The Economics of Ecosystems and Biodiversity in the context of "Green economy"

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⭐ Core Definition: The Economics of Ecosystems and Biodiversity

The Economics of Ecosystems and Biodiversity (TEEB) was a study led by Pavan Sukhdev from 2007 to 2011. It is an international initiative to draw attention to the global economic benefits of biodiversity. Its objective is to highlight the growing cost of biodiversity loss and ecosystem degradation and to draw together expertise from the fields of science, economics and policy to enable practical actions. TEEB aims to assess, communicate and mainstream the urgency of actions through its five deliverables—D0: science and economic foundations, policy costs and costs of inaction, D1: policy opportunities for national and international policy-makers, D2: decision support for local administrators, D3: business risks, opportunities and metrics and D4: citizen and consumer ownership.

One motive for the study was to establish an objective global standard basis for natural capital accounting. Estimates establish the cost of biodiversity and ecosystem damage expected to cost 18% of global economic output by 2050 and currently at over US$2T (for the largest 3000 companies according to Trucost), with some estimates as high as US$6T/year. The World Bank in particular has led recent efforts to include the cost of biodiversity and climate harm in national accounts.

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👉 The Economics of Ecosystems and Biodiversity in the context of Green economy

A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politically applied focus. The 2011 UNEP Green Economy Report argues "that to be green, an economy must not only be efficient, but also fair. Fairness implies recognizing global and country level equity dimensions, particularly in assuring a Just Transition to an economy that is low-carbon, resource efficient, and socially inclusive."

A feature distinguishing it from prior economic regimes is the direct valuation of natural capital and ecological services as having economic value (see The Economics of Ecosystems and Biodiversity and Bank of Natural Capital) and a full cost accounting regime in which costs externalized onto society via ecosystems are reliably traced back to, and accounted for as liabilities of, the entity that does the harm or neglects an asset.

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The Economics of Ecosystems and Biodiversity in the context of Bank of Natural Capital

The Bank of Natural Capital is an educational initiative associated with The Economics of Ecosystems and Biodiversity (TEEB) to communicate natural capital investment and value theory related to what are sometimes called "economic intangibles" to the global public, in particular the direct economic and financial value of ecosystem services to man.

It encapsulates the idea that the natural world is defined as capital and something to profit on through a capitalist society, saying 'we pay for things we find valuable'. The capitalist construction of nature as something with a value will lead to, as already apparent its over-abstraction and system collapse.

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LINKED FROM (PARENTS)
← Green economy ← Bank of Natural Capital
LINKS TO (CHILDREN)
Pavan Sukhdev → Biodiversity → Biodiversity loss → Environmental degradation → Natural capital accounting → Trucost → World Bank →