The Economics of Ecosystems and Biodiversity
“The Economics of Ecosystems and Biodiversity is about addressing “the value of nature” challenge, and making a comprehensive and compelling economic case for conservation of ecosystems and biodiversity.” – Pavan Sukhdev, Study Leader for the project.
Part of Executive Summary: Nature provides human society with a vast diversity of benefits such as food, fibres, clean water, healthy soil and carbon capture and much more. Though our well-being is totally dependent upon the continued flow of these “ecosystem services”, they are predominantly public goods with no markets and no prices, so are rarely detected by our current economic compass. As a result, biodiversity is declining, our ecosystems are being continuously degraded and we, in turn, are suffering the consequences.
Taking inspiration from ideas developed in the Millennium Ecosystem Assessment, the German Federal Ministry for the Environment and the European Commission, with the support of several other partners initiative, The Economics of Ecosystems and Biodiversity (TEEB), aims to promote a better understanding of the true economic value of ecosystem services and to offer economic tools that take proper account of this value. We are confident that the results of our work will contribute to more effective policies for biodiversity protection and for achieving the objectives of the Convention on Biological Diversity.
TEEB is in two phases and this interim report summarizes the results of Phase I. It demonstrates the huge significance of ecosystems and biodiversity and the threats to human welfare if no action is taken to reverse current damage and losses. Phase II will expand on this and show how to use this knowledge to design the right tools and policies.
