The Economics of Ecosystems and Biodiversity

TEEB is a study of The Economics of Ecosystems and Biodiversity established by the G8 and developing country environment ministers that study the economics of biodiversity loss. By providing solutions to environmental degradation, TEEB aims to connect decision-makers in the fields of policy, environment conservation and business. It visualizes a new form of economy, which quantifies natural capital and thus makes the ecosystem the supplier of capital, and a new entity in public and private markets.

 

TEEB proved that taking this ‘natural capital’ into account could help countries on a global level, as well as enhancing quality of life and boosting the economy at a local level. The next logical step is for countries with an interest in utilizing the potential of their natural capital and ecosystem services’ to conduct studies of their own natural resources and implement new policies that focus on their benefits and use. The Wealth of India’s Natural Resources With only 2.4% of the worlds land area, India accounts for 7 to 8% of the world’s plant and animal species. It is one of 18 mega diverse countries and contains three global biodiversity hotspots. India shows a high degree of endemism, which is why conserving its biodiversity, is essential for the future. As a developing country, our dependence on natural capital is more than higher-income countries. Transforming these resources into other forms of wealth is essential for our development, but it must be in a sustainable manner to ensure continued growth and the survival of our resources. Our resources and ecosystem services are often undervalued, and we should tap their potential while they still exist. Studies show that a per capita increase in wealth is a result of an efficient use of produced and natural capital. It is with the twin aims of biodiversity conservation and economic growth that India TEEB is conceived.