Ecosystem Services Framework and Natural Capital Conservation

Work at the interface of ecology and economics has inspired a major transformation in the way people think about the environment. Increasingly, ecosystems are seen as capital assets, with the potential to generate a stream of vital life-support services meriting careful evaluation and investment. We...

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Bibliographic Details
Published in:Environmental & resource economics 2008, Vol.39 (1), p.25-35
Main Authors: Turner, R. K, Daily, G. C
Format: Article
Language:English
Subjects:
Capital
Capital assets
Cast-Benefit analysis
Costs
Decision making
Ecology
Economic incentives
Economic Policy
Economic theory
Economics
Economics and Finance
Ecosystem services
Ecosystems
Environmental Economics
Environmental Law/Policy/Ecojustice
Environmental Management
Institutions
Legitimacy
Natural capital
Natural resources
Nature conservation
Opportunity costs
Property rights
Stakeholders
Studies
Values
Water shortages
Wetlands
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Summary:Work at the interface of ecology and economics has inspired a major transformation in the way people think about the environment. Increasingly, ecosystems are seen as capital assets, with the potential to generate a stream of vital life-support services meriting careful evaluation and investment. We first present the concepts underpinning the ecosystem services framework (ESF), laying out the scope and limitations of the approach. We then describe the major challenges in making the ESF operational: (i) detailed information at scales relevant to decision-making; (ii) practical know-how in the process of institutional design & implementation; and (iii) compelling models of success in which economic incentives are aligned with conservation. We close with a brief review of pioneering experiments now underway worldwide, which illustrate how these challenges can be overcome.
ISSN:0924-6460
1573-1502
DOI:10.1007/s10640-007-9176-6