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ThE EcoNoMIcs of EcosysTEMs AND BIoDIvErsITy TEEB for National and International Policy Makers chapter 4 Integrating ecosystem and biodiversity values into policy assessment Table of Contents Key Messages of Chapter 4 2 4.1 Understanding the value of ecosystem services 4 4.1.1 The nature of value and valuing nature 4 4.1.2 Three ways to analyse value; qualitative, quantitative and monetary 4 4.1.3 Applying Total Economic Value frameworks to ecosystems 7 4.2 Expanding monetary valuation of ecosystem services 9 4.2.1 How do common valuation methods work? 9 4.2.2 Scope for extending benefits transfer methods 11 4.2.3 Examples of valuation in practice 13 4.2.4 Limits on monetary valuation 15 4.3 Integrating economic thinking into policy assessment 16 4.3.1 What can policy assessments contribute? 16 4.3.2 How can we make better use of available information? 19 4.3.3 Best practices for more effective assessment 20 4.4 Next steps: the need to build assessment capacity 28 References 31 TEEB for NATIoNAL AND INTErNATIoNAL PoLIcy MAKErs - chAPTEr 4: PAGE 1
INTEGRATING ECOSYSTEM AND BIODIVERSITY VALUES INTO POLICY ASSESSMENT Key Messages of chapter 4 The main cause of the biodiversity crisis is unsustainable growth in consumption and production, exacerbated by a tendency to undervalue biodiversity and the ecosystem services it supports. Current decision-making is biased towards short-term economic benefits because the long-term value of ecosystem services is poorly understood. Recognising the value of ecosystem services can lead to better more cost-efficient decisions and avoid inappropriate trade-offs. It is also an important step towards refocusing economic and financial incentives to achieve sustainability goals. Tools and techniques already exist for this purpose and are being constantly improved. Understanding the value of ecosystem services Decision-makers need to understand what ecosystem services are generated by natural capital in their zone of influence, what ecosystem services are (at risk of) being lost, the economic costs of losing them, who faces these costs, where and when. valuation can help develop the necessary evidence base and should address spatial relationships between sources and beneficiaries of impacts and services. countries should therefore cooperate to develop and integrate robust valuation procedures within their broader decision support systems. valuation procedures should, as a minimum, be based on a qualitative understanding of environmental and social impacts of changes to natural capital and associated ecosystem services. Building capacity to quantify and monetise such impacts is an essential step to make trade-offs explicit and increase transparency. Expanding monetary valuation of ecosystem services Quantitative and monetary valuation needs to strengthen the focus on long-term impacts (positive and negative) of resource use decisions and compare them using an discount rate appropriate for ecosystem services. Existing expertise should be maximised by building on past practice, undertaking more primary analysis and promoting benefits transfer of existing studies in accordance with available guidance. Integrating economic thinking into policy assessment valuation is a tool to guide decisions, not a precondition for acting to protect biodiversity. Decision-makers across all levels and sectors need to commit to systematic and timely analysis of proposed projects, programmes and policies through impact assessments, strategic environmental assessments and environmental impact assessments. The aim should be to have a fuller evidence base available at the right time to take the whole picture into account. The precautionary principle should be applied in decision-making affecting biodiversity and ecosystem services where impacts cannot be predicted with confidence and/or where there is uncertainty about the effectiveness of mitigation measures. Each country needs to develop and institutionalise a culture of analysis, consistent with recognised best practices. This can be done by developing capacity and having an accepted, functional and supported policy assessment system in place. TEEB for NATIoNAL AND INTErNATIoNAL PoLIcy MAKErs - chAPTEr 4: PAGE 2
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ThE EcoNoMIcs of EcosysTEMs AND BIoDIvErsITy<br />
<strong>TEEB</strong> for National and International Policy Makers<br />
chapter 4<br />
Integrating ecosystem and biodiversity values<br />
into policy assessment<br />
Table of Contents<br />
Key Messages of Chapter 4 2<br />
4.1 Understanding the value of ecosystem services 4<br />
4.1.1 The nature of value and valuing nature 4<br />
4.1.2 Three ways to analyse value; qualitative, quantitative and monetary 4<br />
4.1.3 Applying Total Economic Value frameworks to ecosystems 7<br />
4.2 Expanding monetary valuation of ecosystem services 9<br />
4.2.1 How do common valuation methods work? 9<br />
4.2.2 Scope for extending benefits transfer methods 11<br />
4.2.3 Examples of valuation in practice 13<br />
4.2.4 Limits on monetary valuation 15<br />
4.3 Integrating economic thinking into policy assessment 16<br />
4.3.1 What can policy assessments contribute? 16<br />
4.3.2 How can we make better use of available information? 19<br />
4.3.3 Best practices for more effective assessment 20<br />
4.4 Next steps: the need to build assessment capacity 28<br />
References 31<br />
<strong>TEEB</strong> for NATIoNAL AND INTErNATIoNAL PoLIcy MAKErs - chAPTEr 4: PAGE 1