Making Ecosystem Services Valuable Flashcards
1
Q
How much is the entire biosphere worth? + Citation
A
Costanza et al. (1997)
- US $16-54 trillion (average of US$33 trillion per year)
- Because of the nature of the uncertainties this must be considered a minimum estimate
2
Q
Undervaluation of Ecosystem Services
A
- Ecosystem services are not fully captured in the commercial market or quantified comparably with ecosystem services - leading to undervaluation in policy decisions
3
Q
The infinite value of ecosystem services
A
The total value of ecosystem services to the economy is considered infinite given their crucial role as ecoloi
4
Q
Value of natural capital
A
- Natural capital is considered essential to human welfare.
- Zero natural capital implies zero human welfare, as manufactured and human capital require natural capital for construction.
5
Q
Total Value of Natural Capital
A
- It is not meaningful to ask for the total value of natural capital to human welfare, as its value is infinite in total.
- However, changes in quantity or quality can impact human welfare
6
Q
Necessity of Ecosystem Valuation
A
- Although difficult and uncertain, the societal decisions about ecosystems imply valuations.
- The choice is not whether to value but how
explicitly and with acknowledgement of
uncertainties
7
Q
Valuing Natural Capital ‘at the Margin’
A
- Valuing natural capital ‘at the margin’ involves determining the impact of small changes in ecosystem services on human welfare, affecting benefits and costs.
