OA and Multilateral Development Finance

TG-1.7 Section 1: Using Ocean Accounts in Decision-Making Applied Draft

Circular ID	TG-1.7
Version	8.0
Badge	Applied
Status	Draft
Last Updated	February 2026

1. Outcome

1After reading this Circular, finance ministry officials and project developers will be able to use Ocean Accounts data to build stronger business cases for multilateral development finance. Such cases quantify ocean-based development opportunities, natural capital benefits, and alignment with MDB safeguard requirements. The guidance explains how national statistical offices, ocean management agencies, and finance ministries can use structured accounting data to strengthen project proposals and programme documentation for submission to multilateral development banks (MDBs) and international climate and biodiversity funds.

2Readers will learn how to connect ocean accounting information to MDB project appraisal requirements, understand the role of natural capital valuation in cost-benefit analysis for development finance, and align ocean account reporting with emerging international frameworks for nature-related financial disclosure. The guidance supports practitioners in articulating the economic rationale for ocean investments using internationally standardised accounting information that is recognised by development finance institutions.

3Key decision contexts supported by this guidance include: MDB project appraisal using ocean accounting baselines, blue bond verification and impact reporting, Small Island Developing States (SIDS) ocean finance tracking for SDG 14.7 implementation, and Green Climate Fund and Global Environment Facility results frameworks that require quantified natural capital metrics. The structured information from Ocean Accounts provides the common baseline across these financing contexts. Ocean dependencies, environmental outcomes, and financial risks related to nature loss can then be measured on consistent terms.

2. Requirements

1Essential prerequisites:

• 2TG-0.1 General Introduction to Ocean Accounts — for the foundational understanding of Ocean Accounts structure, including the distinction between stocks and flows, the relationship to the System of National Accounts (SNA) and System of Environmental-Economic Accounting (SEEA), and the multiple-capitals framework for wellbeing and sustainability
• 3TG-0.2 Overview of Relevant Statistical Standards — for background on the relationship between SNA and SEEA frameworks that underpins the multilateral finance application

4Helpful background:

• 5TG-1.8 OA and Project-Level Finance — detailed guidance on applying Ocean Accounts at the individual project scale, including project-specific cost-benefit analysis and results monitoring
• 6TG-1.9 Safe Usage of Monetary Valuation — detailed guidance on valuation methods for ocean ecosystem services and assets, including discount rate selection and welfare value estimation
• 7TG-2.6 Ocean-related Investment — methodological guidance on compiling ocean-related investment indicators, including gross fixed capital formation and sustainable finance instruments

8Framework Position

9This Circular addresses how ocean accounts inform multilateral ocean finance by tracking monetary flows to ocean assets, economic contributions to coastal community conditions, and ecosystem service values that underpin investment decisions. In the Ocean Accounts Framework (TG-0.1 Figure 0.1.2):

Edge	Direction	Description
E3	FG1↔SG1	Monetary flows between assets and economic sectors
E5	FG1→SG2	Economic contributions to social conditions
E9	SG3→FG1	Ecosystem services to economy

3. Guidance Material

3.1 Ocean accounts and multilateral development finance

1Multilateral development banks (MDBs) collectively provide hundreds of billions of dollars in development financing annually, with increasing attention to climate adaptation, biodiversity conservation, and sustainable blue economy development¹. The principal MDBs include the World Bank Group, Asian Development Bank, African Development Bank, Inter-American Development Bank, European Bank for Reconstruction and Development, and Asian Infrastructure Investment Bank. Vertical climate and biodiversity funds, including the Green Climate Fund (GCF) and Global Environment Facility (GEF), provide additional financing channels with specific environmental mandates. The distinction between MDBs and vertical funds matters in practice because their appraisal processes differ: MDBs typically apply economic rate-of-return tests and safeguard compliance frameworks, whereas vertical funds such as the GCF and GEF employ investment criteria centred on paradigm-shift potential, climate rationale, or global environmental benefits. Practitioners should tailor their use of ocean accounting data to the specific requirements of the financing institution being approached.

2The 2025 System of National Accounts (SNA) introduces new guidance on sustainability measurement that directly supports the use of accounting frameworks in development finance contexts. Chapter 35 of the 2025 SNA explains that accounting-based approaches that bring together information in a structured way and cover multiple capitals “provide an excellent structure for the required baseline information” for assessments of sustainability, capacity, resilience and risk². The SNA further notes that “the use of a common baseline across different assessments can enhance the usefulness of assessments for decision makers since the differences across assessments can be more readily compared”³.

3For development finance purposes, Ocean Accounts can provide this common baseline by organising data on:

• 4The stocks and condition of marine and coastal natural capital assets
• 5The flows of ecosystem services from ocean environments
• 6The economic contribution of ocean-related sectors to national production
• 7The dependencies of coastal communities and ocean industries on ecosystem services
• 8The physical and monetary dimensions of environmental pressures and responses

9This structured information addresses core elements of MDB project appraisal: the economic rationale for investment, the baseline against which results will be measured, the environmental and social context in which projects operate, and the sustainability of anticipated benefits over time.

10The 2025 SNA also introduces guidance on accounting for areas beyond national jurisdiction (ABNJ), noting that where there is interest in organising data about natural capital outside the scope of the national accounts, “the accounting definitions and treatments of the integrated framework of the SNA and the SEEA can be applied”⁴. The ABNJ guidance is particularly relevant for ocean financing that spans exclusive economic zones and high seas areas.

Downward connections to accounts, indicators and data

1Ocean Accounts support four operational functions for multilateral development finance across the project cycle.

2Baseline establishment for project appraisal. In the Ocean Accounts Framework (TG-0.1), the valuation of ecosystem services flowing to the economy corresponds to Edge E9 (ecosystem services to economy), which underpins the natural capital rationale for development finance investment. Ecosystem extent accounts (TG-3.1 Assets) establish pre-project stocks of marine habitats such as coral reefs, mangroves, and seagrass meadows. Ecosystem condition accounts record baseline health metrics: coral cover percentages, mangrove regeneration rates, and water quality indicators that define the starting point for impact assessment. Physical flow accounts (TG-3.2 Flows from Environment to Economy) quantify provisioning services such as fish catch and regulating services such as coastal protection, measured in physical units (tonnes of fish, linear kilometres of shoreline protected). These baselines are essential for MDB appraisal methodologies, which require quantified evidence of the natural capital at risk or the ecosystem services that investments will protect or enhance.

