Policy and management decisions are often made on financial grounds. However, the economic value of the benefits that people derive from ecosystems, that is, ecosystem services, may not be fully recognised and hence ecosystem considerations may not be incorporated adequately into decision-making processes. This is particularly true for regulating services, the benefits obtained from the regulation of ecosystem processes, the valuation of which requires an interdisciplinary approach. In essence, valuation is a problem solving strategy and a problem is a problem, it does not respect the boundary of any particular discipline. The valuation of regulating services is an evolving field of ecological economics. In this book, Professor Pushpam Kumar and Professor Michael D. Wood have invited some of the foremost international experts in the field of ecosystem services valuation to contribute chapters on the valuation of regulating services and highlight some of the main obstacles to the implementation and acceptance of these methodologies in the context of decision-making. The contributors explore the theoretical underpinning of valuation of ecosystem services and demonstrate ways in which these theories can be applied to case-specific problems in order to inform decision-making processes. This collection clarifies some of the doubt and uncertainty regarding the valuation of regulating services. Innovative methodologies in this field have started to emerge and in coming years there may be much further discussion on this topic as methodologies and understanding continue to evolve. This is a highly active area of interdisciplinary research with far reaching social and environmental implications, and this book should be of interest to those who are new to the field, as well as established experts, in moving both theory and practice forward.

On April 20, 2010, the Deepwater Horizon platform drilling the Macondo well in Mississippi Canyon Block 252 (DWH) exploded, killing 11 workers and injuring another 17. The DWH oil spill resulted in nearly 5 million barrels (approximately 200 million gallons) of crude oil spilling into the Gulf of Mexico (GoM). The full impacts of the spill on the GoM and the people who live and work there are unknown but expected to be considerable, and will be expressed over years to decades. In the short term, up to 80,000 square miles of the U.S. Exclusive Economic Zone (EEZ) were closed to fishing, resulting in loss of food, jobs and recreation. The DWH oil spill immediately triggered a process under the U.S. Oil Pollution Act of 1990 (OPA) to determine the extent and severity of the "injury" (defined as an observable or measurable adverse change in a natural resource or impairment of a natural resource service) to the public trust, known as the Natural Resources Damage Assessment (NRDA). The assessment, undertaken by the trustees (designated technical experts who act on behalf of the public and who are tasked with assessing the nature and extent of site-related contamination and impacts), requires: (1) quantifying the extent of damage; (2) developing, implementing, and monitoring restoration plans; and (3) seeking compensation for the costs of assessment and restoration from those deemed responsible for the injury. This interim report provides options for expanding the current effort to include the analysis of ecosystem services to help address the unprecedented scale of this spill in U.S. waters and the challenges it presents to those charged with undertaking the damage assessment.

Human well-being relies critically on ecosystem services provided by nature. Examples include water and air quality regulation, nutrient cycling and decomposition, plant pollination and flood control, all of which are dependent on biodiversity. They are predominantly public goods with limited or no markets and do not command any price in the conventional economic system, so their loss is often not detected and continues unaddressed and unabated. This in turn not only impacts human well-being, but also seriously undermines the sustainability of the economic system. It is against this background that TEEB: The Economics of Ecosystems and Biodiversity project was set up in 2007 and led by the United Nations Environment Programme to provide a comprehensive global assessment of economic aspects of these issues. This book, written by a team of international experts, represents the scientific state of the art, providing a comprehensive assessment of the fundamental ecological and economic principles of measuring and valuing ecosystem services and biodiversity, and showing how these can be mainstreamed into public policies. This volume and subsequent TEEB outputs will provide the authoritative knowledge and guidance to drive forward the biodiversity conservation agenda for the next decade.

In recent years, scientists have begun to focus on the idea that healthy, functioning ecosystems provide essential services to human populations, ranging from water purification to food and medicine to climate regulation. Lacking a healthy environment, these services would have to be provided through mechanical means, at a tremendous economic and social cost. Nature and the Marketplace examines the controversial proposition that markets should be designed to capture the value of those services. Written by an economist with a background in business, it evaluates the real prospects for various of nature's marketable services to “turn profits” at levels that exceed the profits expected from alternative, ecologically destructive, business activities. The author: describes the infrastructure that natural systems provide, how we depend on it, and how we are affecting it explains the market mechanism and how it can lead to more efficient resource use looks at key economic activities -- such as ecotourism, bioprospecting, and carbon sequestration -- where market forces can provide incentives for conservation examines policy options other than the market, such as pollution credits and mitigation banking considers the issue of sustainability and equity between generations Nature and the Marketplace presents an accessible introduction to the concept of ecosystem services and the economics of the environment. It offers a clear assessment of how market approaches can be used to protect the environment, and illustrates that with a number of cases in which the value of ecosystems has actually been captured by markets. The book offers a straightforward business economic analysis of conservation issues, eschewing romantic notions about ecosystem preservation in favor of real-world economic solutions. It will be an eye-opening work for professionals, students, and scholars in conservation biology, ecology, environmental economics, environmental policy, and related fields.

Nutrient recycling, habitat for plants and animals, flood control, and water supply are among the many beneficial services provided by aquatic ecosystems. In making decisions about human activities, such as draining a wetland for a housing development, it is essential to consider both the value of the development and the value of the ecosystem services that could be lost. Despite a growing recognition of the importance of ecosystem services, their value is often overlooked in environmental decision-making. This report identifies methods for assigning economic value to ecosystem servicesâ€"even intangible onesâ€"and calls for greater collaboration between ecologists and economists in such efforts.

This thought provoking book draws together prominent international authorities to discuss the key methodological issues and challenges in valuing ecosystem services. Covering a cross-section of ecosystems and services in different sites, countries and

Conservation for the Anthropocene Ocean: Interdisciplinary Science in Support of Nature and People emphasizes strategies to better connect the practice of marine conservation with the needs and priorities of a growing global human population. It conceptualizes nature and people as part of shared ecosystems, with interdisciplinary methodologies and science-based applications for coupled sustainability. A central challenge facing conservation is the development of practical means for addressing the interconnectedness of ecosystem health and human well-being, advancing the fundamental interdisciplinary science that underlies conservation practice, and implementing this science in decisions to manage, preserve, and restore ocean ecosystems. Though humans have intentionally and unintentionally reshaped their environments for thousands of years, the scale and scope of human influence upon the oceans in the Anthropocene is unprecedented. Ocean science has increased our knowledge of the threats and impacts to ecological integrity, yet the unique scale and scope of changes increases uncertainty about responses of dynamic socio-ecological systems. Thus, to understand and protect the biodiversity of the ocean and ameliorate the negative impacts of ocean change on people, it is critical to understand human beliefs, values, behaviors, and impacts. Conversely, on a human-dominated planet, it is impossible to understand and address human well-being and chart a course for sustainable use of the oceans without understanding the implications of environmental change for human societies that depend on marine ecosystems and resources. This work therefore presents a timely, needed, and interdisciplinary approach to the conservation of our oceans. - Helps marine conservation scientists apply principles from oceanography, ecology, anthropology, economics, political science, and other natural and social sciences to manage and preserve marine biodiversity - Facilitates understanding of how and why social and environmental processes are coupled in the quest to achieve healthy and sustainable oceans - Uses a combination of expository material, practical approaches, and forward-looking theoretical discussions to enhance value for readers as they consider conservation research, management and planning