At an international summit in Egypt this month, nations will hopefully make progress towards recognising the economic value of wildlife and other environmental assets.
Water and energy use are becoming more efficient, which is good news for both the economy and the environment. But Australia has yet to realise the value of national environmental accounting.
Is Australia undervaluing its most valuable natural asset by only charging $6.50 a day to visit the Great Barrier Reef? And would it help if tourists were asked to pay more?
How do you determine the financial benefit of cutting a tree down, versus leaving it standing? Environmental accounting offers some insight.
When we don't factor in the environment in our economic decision making, we aren't getting an acurate picture of what's happening. Australia needs to adopt more environmental economics.