Word: environmentalism
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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...
Can biodiversity loss, then, be seen as a failure of the market? "Biodiversity is the living capital of the planet," says Pavan Sukhdev, a senior banker with Deutsche Bank and Special Adviser to the United Nations Environment Programme's (UNEP) Green Economy Initiative. Like any capital, he says, it has...
The renewed interest in valuing nature gives Barbier some optimism. "If through scientific and economic analysis we can show the benefits that the natural environment offers, and show that the economic value is not zero, this gives policy makers a vehicle for addressing our fragile ecosystems," he says.
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...
See TIME's special report on the environment.