How Much Is Nature Worth?

“Doing business in a way that takes environmental economics into account is a good idea; aping climate policy and its mechanisms is not.” The Economist assesses the value of nature. “Treating the services provided by ecosystems as part of the economy is a good idea, and the various ways in which their value can be sustained, or even enhanced, deserve study…The idea of turning an environmental benefit into a financial instrument with clear value has been tried in the carbon markets, but for biodiversity the issue is much more complex. Biodiversity is not fungible, as carbon is: its value is more like that of real estate than that of a commodity. And besides, though carbon markets do now exist, they have yet to demonstrate an ability to reduce emissions in a big way, and their large-scale expansion currently looks highly unlikely.”