3Results measurement for monitoring frameworks. Once a project is under way, flow accounts provide the monitoring data required by MDB results frameworks and vertical fund reporting requirements. Ocean economy thematic accounts (TG-2.5 Structure and Function of the Ocean Economy) track economic outcomes such as employment in sustainable fisheries or tourism revenues from marine protected areas. Investment indicators (TG-2.6 Ocean-related Investment) measure capital formation in ocean sectors, including gross fixed capital formation (GFCF) in vessels, port infrastructure, and aquaculture facilities. These indicators track whether development finance is catalysing additional private investment. Asset accounts document changes in natural capital stocks, and those changes indicate whether financed interventions are achieving their intended conservation or restoration outcomes. The time-series structure of Ocean Accounts enables before-and-after comparison essential for impact evaluation.

4Risk assessment for financial structuring. Asset accounts quantify the natural capital stocks on which proposed investments depend, informing risk assessment. Coastal infrastructure investments, for example, depend on the coastal protection services provided by mangroves and reefs. Where extent and condition accounts record declining trends in these ecosystems, the physical risk to project viability rises. Ocean economy accounts identify sectoral dependencies on ecosystem services. Tourism depends on water quality and biodiversity, aquaculture on water quality and waste assimilation, and fisheries on spawning habitat and nursery grounds. Quantifying these dependencies enables MDBs to assess nature-related risks to project cash flows, as required under the emerging frameworks for nature-related financial disclosure (TNFD, IFRS S1) discussed in Section 3.4 below.

5Indicator reporting for policy targets. Beyond project-specific results, Ocean Accounts provide the source data for compiling indicators relevant to multilateral financing targets. SDG 14.7.1 (sustainable fisheries as proportion of GDP) can be derived from ocean economy thematic accounts by identifying the value added of sustainably managed fisheries relative to total GDP. SDG 14.5 (marine protected area coverage) can be reported from spatial extent accounts. GCF and GEF proposals require indicators on ecosystem condition, livelihoods, and climate adaptation benefits. Ocean Accounts provide the standardised measurement framework for compiling these indicators in a manner consistent with international statistical standards. For guidance on deriving these indicators, see TG-2.10 MEA Indicators.

3.2 Natural capital in project appraisal

1The appraisal of development projects traditionally relies on cost-benefit analysis (CBA) to assess whether expected benefits exceed expected costs over the project lifetime. The SEEA Ecosystem Accounting (SEEA EA) framework, adopted as an international statistical standard in 2021, provides guidance on how ecosystem service values can be systematically incorporated into such analyses⁵. Detailed guidance on valuation methods is provided in TG-1.9 Safe Usage of Monetary Valuation.

2The SEEA EA distinguishes between exchange values used in accounting (reflecting market prices or equivalent transaction values) and welfare values used in traditional cost-benefit analysis (reflecting total willingness to pay including consumer surplus). These two value concepts serve different purposes in development finance, and practitioners should be clear about which they are using and why. Both have roles:

1. 3Exchange values from ecosystem accounts provide a conservative, transaction-based measure that is directly comparable with other economic statistics including GDP and national wealth accounts. These values are appropriate for national accounting purposes, for assessing the macroeconomic significance of ecosystem contributions, and for ensuring consistency with broader national accounts data submitted to MDBs.
2. 4Welfare values from complementary assessments provide a fuller measure of total economic value that captures benefits to users beyond what they actually pay. MDB economic analysis guidance (including the World Bank’s guidance on economic analysis of investment operations) typically requires welfare values for cost-benefit analysis because they reflect the full social benefits and costs relevant to public investment decisions.

5In practice, practitioners preparing MDB project submissions should use welfare values as the primary basis for project-level cost-benefit analysis, consistent with standard MDB appraisal methodology, whilst referencing exchange values from the ecosystem accounts to establish the baseline asset stocks and service flows from which welfare-based assessments are conducted. The SEEA EA notes that “data from the ecosystem accounts can provide inputs to [externality] assessments through its recording of changes in ecosystem condition and changes in ecosystem services flows that arise as a result of a particular activity”⁶. This complementary use of both value concepts ensures that project documentation is grounded in the accounting framework while meeting MDB appraisal requirements.

6When preparing project documentation for MDB financing, practitioners should:

1. 7Use ecosystem accounts to establish baseline values for marine and coastal ecosystem assets in the project area
2. 8Use ecosystem service flow accounts to quantify the current value of services provided to beneficiaries
3. 9Apply net present value (NPV) approaches using appropriate discount rates to estimate changes in asset values under project scenarios
4. 10Present welfare values as the primary input to cost-benefit analysis, supplemented by exchange values from the accounts to demonstrate consistency with the national statistical framework

11In the Ocean Accounts Framework (TG-0.1), these monetary flows between economic sectors and ocean assets correspond to Edge E3 (monetary flows between assets and economic sectors), which captures the financial transactions that development finance institutions seek to quantify and appraise. The SEEA Central Framework provides detailed guidance on NPV approaches to asset valuation, noting that the net present value “is the value of an asset determined by estimating the stream of income expected to be earned in the future and then discounting the future income back to the present accounting period”⁷. This approach is directly applicable to valuing changes in ecosystem asset values under alternative project scenarios. For ecosystem assets, the choice of discount rate significantly affects valuations. The SEEA notes that “there is also support for the use of social discount rates in the valuation of environmental assets” given their “broad and long-term value to society as a whole”⁸.

3.3 Aligning with MDB environmental and social safeguards

1Multilateral development banks operate under environmental and social safeguard policies that establish requirements for project assessment, stakeholder engagement, and impact mitigation. Ocean Accounts provide data that can demonstrate compliance with and strengthen performance under these safeguards.

2The principal MDB safeguard frameworks include the World Bank Environmental and Social Framework (ESF), the Asian Development Bank Safeguard Policy Statement (SPS 2009), the African Development Bank Integrated Safeguards System (ISS), and the Inter-American Development Bank Environmental and Social Policy Framework. The ESF comprises ten Environmental and Social Standards (ESSs) covering assessment and management of environmental and social risks. Whilst these frameworks differ in detail and procedural requirements, they share common substantive requirements summarised in Table 3.3.0 below.

3Table 3.3.0: Common substantive requirements across MDB safeguard frameworks

Requirement	Description
Environmental assessment	Systematic evaluation of potential environmental impacts and identification of mitigation measures.
Biodiversity conservation	Protection of natural habitats, critical ecosystems, and species of conservation concern.
Climate resilience	Consideration of climate change impacts and adaptation requirements.
Sustainable use of natural resources	Ensuring that resource extraction does not exceed sustainable yields.
Indigenous peoples and local communities	Recognition of rights and meaningful consultation.

