The Economics of Ecosystems and Biodiversity (TEEB): Challenges and Responses

'The Economics of Ecosystems and Biodiversity' (TEEB) is a global initiative that seeks to help decision-makers recognize the benefits of nature, demonstrate their values in economic terms and capture those values in decision-making. Yet valuation of nature's services in economic terms is not a universally accepted approach, leading to criticism of TEEB. As TEEB shifts focus towards implementation, this chapter presents a timely opportunity for TEEB to respond to these concerns as they relate to key findings and recommendations. It is argued that economics is broader than markets, and valuation is not an end in itself; it should be treated as a means to better communicate and take account of nature's importance, with particular respect to human well-being. While neither necessary nor sufficient to stop all ecosystem degradation and biodiversity loss, valuation can help us rethink our relationship with nature, alerting us to the true consequences of our actions.