Nature is the economy, not the backdrop

Luisa OIivera 

Advisor, Environmental Area, Ministry of Economy and Finance (Uruguay)

“In Uruguay, 98% of our electricity comes from renewable sources and nearly all our land is in natural systems or agriculture, so nature is not a backdrop to the economy. It is the economy. Integrating nature into economic decision-making is not an abstract aspiration, it's an urgent need… 

When I started studying economics in Uruguay, nature was nowhere to be found in the curriculum, not even remotely. The idea that ecosystems had economic value, or that biodiversity had fiscal consequences, that simply wasn't part of the conversation. Fortunately, that is changing… I spent a decade working on infrastructure, evaluating public-private partnership, assessing financial risk, and designing regulatory framework, but felt something was missing. I moved to the recently created environmental division of the Ministry of Economy in 2023, and discovered that connecting the economy with nature opened many pathways to improve societal well-being. 

Since then, I have been part of the team working with NatCap, IDB, and colleagues from the Ministry of the Environment on an assessment and valuation of the country’s wetlands to inform policies and regulations. Working with this team has been an incredible experience for which I am very grateful. It has allowed us to meet a team of global experts working on the same topics in very different contexts. I would like a future where joint work between economists and scientists is not the exception, but the rule.”

Boris F. Ochoa-Tocachi

CEO, ATUK Consultoría Estratégica (Ecuador)

“My inspiration was my parents. My father was a lawyer, and he worked with Indigenous and rural communities, and my mother was a travel agent and a nature lover who seeded in me the same love for nature and for travel. I was also inspired by the entrepreneurial spirit at my university [Imperial College London], so when I went back to Ecuador, I created ATUK with my two brothers: one is an economist and the other a mathematician. We wanted to connect economy, science, and nature – particularly water – to solve problems, and to do something different from what other consultancies were doing at the time. 

When I first learned the term, “ecosystem services,” I looked at the Ecuadorian constitution, created in 2008, and I realized the term "environmental services" was already in it. It was the first legal instrument in the world that provided rights to nature, which is something that we as Ecuadorians feel very proud of. 

I have been working with the Ecuadorian government, IDB, and NatCap on this assessment of natural capital and ecosystem services in the Yasuní Biosphere in the northern Amazonian region of Ecuador. More than 150 local stakeholders participated in this effort to quantify the value of ecosystem services, to understand how this can sustain the livelihoods not only of the people living in the Amazon but also for the entire country and the benefits we produce for the rest of the world.  

I think more broadly, our purpose for the future is to redefine the relationship between humanity and nature. It's not a dichotomy, you know, it's not either nature or humans. We are part of nature as humans. I believe the way we think about the economy will shift from only looking at money, to looking at this more holistic understanding of what wealth is.”

Fabián Darío Villalba Pardo

Technical Lead for Economics of Sustainable Development, Department of National Planning (Colombia)

“My journey began with curiosity. I completed a PhD working on general relativity, gravitation, black holes, and complex systems… Physics shaped the way I think. I also have a personal connection with nature. Some of my earliest memories are of exploring nature. 

One of the most important experiences in my career was contributing from 2011 to 2015 to pioneering work on the economic impacts of climate change in Colombia. Now, what I find powerful about ecosystem accounts is that they allow us to see nature spatially and territorially: not as an abstract resource, but as a set of spatial relationships between ecosystems, people, communities, and economic activities.

In my own journey, moving from academia to public policy taught me that good ideas need more than evidence. They also need institutional pathways. They need to be translated into decisions, instruments, budgets, and processes that can actually work in real contexts. The transformation we need is environmental, but it is also economic, financial, productive, and institutional. For Latin America, I believe natural capital leadership must be able to speak with many different actors and help build consensus. We need leaders who can connect evidence with decisions, finance with nature, and technical tools with the realities of people and communities.

I hope that whatever I have been able to contribute can become one small stone in the foundation of what future generations will build.”

Bhutan National Statistics Bureau

“For Bhutan, the idea that nature matters is not new; it is deeply embedded in our development philosophy of Gross National Happiness, first articulated by His Majesty the Fourth Druk Gyalpo King Jigme Singye Wangchuck. For decades, this philosophy has guided Bhutan's efforts to pursue development that balances economic progress with environmental conservation, cultural preservation, and good governance. This commitment is reflected in our constitution, which requires that at least 60 percent of Bhutan's land remain under forest cover for all time. Today, Bhutan remains carbon negative, demonstrating that environmental stewardship and socio-economic development can reinforce one another. 

As countries around the world seek more sustainable pathways for growth, there is increasing recognition that nature is not simply a backdrop to development. Nature underpins our economies, supports livelihoods, strengthens resilience, and contributes directly to human well-being. We are also exploring new approaches to sustainable development. One such initiative is the Gelephu Mindfulness City envisioned under the visionary leadership of His Majesty the King Jigme Khesar Namgyel Wangchuck. This initiative seeks to integrate economic opportunity, innovation, environmental sustainability, and human well-being, while remaining fully aligned with Bhutan's long-standing development values. It represents our earnest effort to explore how future urban development can balance economic aspirations with environmental responsibility and spiritual and social well-being.

The National Statistics Bureau is privileged to be working with the NatCap team and other partners in developing Bhutan's first Gross Ecosystem Product and natural capital accounts. This work will help make visible the contributions of forests, rivers, biodiversity, and ecosystems to the economy and society, strengthening the evidence needed to support sustainable and informed decision making.”