4Ocean Accounts organised under the SEEA framework directly address several of these requirements. Ecosystem extent accounts record the areas of different marine and coastal ecosystem types and supply the baseline data for habitat protection targets. Ecosystem condition accounts track the state of ecosystems against reference benchmarks, which supports assessment of project impacts on ecosystem health. Asset accounts for fisheries and other biological resources record extraction relative to sustainable yields, the evidence required to demonstrate compliance with sustainable use requirements⁹.

MDB safeguard-account alignment

1Table 1 summarises how specific MDB safeguard policy requirements can be verified using metrics from ocean account components.

2Table 1: MDB Safeguard-Account Alignment

MDB Safeguard Policy	Relevant Account	Account Metric	Verification Method	Downward Connection
Environmental assessment	Condition accounts	Condition index change	Pre/post comparison	TG-2.1
Biodiversity conservation	Extent accounts	Habitat area change	Spatial analysis	TG-3.1 Section 3.1
Pollution prevention	Residual flow accounts	Emission quantities	Physical flow data	TG-3.4
Sustainable resource use	Asset accounts	Extraction vs regeneration	Stock-flow reconciliation	TG-3.1 Section 3.3

3In each case, the ocean account provides a standardised, repeatable measurement that can serve as the baseline for safeguard assessment and the monitoring indicator for safeguard compliance during project implementation. Condition accounts record changes against reference benchmarks, so environmental assessment requirements rest on quantitative data. Extent accounts document habitat area by ecosystem type, which is the direct evidence for biodiversity conservation obligations. Residual flow accounts track pollutant discharges in physical units. Those figures carry the pollution prevention reporting, whilst asset accounts track extraction relative to regeneration for biological resources and so demonstrate sustainable use.

4The 2025 SNA identifies that “a related area of work is the assessment of enterprises’ exposure to environmental risks, including climate risks and risks emerging from declines in nature and biodiversity. This work extends from assessing the physical risks to quantifying the financial risks to corporations, including through their supply chains”¹⁰. Ocean Accounts provide the baseline information needed to conduct such assessments in the context of development projects.

5For climate resilience, Ocean Accounts can document:

• 6The current extent and condition of coastal ecosystems that provide natural protection (mangroves, coral reefs, seagrass meadows)
• 7The value of coastal protection services under current conditions
• 8The exposure of coastal infrastructure and populations to climate-related hazards
• 9Projected changes in ecosystem service provision under climate scenarios

10SDG 14 (Life Below Water) target 14.2 calls for sustainable management and protection of marine and coastal ecosystems. Target 14.7 calls on SIDS and LDCs to increase economic benefits from the sustainable use of marine resources. Ocean Accounts can directly monitor both targets. For guidance on compiling SDG 14 indicators from Ocean Accounts, see TG-2.10 MEA Indicators. In the Ocean Accounts Framework (TG-0.1), socio-economic benefits flowing from financed ocean activities to coastal communities correspond to Edge E5 (economic contributions to social conditions).

3.4 Monitoring, reporting and disclosure frameworks

1Requirements for sustainability monitoring, results reporting, and nature-related financial disclosure now shape the development finance landscape. Ocean Accounts can support compliance with these frameworks by providing structured, comparable data over time.

2Sustainable finance classification: The 2025 SNA introduces guidance on measuring sustainable finance, including green bonds and sustainability-linked financial instruments. The 2025 SNA distinguishes ESG finance (encompassing environmental, social, and governance objectives) from green finance (limited to environmental improvement). It defines green finance as “finance for activities or projects that sustain or improve the condition of the environment”¹¹. Ocean Accounts provide the baseline and monitoring data needed to verify that financed activities achieve environmental improvements, and that verification addresses ‘greenwashing’ concerns in sustainable finance markets. The SNA notes that “to support assessments of the effectiveness of sustainable finance, it is relevant to present data on the levels of investment in ESG and green activities … alongside data about the outcomes arising from that activity”¹². Detailed guidance on compiling ocean investment indicators, including sustainable finance instruments, is provided in TG-2.6 Ocean-related Investment.

3Nature-related financial disclosure: The Taskforce on Nature-related Financial Disclosures (TNFD) provides a framework for companies and financial institutions to report on nature-related dependencies, impacts, risks and opportunities¹³. The TNFD recommendations are structured around four pillars (governance, strategy, risk management, and metrics and targets) that parallel the climate-related disclosures established under the Task Force on Climate-related Financial Disclosures (TCFD) and now incorporated into IFRS Sustainability Disclosure Standards¹⁴.

4TNFD-aligned reporting is currently voluntary for most MDB borrowers, and no MDB has yet mandated full TNFD-aligned disclosure as a condition of financing. Several MDBs are nonetheless integrating nature considerations into their operational requirements. The International Finance Corporation (IFC), for instance, has incorporated biodiversity and ecosystem service considerations into its Performance Standards. Regulatory developments in the European Union, the United Kingdom, and other jurisdictions are driving a broader trend towards mandatory nature-related disclosure, so voluntary adoption now will facilitate compliance as requirements evolve. Practitioners are advised to treat TNFD-aligned reporting as an emerging expectation that strengthens financing proposals, even where it is not yet formally required.

5Ocean Accounts can support TNFD-aligned reporting by providing:

• 6Data on dependencies on ocean ecosystem services (regulating services such as coastal protection, provisioning services such as fisheries)
• 7Data on impacts on ocean ecosystems (pollution, habitat conversion, resource extraction)
• 8Baseline condition metrics against which nature-related risks can be assessed
• 9Physical and monetary indicators for target-setting and performance monitoring

10IFRS sustainability disclosure: The International Sustainability Standards Board (ISSB) has established IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) as global baseline standards for sustainability reporting¹⁵. IFRS S1 establishes that sustainability-related information is useful to primary users because “an entity’s ability to generate cash flows over the short, medium and long term is inextricably linked to the interactions between the entity and its stakeholders, society, the economy and the natural environment throughout the entity’s value chain”¹⁶. For development projects, alignment with these disclosure frameworks enhances credibility with international investors and demonstrates that borrowing countries are building the data infrastructure needed for participation in global sustainable finance markets.

3.5 Application procedures for development finance institutions

1This section provides a step-by-step procedure for development finance institutions and borrowing country agencies to use Ocean Accounts in preparing and appraising financing proposals. The procedure is structured around the typical MDB project cycle: identification, preparation, appraisal, approval, implementation, and evaluation.

