Italy commits to set up a Natural Capital Committee (NCC) at the Ministry of Environment. The commitment is by decree of the President of the Council of Ministers and was proposed by the Minister of Environment. The commitment aims to produce pre-evaluations and post-evaluations of the effects of public policies on natural capital and ecosystems services.
The commitment falls under focus area 1 of the Batumi Initiative to improve measurement and valuation of natural capital.
Germany commits to establishing methods for economic valuation of environmental damage and the provision of best-practice cost rates for drivers and impacts of environmental damage. The commitment falls under the focus areas 1 and 2 of the Batumi Initiative to improve the measurement and valuation of natural capital, promote the internationalisation of externalities and the sustainable use of natural capital. The commitment will result in the establishment of a decision support tool to estimate the economic benefit of environmental policy measures and to call attention to the cost of failure to protect the environment. The tool will inform policy makers on the national, regional and local level about environmental damage costs of policy alternatives. In addition, the commitment will result in the introduction of cost rates for environmental damage into legislative impact assessments and internalization of environmental costs into decision makings.
The commitment falls under focus areas 1 and 2 of the Batumi Initiative to improve the measurement and valuation of natural capital and promote the internalisation of externalities and the sustainable use of natural capital.