making NCA fit for policy. These principles promote a comprehensive NCA organisation, a purposeful use of accounts, trustworthy methods and institutionalisation of NCA mechanisms in government. To put these principles into practice, six strategies are outlined: (1) assure credibility of the accounts; (2) align supply and demand for NCA; (3) assure high level support for NCA; (4) encourage cooperation between institutions so NCA and policy are mutually constructive; (5) provide evidence that natural capital is economically important and; (6) assure policyrelevant communication of NCA results.

The System of Environmental-Economic Accounting Ecosystem Accounting (SEEA-EA) is widely promoted in environmental and economic policy and management. Unfortunately, the SEEA-EA has not substantively addressed the aspects of accounting that may be of interest to, or used by, Indigenous peoples. We investigate an Indigenous perspective on the potential of the SEEA-EA to support cultural and environmental management through collaborative workshops with managers of Nyamba Buru Yawuru, the Prescribed Body Corporate representing the Yawuru Traditional Owners in Western Australia. Our discussions highlight that while the SEEA-EA may be a valuable tool for empowering Indigenous people and supporting the management of their lands and seas, there are areas where the SEEA-EA needs to be broadened to better reflect cultural values, and the services to ecosystems provided by Indigenous peoples. Embedding Indigenous perspectives into the SEEA-EA would mean that it is of greater use to Indigenous peoples and their representative organisations and ensure that these values are better recognised in the policymaking of government.

Economics has long taken precedence over the environment in both governmental and business decision making, with the System of National Accounts and the indicator GDP coming to represent much that is wrong with the current environmental conditions. Increasing recognition of the environmental damage human activity causes and that human well-being depends on biodiversity and ecosystems means that new systems to measure and sustainably manage the world are needed. Integrating the environment into national accounts has been suggested as a way to improve information but so far impact on decision making is limited. This outlook needs to change. Using examples from Australia and Botswana, we show how integrating information on biodiversity, resource use and the economy via accounting can help create a new decision-making paradigm and enable a new policy framing with spending on biodiversity conservation and sustainability seen as an investment, not a cost.

Accounting information is a core element of economic decision-making at both national and corporate levels. It is widely accepted that much economic activity is dependent upon natural capital and natural resources—generically termed environmental assets in an accounting context. Environmental assets are under threat of depletion and degradation from economic activity. Consequently, the incorporation of information on environmental assets into standard accounting frameworks is an essential element in mainstreaming environmental information and broadening the evidence base for economic decisions and the assessment of sustainability. This paper describes the treatment of environmental assets within the national economic accounts and summarizes recent developments that extend the accounting approaches as described in the United Nations' System of Environmental-Economic Accounting (SEEA). The potential for implementation of accounting standards for environmental assets is shown through a description of work in Australia on environmental-economic accounting.