Step 1: Identification phase—scoping the role of ocean natural capital

1During the project identification phase, practitioners should determine whether ocean natural capital is material to the proposed investment. Key questions include:

• 2Does the project area include marine or coastal ecosystems recorded in national extent accounts?
• 3Do project activities depend on ocean ecosystem services (water supply, coastal protection, fisheries habitat)?
• 4Will project activities generate pressures on ocean environments (pollution, habitat conversion, resource extraction)?
• 5Are baseline data from Ocean Accounts available for the project location?

6If Ocean Accounts have been compiled for the country, practitioners should consult spatial extent accounts (TG-3.1) to determine whether the project footprint overlaps with mapped marine or coastal ecosystem assets. If no spatial accounts are available, practitioners should identify whether the country has compiled at least national-level ecosystem extent and condition data that can inform the project design.

Step 2: Preparation phase—establishing baselines and dependencies

1During project preparation, Ocean Accounts provide the baseline data required for MDB appraisal documentation. Practitioners should:

1. 2

   Extract baseline natural capital stocks: From ecosystem extent and condition accounts, extract the area and condition scores for ecosystem types within or adjacent to the project area. For example, for a coastal infrastructure project, document the extent of mangrove forests, seagrass meadows, and coral reefs within a defined buffer zone.

2. 3

   Quantify ecosystem service flows: From physical and monetary ecosystem service flow accounts (TG-3.2), quantify the provisioning, regulating, and cultural services currently provided by ocean ecosystems in the project area. For example, for a fisheries management project, document the current sustainable catch potential (tonnes per year), the value of that catch (monetary units), and the number of people dependent on fishing livelihoods.

3. 4

   Identify economic dependencies: From ocean economy thematic accounts (TG-2.5), identify the economic sectors active in the project area and their contribution to regional employment and GDP. This establishes the economic context for assessing project benefits.

4. 5

   Document environmental pressures: From residual flow accounts (TG-3.4), document current levels of pollution, waste discharge, and resource extraction that the project aims to address or that the project will generate.

Step 3: Appraisal phase—demonstrating economic rationale and safeguard alignment

1During MDB appraisal, Ocean Accounts support the economic analysis and safeguard compliance documentation:

1. 2

   Economic analysis: Use NPV approaches to value ecosystem assets under alternative project scenarios (with-project versus without-project). For guidance on valuation methods, see TG-1.9. Present welfare values as the primary input to cost-benefit analysis, supplemented by exchange values from the ecosystem accounts to demonstrate consistency with national accounts. Document the discount rate used and justify its appropriateness for long-lived ecosystem assets.

2. 3

   Safeguard compliance: Use the account-safeguard alignment in Table 1 to populate safeguard screening tools and environmental and social impact assessments. For example, to demonstrate compliance with biodiversity safeguards, cite extent account data documenting that the project area includes X hectares of critical habitat, and present the project design measures to avoid, minimise, or compensate for impacts on those habitats.

3. 4

   Results framework: Define project results indicators using metrics from Ocean Accounts. For example, an outcome indicator might be “area of mangrove habitat restored (hectares)” measured from extent accounts, and an impact indicator might be “coastal protection services provided (linear kilometres of shoreline)” measured from ecosystem service flow accounts.

Step 4: Implementation phase—monitoring and adaptive management

1During project implementation, Ocean Accounts provide the monitoring data for results frameworks and safeguard compliance:

1. 2

   Annual monitoring: Update extent, condition, and flow accounts on an annual basis for the project area. Compare monitored values against the baseline established in Step 2 and the targets defined in the results framework.

2. 3

   Mid-term review: At mid-term, use time-series account data to assess whether the project is on track to achieve its natural capital targets. If condition accounts record declining trends in ecosystem health despite project interventions, this triggers adaptive management actions.

3. 4

   Safeguard monitoring: Report on safeguard indicators using account data. For example, if the safeguard framework requires reporting on water quality, use residual flow accounts to report nutrient loading (kg nitrogen per year) or biochemical oxygen demand.

Step 5: Evaluation phase—impact assessment and lessons learned

1At project completion, Ocean Accounts enable rigorous impact evaluation:

1. 2

   Before-and-after analysis: Compare pre-project baselines (from Step 2) with post-project conditions (from Step 4) to assess the magnitude of change attributable to the project. Use statistical methods to control for confounding factors where possible.

2. 3

   Attribution analysis: Use the integrated structure of Ocean Accounts to trace impacts through the system. For example, if the project restored mangroves, document the change in mangrove extent (from extent accounts), the change in fish biomass in associated waters (from asset accounts), and the change in fisheries livelihoods (from ocean economy accounts).

3. 4

   Cost-effectiveness assessment: Compare the cost per unit of ecosystem service provided or natural capital restored against alternative approaches. For example, calculate the cost per hectare of mangrove restored, and compare against the cost of equivalent grey infrastructure for coastal protection.

3.6 Worked example: Blue bond impact report using ocean accounting data

1This example demonstrates how a national government or subnational entity can use Ocean Accounts to prepare an annual impact report for blue bond investors that satisfies both use-of-proceeds verification and key performance indicator (KPI) monitoring requirements.

2Context: A coastal state has issued a USD 100 million blue bond to finance ocean conservation and sustainable blue economy development. Bond proceeds are allocated to three use-of-proceeds categories: marine protected area management (40 per cent), sustainable fisheries infrastructure (35 per cent), and coastal ecosystem restoration (25 per cent). The bond covenants require annual reporting on use of proceeds and performance against KPIs.

3Use-of-proceeds verification using Ocean Accounts: Ocean Accounts provide the data infrastructure to verify that bond proceeds are directed to eligible activities:

1. 4

   Marine protected area management: Government expenditure accounts (TG-1.1 Section 3.3) classify ocean-related public expenditure by function, including expenditure on protected area management under the Classification of the Functions of Government (COFOG) 05.4 (Protection of biodiversity and landscape). The government reports that USD 40 million of bond proceeds were disbursed to protected area management agencies, verifiable against budget execution records. Extent accounts (TG-3.1) document that the funded protected areas cover 1.2 million hectares of marine ecosystems, including coral reefs, seagrass meadows, and pelagic zones.

2. 5

   Sustainable fisheries infrastructure: Investment accounts (TG-2.6 Section 3.3) track gross fixed capital formation (GFCF) in ocean industries by asset type. The government reports that USD 35 million of bond proceeds financed capital investments in fisheries monitoring systems, cold chain infrastructure, and vessel upgrades, recorded under GFCF in machinery and equipment and transport equipment. Physical supply and use tables (TG-3.2) document that the funded infrastructure serves fisheries extracting 45,000 tonnes of fish per year from stocks assessed as within biologically sustainable levels.

