1 Green Net National Product and Reference Points Daigee Shaw a , Chih-Ming Hung b a Institute of Economics, Academia Sinica, 128, Sec. 2, Sinica Road, Nankang, Taipei, Taiwan b Department of Economics, National Chengchi University, 64, Sec. 2, Zhinan Road, Wenshan, Taipei, Taiwan Abstract While the issue of reference points is important in terms of adjusting Net National Product to incorporate environmental degradation and the depletion of natural resources, not much attention has been paid to it by existing studies. In this paper, we show that by using clearly defined standards for managing environmental quality and natural resources, e.g., environmental quality standards, as reference points, the value of environmental services as well as of direct nature services can emerge. However, these values would not exist if we were to use the extreme reference points proposed by the existing green accounting literature. This change in reference points makes Green Net National Product not only more comprehensive in theory, but also more operational in green national accounting practice. Keywords: Green NNP, reference points, environmental degradation, environmental services, direct nature services, depletion