On Thursday, the Biden administration unveiled an initiative aimed at measuring the value and economic role of nature within the US. According to the vice president, current economic indicators don't accurately reflect the natural world's impact on the country's economy.
The White House announced a new initiative aimed at developing statistics that can help inform environmental-economic decisions. The project was made through a collaboration between various federal agencies and departments. It noted that the creation of economic statistics, such as the gross domestic product, relies on an accurate depiction of natural resources.
According to the White House, nature provides people with opportunities and services in the future. It's also why economists refer to it as a type of capital. This natural resource can help boost the economy by supporting the development of new businesses and creating more jobs.
Through the project, the White House noted that by monitoring the natural capital, economists can provide early warnings about the effects of climate change. For instance, by understanding the multiple economic consequences of natural disasters, such as storms and forest fires, they can make more informed decisions regarding the country's economy.
The US will be joining other countries, such as China and Canada, in conducting studies on the value of natural capital. The objective of the initiative is to establish the country as a leader in this field. According to the report, countries such as China have been able to use environmental accounting to carry out soft power objectives. It also noted that the US' role in this field could help prevent geopolitical incoherence.
The project, which will be carried out over a 15-year period, will be focused on developing a headline summary statistic that will measure the natural capital's value. Pilot programs will be launched in 2023.
Neither the Department of Commerce nor the White House responded to a request for comment.
The preceding is a summary of an article that originally appeared on DAILY CALLER.