Monday, November 15, 2010

The Economics of Ecosystems and Biodiversity

A comprehensive study known as The Economics of Ecosystems and Biodiversity (TEEB) provides compelling evidence for sustainable development. This assessment was requested by G8 finance ministers, it illustrates the economic value nature's diversity.

TEEB consists of a series of reports for distinct end-users including ecologists and economists, policy makers, local governments, business and citizens.

The TEEB study is a major international initiative to draw attention to the global economic benefits of biodiversity, to highlight the growing costs of biodiversity loss and ecosystem degradation, and to draw together expertise from the fields of science, economics and policy to enable practical actions moving forward.

The research calculated the global, multitrillion dollar losses due to the loss of biodiversity, while highlighting massive returns, including green jobs, from investments in natural systems.

Brazil and India, are amongst the countries that have announced that they will be carrying out similar country-level TEEB studies. Japan and the EU have also signaled interest, as has the Asian Development Bank for a continent wide assessment. This is an important first step toward factoring and mainstreaming the economics of nature into policy making.

Thanks to TWEEB, there is a growing pool of quantatative data on the economic importance of maintaining nature’s multitrillion dollar contribution to our economy.

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