Ecuador's Central Bank is launching an initiative to measure the economic contribution of the marine and coastal sector through the creation of an Oceanic Thematic Account.
In a significant effort, the Central Bank of Ecuador (BCE) is set to develop the Oceanic Thematic Account to assess the economic contributions stemming from marine and coastal activities. This initiative aims to highlight the role of oceanic natural capital in contributing to the nation's Gross Domestic Product (GDP). By doing so, the BCE seeks not only to quantify these contributions but also to emphasize the importance of sustainable economic growth that aligns with the health of coastal and marine ecosystems.
As part of this initiative, the BCE will also update the Ecosystemic Account for Ecuador's Insular Exclusive Economic Zone, which evaluates the value of natural capital and services provided by the Galápagos Marine Reserve and the Hermandad Reserve. This updated accounting will take into consideration the ecological impacts of various economic activities, reinforcing the need for sustainability in the utilization and preservation of marine resources vital for both local and national economies.
Furthermore, the Oceanic Thematic Account complements other ongoing initiatives, such as the Satellite Account for Bioeconomy and the project aimed at making the Central Bank greener. Collectively, these efforts reflect Ecuador's commitment to integrating ecological considerations into economic policies, highlighting the crucial intersection between environmental health and economic prosperity in maritime contexts.