3. 6

   Coastal ecosystem restoration: Environmental protection expenditure accounts (SEEA CF Chapter IV) track expenditure on environmental protection purposes, including ecosystem restoration under COFOG 05.4. The government reports that USD 25 million of bond proceeds financed mangrove and seagrass restoration activities. Extent accounts document that the funded restoration activities increased mangrove extent by 3,200 hectares and seagrass extent by 1,800 hectares.

7KPI monitoring using Ocean Accounts: The blue bond covenants define four KPIs, each linked to specific ocean accounting data sources:

8KPI 1: Biodiversity conservation (target: maintain or improve coral reef health). Condition accounts (TG-2.1) provide the data source. The government reports that coral cover within funded marine protected areas was 32 per cent at bond issuance (baseline year) and 35 per cent in the reporting year, measured through standardised reef monitoring surveys compiled into the condition accounts. This 3 percentage point improvement meets the KPI target, and the data are compiled annually to enable time-series monitoring of reef health.

9KPI 2: Water quality (target: reduce nutrient loading by 10 per cent). Residual flow accounts (TG-3.4) track emissions to water bodies in physical units. Nitrogen loading to coastal waters in the project areas fell from 1,200 tonnes per year at baseline to 1,050 tonnes per year in the reporting year, a 12.5 per cent reduction that exceeds the KPI target and is attributed to improved wastewater treatment funded by bond proceeds. These data are compiled quarterly and aggregated to annual figures for bondholder reporting.

10KPI 3: Blue carbon sequestration (target: sequester 50,000 tonnes CO2-equivalent per year). Carbon stock accounts (SEEA CF Chapter 3) measure carbon storage in biomass and soils for coastal ecosystems. Drawing on carbon sequestration rates from TG-6.2 Mangrove and Coastal Wetland Accounting and TG-6.3 Seagrass Ecosystem Accounting, the government reports that the 3,200 hectares of restored mangroves and 1,800 hectares of restored seagrass funded by bond proceeds sequester an estimated 48,000 tonnes CO2-equivalent per year. The estimate sits slightly below the first-year target, though sequestration rates will increase as restored ecosystems mature.

11KPI 4: Fishing employment (target: maintain or increase formal employment in sustainable fisheries). Ocean economy thematic accounts (TG-2.5 Table 3.2) track employment by ocean industry, including marine fishing and aquaculture. Formal employment in marine fishing rose from 32,000 persons at baseline to 33,500 persons in the reporting year, a 4.7 per cent increase attributed to improved fisheries management and infrastructure that reduced post-harvest losses and raised the economic viability of small-scale fisheries. Employment data are sourced from labour force surveys and compiled into the economic activity accounts.

12Outcome data presentation: Table 2 presents the KPI performance data in a format suitable for inclusion in the annual blue bond impact report.

13Table 2: Blue Bond KPI Performance (Reporting Year 1)

KPI	Baseline	Target	Actual	Status	Account Source
Coral cover (%)	32	≥32	35	Met	Condition accounts
Nitrogen loading (tonnes/year)	1,200	≤1,080	1,050	Exceeded	Residual flow accounts
Blue carbon (tonnes CO2e/year)	0	50,000	48,000	Approaching	Carbon stock accounts
Fishing employment (persons)	32,000	≥32,000	33,500	Exceeded	Economic activity accounts

14For detailed guidance on structuring blue bonds and other project-level finance instruments, see TG-1.8 OA and Project-Level Finance.

3.8 Accounts as Data Pipeline to Capital

1Ocean Accounts serve four distinct functions in creating a data pipeline from structured environmental-economic information to investable capital. Understanding these functions helps practitioners design accounting programmes that directly support finance mobilisation, rather than treating accounts as stand-alone statistical products.

2Function 1: Baseline valuation. Before any ocean-related investment can be appraised, investors require a credible estimate of the natural capital stock at risk or under management. Ocean Accounts provide this through ecosystem extent accounts (measuring the area and spatial configuration of marine and coastal ecosystems), ecosystem condition accounts (documenting the quality of those ecosystems against reference benchmarks), and monetary asset accounts (estimating the net present value of expected ecosystem service flows). Compiled according to SEEA EA standards, these three account types produce the baseline valuation that anchors investment decisions. Without such baselines, project proponents must rely on ad hoc studies that lack comparability and are difficult for institutional investors to benchmark across jurisdictions.

3Function 2: Risk assessment. Financial institutions now recognise nature-related risks as material to portfolio performance. Here, Ocean Accounts document trends in ecosystem condition over time, identify dependencies between economic activities and ecosystem services through supply and use tables, and quantify the economic exposure of sectors to ecosystem degradation. When accounts record declining coral reef condition alongside high tourism sector dependency on reef-based recreation services, the exposure of the tourism sector is quantified. This function aligns directly with the TNFD risk assessment approach (see Section 3.4 above) and provides the structured data that underlies TNFD’s LEAP assessment process.

4Function 3: Standardised impact indicators. Investors require impact metrics that are comparable across projects, jurisdictions, and time periods. Because Ocean Accounts follow internationally agreed classifications and measurement boundaries, they yield indicators that meet this requirement. Ecosystem extent change (hectares of mangrove restored), condition improvement (water quality index relative to baseline), and service flow enhancement (tonnes of carbon sequestered per year) are all derivable from standard account tables. Section 3.10 below provides detailed templates for aligning these account-derived indicators with TNFD, IFRS S1/S2, and CBD Target 15 reporting requirements.

5Function 4: Post-investment monitoring. After capital has been deployed, ongoing monitoring determines whether environmental outcomes are being achieved and whether financial instrument covenants are being met. Ocean Accounts provide the monitoring infrastructure through time-series compilation of the same accounts used for baseline valuation. Because accounts use consistent classifications and spatial boundaries over time, they enable rigorous before-after comparison without the methodological discontinuities of ad hoc monitoring approaches. Section 3.11 below addresses the design of post-investment monitoring programmes using account time series.

6For detailed guidance on connecting these functions to project-level finance instruments, see TG-1.8 OA and Project-Level Finance.

3.9 Investment-Readiness Criteria for Nature-Based Solutions

1Nature-based solutions (NBS) for ocean and coastal environments represent a growing category of investable projects, but many promising NBS proposals fail to attract finance because they lack the structured evidence base that investors require. This section provides guidance on the minimum information requirements for NBS investment readiness and demonstrates how Ocean Accounts supply that information.

