Green national income accounting and sustainable development

The concept of sustainable development could solve the problem of constrained natural resources and growing environmental pressure but needs instruments for broader practical application and maintaining into all aspects of decision making process on local, national and global levels. The current System of National Accounts (SNA) does not take environmental concerns into economic accounts. The methodology to calculate the Gross Domestic Product (GDP) does not reflect the value of losses on account of natural and environmental resources. The main objective of the article is deliberate on the issues of green national accounting in the broader concept of welfare aspects.