Today, raising capacity in water resources management entails supporting stakeholders and decision-makers to reach a common understanding on the priorities and necessary arrangements for sharing and allocating water-related goods and services. Valuation is central to this process, as setting priorities and making choices implies valuing certain uses and arrangements above others. Water valuation can help stakeholders to express the values that water-related goods and services represent to them. It also offers a means for conflict resolution and planning, informing stakeholders, supporting communication, and facilitating joint decision-making on priorities and specific actions. This report confronts concepts from the literature on water valuation with practical experiences from three local cases where an effort was made to embed existing valuation tools and methods in ongoing water resources management processes. It uses the lessons from this exploration to provide a first outline for a stakeholder-oriented water valuation process. This is expected to provide a useful starting point to help water professionals and policy-makers improve the use of water valuation as a means to support participatory processes of water resources management.

In this volume of the TEEB (The Economics of Ecosystems and Biodiversity) publication series, the key concepts of the project are applied to local and regional policy and public management. The aim is to show that by taking nature's benefits into account, decision makers can promote local development to ensure human well-being and economic growth and stability, while maintaining environmental sustainability. The book explores the potential for local development provided by an approach based on nature. It offers examples of successful implementation of this approach from across the world, highlighting the importance of local decision making in management and planning. It provides tools and practical guidance for reform, and throughout the volume the economic benefits of environmental consideration at a local level are expounded. This book is intended to offer inspiration and practical suggestions for the improvement and sustainable management of the environment and human well-being. The local aspect of this book complements the focus of the previous three volumes, completing the set to provide a comprehensive approach to simultaneously improving and maintaining economic and environmental stability, as well as human well-being.

Taking into consideration the fact that many ecosystems are under-represented in protected areas of land and water and traditional management methods have often been ineffective, this volume describes how improvements can be made. Specifically, it explores ways of ensuring that all major ecosystems are safeguarded, and innovative approaches to conservation involving individuals, communities, companies and governments. The essence of the approach taken in the text is to build partnerships with those who have a stake in the care of land and water resources.