Economic, Social and Cultural values of Biodiversity

If we are to achieve our nature conservation aims it is essential that the true value of biodiversity and the role of healthy ecosystems are recognised.  The Economics of Ecosystems and Biodiversity (TEEB) an international, multidisciplinary study addressing these issues, and launched at the 2010 Convention on Biodiversity in Nagoya Japan, has helped to raise understanding of the importance and value of biodiversity to society. Key to developing a wider awareness of the ultimate cost to society of undisciplined natural resource exploitation will be the consideration of biodiversity values in political and commercial decisions.

Often resources are used inefficiently because the information about the true cost to society of their use is unavailable. Consequently businesses and individuals persist in behaviours that, while seemingly beneficial at the time, can have long term detrimental effects — to the environment, to the larger economy and society as a whole.

Policy measures to improve resource efficiency and indeed economic competitiveness overall, must prioritise getting the prices right, that is reflecting the full cost to society of various decisions, and making these transparent to consumers. Having such information will help both individuals and policy makers to weigh different choices and to decide where to focus efforts and resources. Economics is an important tool for helping us understanding the trade-offs associated with different choices.

In May 2011 the OECD unveiled its Green Growth Strategy which emphasises that ‘green’ and ‘growth’ go hand in hand.  Similar to the EU, OECD defines ‘green growth’ as ‘fostering economic growth and development while ensuring that the earth’s natural assets continue to be able to provide the resources and environmental services on which society’s well-being depends’.