25 years of valuing ecosystems in decision-making

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25 years of valuing ecosystems in decision-making
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  • 📰 Nature
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Calculating the economic value of ecosystems has driven policy changes.

— the benefits people obtain from ecosystems. The authors valued these at US$33 trillion per year. Objections to the exercise were raised on many grounds, from those involving technical matters to ethical concerns about pricing nature. And its utility was questioned, drawing commentssuch as, “there is little that can usefully be done with a serious underestimate of infinity.

” Yet Costanza and colleagues’ bigger aim went far beyond merely producing a number. They wanted to reframe the way people think about nature, especially in the context of economic decision-making. As they stated in the paper, “We must begin to give the natural capital stock that produces these services adequate weight in the decision-making process, otherwise ... human welfare may drastically suffer.

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