The main approaches to the definition of the term "national capital" and interpretation of its theoretical meaning are investigated. The views of researches on the role of natural capital in state’s economic development and ways of its assessment are analyzed. The issue of substitutability of natural capital by other types of capital and the concept of critical natural capital as a demonstration of non-substitutability of specific types of natural resources are considered. The necessity of detailed and comprehensive monitoring of the state and dynamics of natural resources and fixation of its role in certain economic system with the goal of development and realization of efficient long-term environmental and economic state policy is outlined. The priorities for the initial stages of environmental accounts system of Ukraine development are determined. 

natural capital, natural resources, system of national accounts, environmental accounts