"GDP growth does not capture many vital aspects of national wealth and wellbeing, such as changes in the quality of health, the extent of education, and changes in the quality and quantity of our natural resources," it said.

The Sukhdev report aims to create a framework in economic theory to evaluate ecosystems that engages "end-users" and to provide a policy toolkit for policy makers and administrators.

Sustainable development and better conservation of ecosystems and biodiversity needed to be placed on a basis of sound economics, it said.

The ninth conference of the parties to the Convention on Biological Diversity (CBD) began May 19 and is in its final, political, phase culminating in the issuing of a conference document Friday.