2NBS typology for ocean contexts. Ocean-related NBS can be categorised into three broad types, each with distinct accounting requirements:

NBS Type	Examples	Key Account Types	Primary Service Flows
Restoration	Mangrove replanting, coral reef rehabilitation, seagrass bed recovery	Extent accounts (area change), condition accounts (recovery trajectory)	Coastal protection, carbon sequestration, fisheries habitat
Protection	Marine protected areas, no-take zones, coastal setback areas	Extent accounts (area maintained), condition accounts (baseline preservation)	Biodiversity maintenance, tourism amenity, coastal protection
Sustainable management	Sustainable fisheries, integrated coastal zone management, sustainable aquaculture	Physical supply and use tables (extraction rates), asset accounts (stock levels)	Provisioning services, waste assimilation, cultural services

3Minimum evidence requirements. For any NBS proposal to be considered investment-ready, the information summarised in Table 3.9.1 below should be available from Ocean Accounts or compilable from existing account data.

4Table 3.9.1: Minimum evidence requirements for NBS investment readiness

Requirement	Description
Baseline ecosystem extent	Current area of the target ecosystem type, compiled from ecosystem extent accounts using the IUCN Global Ecosystem Typology classifications described in TG-3.1 Asset Accounts.
Baseline ecosystem condition	Current condition of the target ecosystem relative to reference condition, using the condition indicators and reference frameworks described in TG-2.1 Aggregate Biophysical Indicators of Environmental State.
Service flow quantification	Estimated annual flow of ecosystem services from the target ecosystem, in both physical and monetary terms.
Counterfactual scenario	Projected ecosystem trajectory in the absence of NBS intervention, based on historical trends in extent and condition accounts.
Outcome targets	Quantified targets for extent, condition, and service flow improvements over the investment horizon.
Monitoring plan	Schedule and methodology for ongoing account compilation to track outcomes against targets.

5Connecting NBS to finance instruments. Different NBS types align with different financial instruments. Restoration projects typically suit results-based payment mechanisms (including blue carbon credits and performance-based grants) because outcomes can be measured through extent and condition account changes. Protection projects align with sovereign commitments (including debt-for-nature swaps) where the maintenance of ecosystem condition is the deliverable. Sustainable management projects can support blue bonds and sustainability-linked loans where KPIs are derived from supply and use table metrics such as extraction rates relative to maximum sustainable yield. For detailed guidance on these instrument types, see TG-1.8 OA and Project-Level Finance.

3.10 Standardised Impact Indicator Templates

1This section provides templates for deriving impact indicators from Ocean Accounts that satisfy the requirements of three major frameworks: the Taskforce on Nature-related Financial Disclosures (TNFD), the IFRS Sustainability Disclosure Standards (S1 and S2), and the Convention on Biological Diversity (CBD) Global Biodiversity Framework Target 15.

2TNFD-aligned indicators. The TNFD recommends disclosure of dependencies and impacts on nature across four realms (land, ocean, freshwater, atmosphere). For ocean contexts, Ocean Accounts provide direct measurement of the core TNFD metrics:

TNFD Metric Category	Ocean Account Source	Indicator	Unit
Extent of ecosystems	Ecosystem extent accounts	Change in ecosystem area by type	Hectares
Condition of ecosystems	Ecosystem condition accounts	Condition index relative to reference	Index (0-1)
Dependencies on ecosystem services	Physical supply and use tables	Value of ecosystem service inputs to economic activity	Currency units per year
Impacts on ecosystems	Physical flow accounts	Pollutant loads, extraction rates	Tonnes per year
Risk exposure	Asset accounts (monetary)	NPV of ecosystem assets at risk	Currency units

3IFRS S1/S2-aligned indicators. IFRS S1 requires disclosure of sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s cash flows, access to finance, or cost of capital. IFRS S2 addresses climate-related disclosures specifically. Ocean Accounts support these disclosures by providing:

IFRS Requirement	Ocean Account Source	Application
Governance over sustainability risks	Institutional arrangements for account compilation	Demonstrates structured oversight of environmental data
Strategy: dependencies and impacts	Supply and use tables, condition accounts	Quantifies nature dependencies and transition risks
Risk management processes	Time-series account compilation	Provides systematic monitoring of nature-related risk indicators
Metrics: GHG emissions (S2)	Carbon stock accounts, flow accounts	Quantifies blue carbon sequestration and emissions
Metrics: transition plan targets	Extent and condition target accounts	Provides measurable benchmarks for nature-positive targets

4CBD Target 15 indicators. CBD Target 15 requires that large and transnational businesses and financial institutions regularly monitor, assess, and transparently disclose their risks, dependencies, and impacts on biodiversity. Ocean Accounts provide the measurement infrastructure for Target 15 compliance by enabling businesses to:

• 5Identify and quantify dependencies on marine biodiversity using ecosystem service supply and use tables
• 6Monitor impacts on marine ecosystems through changes in extent and condition accounts
• 7Report on risks using monetary asset accounts that translate biodiversity loss into financial exposure
• 8Disclose progress against nature-positive commitments using standardised account-derived metrics

9Template for integrated impact reporting. Practitioners preparing impact reports for ocean-related investments can use the following template structure, with each metric sourced directly from Ocean Account tables:

Impact Domain	Metric	Baseline Value	Current Value	Target	Account Table Reference
Ecosystem extent	Area of target ecosystem (ha)	[from extent accounts]	[from extent accounts]	[project target]	SEEA EA Table 4.1
Ecosystem condition	Condition index (0-1 scale)	[from condition accounts]	[from condition accounts]	[project target]	SEEA EA Table 5.1
Carbon sequestration	Annual sequestration (tCO2e/yr)	[from carbon accounts]	[from carbon accounts]	[project target]	SEEA CF Table 3.4
Economic contribution	Value added from ocean sector (currency)	[from economic accounts]	[from economic accounts]	[project target]	SNA Table 14.1
Social outcomes	Employment in ocean sectors (persons)	[from employment accounts]	[from employment accounts]	[project target]	SNA Table 19.1

10For guidance on compiling the underlying ecosystem extent and condition accounts, see TG-3.1 Asset Accounts and TG-2.1 Aggregate Biophysical Indicators of Environmental State.

3.11 Post-Investment Ecosystem Monitoring

1Once capital has been deployed for ocean-related projects, ongoing monitoring is essential to verify that environmental outcomes are being achieved, that financial instrument covenants are being met, and that adaptive management can respond to changing conditions. Ocean Accounts provide the monitoring infrastructure through time-series compilation of ecosystem extent, condition, and service flow accounts.

