Explanation:

Recently, the Uttarakhand government has announced that it will initiate valuation of its natural resources in the form of ‘Gross Environment Product’ (GEP).

• It is along the lines of Gross Domestic Product (GDP).
• GEP was established back in 1997 by ecological economists like Robert Costanza at the global level.
• It is an assessment system to measure ecological status. It is considered as the product and service value that the ecosystem provides for human welfare and economic and social sustainable development, including provisioning, regulating and cultural ecosystem services.
• Overall, GEP accounts for the economic value of the ecosystem in providing products and services, and it is one of the components of green GDP.
• The green gross domestic product (green GDP) is an indicator of economic growth with environmental factors taken into consideration along with the standard GDP of a country. It factors biodiversity losses and costs attributed to climate change.
• The value of ecosystem services is about twice as much as the global GDP. Therefore, it would help in the conservation of the environment and also help save us from the effects of climate change.

Hence both statements are correct.