Word: ecosystems
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Nature lovers might cringe at the term "ecosystem services" to describe, say, the view of a pristine beach or a stream teeming with trout. But a growing number of experts within the scientific and economic communities say that putting real economic value on components of nature will help protect the environment and promote biodiversity...
While such economic arrangements hold great promise, Barbier warns that focusing on one "ecosystem service" - as opposed to grappling with complex systems and interactions - can distort value. He also notes that payments may not cover all the costs of preservation, particularly in the short term. But they may, for instance, pay for running conservation programs, or supplement the income of people who live in the area...
What kind of value are we talking about? According to research cited in the TEEB report, an annual investment of $45 billion to biodiversity conservation worldwide could safeguard about $5 trillion in ecosystem services - a benefit to cost ratio...
There have been other efforts to value ecosystem benefits, notably by British economist David Pearce, through his book Blueprint For a Green Economy, which was influential in the 1990s. (Professor Barbier was a coauthor.) What's different now is the urgency - we get news of nature disappearing every day - and new tools for measuring value, since research on ecosystems and valuation metrics have been evolving steadily over the last 20 years. Through programs like the Millennium Ecosystem Assessment, drawing on the work of more than 1,360 experts worldwide, the economic value of biodiversity - which, alas, is often determined after...
According to Costanza, we need different institutions for managing natural capital because of its "public good" aspects. For example, there are systems of payments for ecosystem services, such as compensating farmers who plant trees for carbon sequestration. These could be embedded in common asset trusts, set up to assign property rights to the community rather than private hands. Those who damage ecosystem services would be charged, while those whose land produces services could be paid. Economic incentives can encourage people to preserve natural assets. For example, in Costa Rica U.S. pharmaceutical companies are paying landowners to conserve their properties - essentially...