2Time-series accounts for monitoring. The principal advantage of using Ocean Accounts for post-investment monitoring is that the same measurement framework applies at baseline, during implementation, and at project completion. A single framework eliminates the methodological discontinuities that arise when different consultants use different methods at different project stages. Time-series accounts should be compiled at intervals aligned with financial reporting cycles: typically annually for ecosystem extent and service flow accounts, and at least every two to three years for condition accounts that require more intensive field data collection.

3Before-After-Control-Impact (BACI) design. Rigorous impact assessment requires comparison before and after an intervention, and also between intervention sites and control sites. Ocean Accounts support BACI design by enabling compilation of accounts for both the project area and comparable reference areas. The ecosystem extent and condition accounts for control sites provide the counterfactual against which project outcomes are evaluated. This design is particularly important for nature-based solutions where background environmental trends (climate change, upstream pollution) may affect ecosystems independently of the project intervention.

4Key elements of a BACI monitoring programme using Ocean Accounts include:

1. 5Spatial delineation: Define project area and control area boundaries using the spatial units described in TG-3.1 Asset Accounts
2. 6Temporal schedule: Compile accounts for at least two pre-intervention periods and at regular intervals during and after intervention
3. 7Indicator selection: Choose condition indicators that are responsive to the intervention type (e.g., coral cover for reef restoration, vegetation density for mangrove planting)
4. 8Statistical analysis: Compare the difference in account values between project and control sites before and after intervention
5. 9Attribution: Document how the BACI design supports attribution of observed changes to the financed intervention rather than to background trends

10Reporting cycles and adaptive management. Post-investment monitoring should align with the reporting requirements of the specific financial instrument. Blue bonds typically require annual impact reports, whilst debt-for-nature swaps may require biennial or triennial assessments. Results-based payment mechanisms require verification at each payment milestone. In all cases, the monitoring programme should specify:

• 11Which account tables will be compiled at each reporting point
• 12What data sources will be used (remote sensing, field surveys, administrative records)
• 13What quality assurance procedures will be applied, consistent with the official statistics principles described in TG-0.2 Overview of Relevant Statistical Standards
• 14How monitoring results will feed back into adaptive management decisions
• 15How deviations from expected trajectories will be reported to investors and what corrective actions will be triggered

3.12 Ecosystem Assets in Fiscal Frameworks

1Ocean ecosystem assets form a substantial component of sovereign natural capital, and one relevant to fiscal policy, sovereign debt management, and public finance decisions. This section provides guidance on incorporating ocean ecosystem asset values into fiscal frameworks, building on the monetary asset valuation methods described in this Circular and in TG-1.9 Safe Usage of Monetary Valuation.

2Sovereign natural capital. The 2025 SNA recognises that natural capital, including both environmental assets and ecosystem assets, forms part of a country’s wealth. For countries with large ocean territories, marine ecosystem assets may constitute a substantial share of national wealth. Monetary ecosystem asset accounts, compiled using net present value methods applied to expected ecosystem service flows, provide estimates of ocean natural capital that can be incorporated into sovereign balance sheets. These estimates inform fiscal policy by revealing the extent to which current economic activity depends on the drawdown of natural capital stocks and whether that drawdown is sustainable.

3Blue bonds and sovereign borrowing. Sovereign blue bonds are debt instruments whose proceeds are earmarked for ocean-related expenditures that maintain or enhance marine ecosystem assets. Ocean Accounts provide the evidence base for blue bond issuance in several ways:

• 4Monetary ecosystem asset accounts demonstrate the value of the natural capital that blue bond proceeds will protect or restore
• 5Ecosystem service flow accounts quantify the annual economic benefits that depend on maintaining ocean ecosystem condition
• 6Time-series accounts provide the monitoring data needed for blue bond impact reporting
• 7Depletion accounts reveal the fiscal cost of ecosystem degradation, which strengthens the case for preventive investment

8Countries considering blue bond issuance should compile ocean ecosystem asset accounts as part of their bond preparation. That practice grounds the use-of-proceeds framework in standardised natural capital data. For detailed guidance on blue bond structuring and other project-level instruments, see TG-1.8 OA and Project-Level Finance.

9Natural capital in fiscal risk assessment. Fiscal risk assessments recognise that degradation of natural capital can affect government revenues (through reduced economic activity in nature-dependent sectors), increase government expenditures (through disaster response and adaptation costs), and create contingent liabilities (through environmental remediation obligations). Ocean Accounts quantify these fiscal risks by tracking changes in ecosystem asset values over time and linking those changes to economic sector performance through supply and use tables.

3.13 South-South Finance Exchange Mechanisms

1Many countries implementing Ocean Accounts face similar challenges in mobilising finance for ocean sustainability. South-South exchange mechanisms enable countries to share experiences, transfer practical knowledge, and develop common approaches to account-based finance mobilisation.

2Peer learning for account-finance integration. Countries that have successfully used Ocean Accounts to support finance mobilisation can share their experience with countries at earlier stages of implementation. Effective peer learning involves structured exchanges focused on specific aspects of the account-finance pipeline: how accounts were compiled, how they were presented to financial institutions, what investor feedback was received, and how account products were refined in response. The GOAP network provides a platform for such exchanges, and participating countries are encouraged to document their experiences in standardised formats that facilitate cross-country learning.

3Standardised templates for finance proposals. One practical output of South-South exchange is the development of standardised templates for finance proposals that incorporate Ocean Account data. These templates reduce the transaction costs of preparing finance documentation and ensure that account data are presented in formats that investors and MDBs recognise. Key template elements include:

Template Component	Content	Account Source
Natural capital baseline	Summary of ecosystem extent, condition, and monetary value	Extent, condition, and monetary asset accounts
Risk narrative	Nature-related risks to economic sectors	Supply and use tables, condition trend data
Impact targets	Quantified targets for ecosystem outcomes	Derived from condition and extent account projections
Monitoring framework	Schedule and methods for ongoing account compilation	Account compilation plan
Results indicators	Standardised metrics for reporting	See Section 3.10 templates

4Regional cooperation on account compilation. For transboundary marine ecosystems (shared fisheries, migratory species corridors, large marine ecosystems), coordinated account compilation across countries strengthens the collective evidence base for regional finance proposals. Regional development banks and multilateral funds favour programmatic approaches that address transboundary challenges, and harmonised Ocean Accounts across participating countries provide the coordinated data infrastructure that such programmes require.

