Challenges in framing the economics of ecosystems and biodiversity: the TEEB initiative

The Economics of Ecosystems and Biodiversity (TEEB) study is a major international initiative to draw attention to the global economic benefits of biodiversity, to highlight the growing costs of biodiversity loss and ecosystem degradation and to draw together expertise from the fields of science, economics and policy to enable practical actions moving forward. TEEB seeks to show that economics can be a powerful instrument in biodiversity policy, both by supporting decision processes and by forging discourses between science, economics and governing structures. The legitimate and effective use of economic instruments in biodiversity conservation depends on applying and interpreting them appropriately, taking into account the ecological, economic and political challenges associated with valuing biodiversity and nature's services to society.