Energy and mineral asset accounts
Background and outline for future work and terms of
reference
Alessandra Alfieri and Ole Gravgård
Background
• Rome 2003: Subgroup on mineral and energy asset
accounts created (Peru, Norway, Philippines, New
Zealand, Canada, Denmark)
• Copenhagen 2004: results of a questionnaire on country
experiences/problems presented by the subgroup –
reports from countries collected
• August 2005 UNCEEA: terms of reference for the subgroup
Terms of reference
• Objective:
- further research in mineral and energy asset
accounts
- prepare handbook on mineral and energy asset
accounts for consideration and approval by the UNCEEA
• Focus on assets, but consistency with flows
• Close cooperation with the Oslo Group on Energy
Statistics
• take into account work by Canberra II, AEG, London
Group, ISWG on energy statistics
TOR (continued)
• Members: Experts in environmental accounting, national
accounts, energy statistics, selected countries and
international organizations
• Statistics Denmark will be moderator of the Group, in
cooperation with UNSD
• Limited duration – sub group cease to exist once a
Handbook has been completed
• Submit reports to the UNCEEA (progress reports,
conclusions, handbook chapters, etc.)
Issues 1
•
Classification used for physical reserves
Hass and Kolshus:
Harmonization of Fossil Energy and Mineral Ressource Classifications
•
Aggregation over different reserves
(e.g. proven, probable and possible on the basis of probability of existence)
•
Should renewable energy resources be
included in the accounts in terms of stocks?
Issues 2
•
Calculation of NPV:
- discount rate,
- rate of return to capital
- treatment of (specific) taxes and subsidies
- lifetime of reserves
•
Implementation of the capital service approach
•
Joint production and allocation of resource rent
different products
Pascoe and Webb: Allocating mineral valuations using unit record data
•
Heterogeneity (different quality and costs) of the
reserves?
Issues 3
•
Year to year volatility and negative resource rents
•
Constant price valuation of assets
Lange: Alternative Measures of the Value of ressource rent and Natural Capital in
Constant Prices
•
The recording of depletion in the SEEA.
Hamilton: Summary of the issues in the research agenda
•
Decomposition of changes in stock value
due to human activities, natural causes and revaluation
Issues 4
•
Decommissioning costs and recording
ownership of mineral-related assets
•
Extension of the methodology used for oil and
gas accounts to other mineral resources
•
Confidentiality problems
•
Inclusion of financial wealth related to natural
assets in the SEEA asset boundary
Time table
Agreement on issues list,
content of handbook and
timetable, some draft issues
papers available
LG New York
Endorsement by UNCEEA of
conclusion at LG meeting
UNCEEA meeting June 2006
First rough outline of a handbook
finished
June 2006
Beginning 2007
Outcome papers for all issues on
list finished
UNCEEA meeting 2008
Handbook finished
UNCEEA meeting 2008
Next steps
• Finalising issues list
• Agreement on content of Handbook
• Establishing sub group
volunteers for writing of issue papers and
handbook chapters
UNSD website
• http://unstats.un.org/unsd/envAccounting/s
gmineral.htm