Valuing nature: The economics of biodiversity

Summary ilure of society to place a value on nature has resulted in the degradation of ecosystems, a consequent reduction in ecosystem services, and has contributed to a significant decline in biodiversity. The lack of comprehensive methodologies for providing economic valuation for biodiversity and ecosystem services, the results of which can be easily communicated to policy and decision-makers, has hampered efforts to protect, maintain and enhance habitats and species. This paper provides an overview of recent policy, in particular The Economics of Ecosystems and Biodiversity (TEEB) process, and research developments in Europe.