5Knowledge exchange formats. Effective South-South exchange can take several forms:

• 6Technical workshops: Hands-on training in account compilation and finance application, typically hosted by a country with implementation experience
• 7Study tours: Visits to countries that have successfully used accounts to mobilise finance, allowing direct observation of institutional arrangements and data systems
• 8Twinning arrangements: Long-term partnerships between countries at different stages of implementation, with regular exchange of staff and knowledge
• 9Online communities of practice: Ongoing platforms for sharing templates, methodologies, and lessons learned across the GOAP network

3.14 Case applications

1The following illustrative examples demonstrate how Ocean Accounts can be applied in multilateral development finance contexts. These are stylised applications intended to illustrate the range of use cases. As implementation experience from GOAP partner countries accumulates, future versions of this Circular will incorporate empirical case studies.

2Application 1: Coastal resilience infrastructure financing

3A coastal state seeks financing from an MDB for integrated coastal protection that combines grey infrastructure (sea walls, drainage) with nature-based solutions (mangrove restoration, coral reef rehabilitation). Ocean Accounts support the financing proposal by:

• 4Documenting current mangrove and coral reef extent through ecosystem extent accounts
• 5Quantifying coastal protection services currently provided through ecosystem service flow accounts
• 6Valuing ecosystem assets using NPV approaches to demonstrate natural capital at risk
• 7Establishing monitoring baselines for both ecosystem condition and service provision
• 8Demonstrating alignment with SDG 14 targets on coastal ecosystem resilience

9The ecosystem accounts enable comparison of full project benefits (including nature-based components) against a conventional grey-infrastructure-only alternative, which may demonstrate superior cost-effectiveness and co-benefits. For project-level implementation details, see TG-1.8 OA and Project-Level Finance.

10Application 2: Sustainable fisheries programme

11An MDB considers financing an integrated fisheries management programme including stock assessment, monitoring and surveillance, market access improvements, and community development. Ocean Accounts inform the programme design by:

• 12Recording current fish stock levels through asset accounts for aquatic biological resources
• 13Documenting extraction relative to maximum sustainable yield through physical supply and use tables
• 14Identifying the economic contribution of fisheries through ocean economy thematic and extended accounts
• 15Mapping the geographic distribution of fishing activity and coastal community dependence
• 16Projecting stock recovery trajectories under improved management scenarios

17The asset accounts demonstrate that current depletion exceeds sustainable levels, providing economic justification for management investment. The 2025 SNA treatment of depletion as a cost of production means that unsustainable extraction is now reflected in reduced net national income, which strengthens the fiscal case for intervention¹⁷.

18Application 3: Blue economy development

19A regional development bank supports a multi-sector blue economy programme spanning marine tourism, sustainable aquaculture, and renewable ocean energy. Ocean Accounts provide the integrated information base by:

• 20Measuring the baseline contribution of each sector through ocean economy thematic and extended accounts
• 21Identifying spatial conflicts and synergies among ocean uses
• 22Documenting ecosystem service dependencies (tourism depends on water quality and biodiversity, and aquaculture depends on water quality and waste assimilation)
• 23Establishing condition metrics for the marine ecosystems that underpin economic activities
• 24Supporting spatial planning to optimise across multiple objectives

25The accounts enable results-based monitoring that tracks both economic and environmental outcomes and demonstrates to financiers that blue economy growth is occurring within ecological limits.

26Application 4: Climate adaptation fund proposal

27A small island developing state (SIDS) seeks financing from the Green Climate Fund for climate adaptation investments. Ocean Accounts strengthen the proposal by:

• 28Documenting the economic dependence on ocean-related activities (fisheries, tourism, maritime transport)
• 29Quantifying natural capital stocks at risk from climate change impacts (coral reef bleaching, sea level rise, ocean acidification)
• 30Valuing ecosystem services that provide natural adaptation benefits (coastal protection, carbon sequestration)
• 31Establishing vulnerability indicators linking ecosystem condition to economic outcomes
• 32Providing the monitoring framework for results-based payment arrangements

33SDG 14 target 14.7 calls on countries to increase economic benefits from sustainable marine resources. Ocean Accounts provide the data infrastructure to measure progress against this target and to demonstrate the climate rationale for ocean investments.

4. Acknowledgements

1This Circular has been prepared as a draft for review and comment. Final approval will follow the GOAP Technical Experts Group procedures.

2Authors: [To be confirmed]

3Reviewers: [To be confirmed]

5. References

Footnotes

1. 1

   United Nations. (2024). Financing for Sustainable Development Report 2024. Inter-agency Task Force on Financing for Development. New York. ↩

2. 2

   United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.115: “Accounting-based approaches that bring together information in a structured way and which cover multiple capitals provide an excellent structure for the required baseline information.” ↩

3. 3

   United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.115. ↩

4. 4

   United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.129: “Where there is interest in organising data about these types of natural capital outside of the scope of the integrated framework of the SNA in a manner that can be directly related to country based measures, the accounting definitions and treatments of the integrated framework of the SNA and the SEEA can be applied.” ↩

5. 5

   United Nations. (2021). System of Environmental-Economic Accounting — Ecosystem Accounting (SEEA EA). Statistical standard adopted by the United Nations Statistical Commission. ↩

6. 6

   United Nations. (2021). SEEA Ecosystem Accounting, Chapter 12, para 12.18. ↩

7. 7

   United Nations. (2014). System of Environmental-Economic Accounting 2012 — Central Framework, Glossary: “Net present value is the value of an asset determined by estimating the stream of income expected to be earned in the future and then discounting the future income back to the present accounting period.” ↩

8. 8

   United Nations. (2014). SEEA Central Framework, Chapter 5, para 5.148. ↩

9. 9

   United Nations. (2014). SEEA Central Framework, Chapter 5: Asset accounts and the valuation of environmental assets. ↩

10. 10

    United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.119. ↩

11. 11

    United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.122: “Green finance is finance for activities or projects that sustain or improve the condition of the environment.” ↩

12. 12

    United Nations. (2025). System of National Accounts 2025, Chapter 35, para 35.126. ↩

13. 13

    Taskforce on Nature-related Financial Disclosures. (2023). Recommendations of the Taskforce on Nature-related Financial Disclosures. September 2023. ↩

14. 14

    ISSB. (2023). IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. International Sustainability Standards Board. June 2023. ↩

15. 15

    ISSB. (2023). IFRS S2 Climate-related Disclosures. International Sustainability Standards Board. June 2023. ↩

16. 16

    ISSB. (2023). IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, para 2. ↩

17. 17

    United Nations. (2025). System of National Accounts 2025, Annex 4, para A4.59: “Depletion of non-produced natural resources is recorded as a cost of production in the 2025 SNA.” ↩