Wealth Accounting and the Valuation of Ecosystem Services (WAVES) is a World Bank-facilitated global partnership that aims to promote sustainable development by mainstreaming Natural Capital Accounting (NCA) in countries’ development planning and national accounting systems.

One of the main goals of the Wealth Accounting and the Valuation of Ecosystem Services (WAVES) partnership is to implement natural capital accounting in countries around the world. Forest accounts are especially important in many of these countries as efforts to reverse deforestation trends, maintain vital watersheds, and enhance ecotourism benefit flows are focal points for future development. However, there is little guidance in the way of forest accounts. To meet the growing demand, WAVES proposes to update the Manual for Environmental and Economic Accounts for Forestry, published by FAO in 2004. The update will reflect the multiple advances made in the decade since the original by: (i) incorporating new case studies and country examples of how forest accounts have informed policy decisions, (ii) harmonizing the manual fully with the System of Environmental-Economic Accounting SEEA 2012 standard methodology, (iii) exploring the advances of data collection techniques, and (iv) developing new training materials and guidance of how to compile accounts

EFI's role
EFIMED was involved in  writing a manual for forest accounting and in the development of training materials.

The main objectives of the manual were to:

1. Raise awareness of the importance of forest accounting for policy planning and review and the policy questions that can be addressed with the accounts
2. Increase understanding of how forest accounts can help to address policy questions by describing and illustrating policy applications of forest accounts (including the use of indicators and modeling applications of the accounts)
3. Provide guidelines for the compilation of forest accounts in line with the structure, concepts and classifications to SEEA 2012 standard methodology
4. Discuss new methods for data compilation to aid in the construction of the accounts including remote sensing data
5. Provide insights into the new methods and tools for the physical measurement and valuation of relevant forest ecosystem services

By developing this manual, the WAVES-Policy and Technical Experts Committee (PTEC) addresses the need for training material for compiling, implementing, and demonstrating policy applications of forest accounting. The forest accounting manual will respond to the increasing demand for harmonization across countries in the creation and implementation of forest accounts and will be especially useful for countries that have begun to compile forest accounts.

More information at the project website: http://www.wavespartnership.org/ (last visited 25.7.2018)

Project management
inazio.martinez @ efi.int
01.12.2013 - 30.04.2014
Project Schedule
Start Date
End Date
Project Status
EFI Research Programme / Facility