The UN Economic Commission for Europe (UNECE) commits to promote the use of tools that reduce negative externalities. To achieve this, UNECE will include a subsection on internalisation of negative externalities and sustainable use of natural capital in the chapter on "Economic Instruments, Environmental Expenditures and Investments for Greening the Economy" in at least one Environmental Performance Reviews (EPR). The commitment will raise awareness of the existence of economic instruments such as Payments for Ecosystem Services (PES) that could reduce the loss of natural capital as well as raise funds for environmental activities.
The commitment falls under focus areas 2 of the Batumi Initiative to promote the internalisation of negative externalities and the sustainable use of natural capital.
Implementing partners will include UN Environment and the OECD.
The commitment is relevant to SDGs 14 and 15.