Handbook of Market Creation for Biodiversity

Issues in Implementation

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Striking the right balance between the conservation/sustainable use and the loss of biodiversity requires accounting for all the impacts of its destruction. Weighing the loss against any potential benefits will ensure that the social, as well as economic, well-being of everyone are at the best levels possible. Market-based economic systems have the potential to ensure that such a balancing occurs, but require that all the impacts of its loss, or use, have been fully internalised into market transactions.

This book shows how public policy in the form of market creation can be used to internalise the loss of biodiversity. It promotes the use of markets to ensure that our collective preferences for conservation and sustainable use are reflected in economic outcomes.

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Economic Value of Biodiversity

The economic value of biodiversity is measured in the numerous benefits that are derived from it: both tangible and intangible. These range from the things that are produced and sold, which are derived both directly and indirectly from biodiversity, to the non-marketed things that contribute to both our well-being and to the economy. These benefits can be demonstrated to already be significant in the areas where they are measured in market activities. By illustrating those benefits, a case is made that market failures lead to potentially substantial loss. Moreover, by demonstrating the measurable, but not yet quantified, benefits of biodiversity, a compelling case can be made for policy intervention. This chapter provides a sampling of the many values that biodiversity has for people. Since many of those values are not marketed, and thus not directly measured, valuation ...

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