TEEB/The Economics of Ecosystem and Biodiversity: Overview

TEEB/The Economics of Ecosystem and Biodiversity: Overview

Question: The Economics of Ecosystems and Biodiversity/TEEB will soon be launched and a study under the same has recently been commissioned. Provide an overview of this global initiative.

- TEEB/The Economics of Ecosystems and Biodiversity is an international initiative for making natural values visible

- The principle objective is mainstreaming the values of biodiversity and ecosystem services into decision making at different levels

- This goal has to be achieved through structured approach to valuation to enable decision makers to recognise wide range of advantages provided by ecosystems and biodiversity

- It is also through TEEB that value can be demonstrated in economic terms and values must be captured in decision making

- In March 2007, TEEB was formed following a meeting of the G8+5 nations meeting at Germany, Potsdam for analysing the economic benefit of biological diversity, the costs of the loss of biodiversity and inability to take protective measures as against the costs of effective conservation

- The German Federal Ministry for the Environment and the European Commission has commissioned a study whereby TEEB’s evolution has been marked by 3 main phases:

Phase 1:

- Various organisations contributed resources, research or expertise for study named The Economics of Ecosystems and Biodiversity

- Findings were presented in Interim Report at High Level Segment of the 9th Conference of Parties to the Convention on Biological Diversity/CBD COP-9. TEEB Interim report laid a massive foundation where evidence and examples of valuation are collated, elements of biodiversity/ecosystem valuation framework identification and issues such as ethics for making choices regarding future values were emphasised

Phase 2:

- Launching of the Interim Report created further interest in TEEB initiative and led to calls for economic analysis and stakeholder reports

Following this, 4 key publications were presented :

TEEB Ecological and Economic Foundation : Report on basic concepts and advanced methodologies for economic valuation of ecosystem and biodiversity services

TEEB for National and International Policy Making : Analysis of the means of valuing and internalising biodiversity and ecosystem risks alongside case study examples

TEEB in Local and Regional Policy : This provides analysis and guidance for biodiversity mainstreaming at local as well as regional levels, as shown through case studies

TEEB in Business and Enterprise : Report provides analysis and guidance on the manner in which enterprise and business can identify biodiversity and ecosystem risks and gains

TEEB Synthesis Report : Providing introduction on approaches, recommendations regarding mainstreaming of economics of nature for the purpose of decision making

Phase 3:

- Capitalising on momentum for TEEB studies and network of partners and it includes:

- Developing guidance material on value of ecosystems

- Workshops at regional, local and national levels

- TEEB focuses on recognition of value in ecosystems and other aspects of diversity, demonstration of this value in economic terms and capturing the value

Facts and Stats

Additional TEEB studies :

- TEEB for Water and Wetlands initiated by Ramsar Convention

- TEEB Manual for Cities

- TEEB Climate Issues Update

- TEEB Oceans Discusion Paper