no accounting for taste: natural capital accounting and the financialization of nature

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N and land by putting a price on nature to save it. In the name of sustainable the theory claims that if private companies and countries account for environmentalresources used in the production of other goods accounting for their cost to the

We should no be ooled by he claims o naural capial ac-

couning. I is no he soluion i appears o be. Naural capial

accouning is plagued wih myriad problems. To implemen

i requires assigning a inancial value o naure, privaizing

i and commodiying i bringing he environmen under

economic conrol. The implicaions o his are ar-reaching

and include serious consequences or susainabiliy, he gover-

nance o naure and imporan democraic processes. In effec,naural capial accouning will shif proecion o he environ-

men rom he public o corporae and inancial ineress.

Counries rouinely rack heir income accouns, or naional

accouns, as well as heir economic oupu, which is hen

releced in economic indicaors like gross domesic prod-

uc (GDP). Privae companies ollow similar processes when

accouning or heir day-o-day operaions. However, inpus

rom naure are ofen no accouned or when looking a

overall economic healh.1Ofenimes his is because he

seemingly limiless scope, he range o uncerainy, and he

degree o subjeciviy involved in such measures o nonmarke

aciviies limied he useulness o, and ineres in, hese socia

indicaors, such as naural capial accouning.2

In addiion, measuremens like GDP do no relec he long-erm susainabiliy o economic growh. The general hinking

behind naural capial accouning is ha by adjusing na-

ional accouns o incorporae he cos o degrading naure in

he process o generaing proi, hen GDP will give a beter

picure o a counrys overall wealh.3Subsequenly, compa-

nies and governmens alike will learn ha environmenally

desrucive economic developmen does no improve GDP,

and such behavior would be discouraged in he uure.4

FRACKING COLORADO:

NO ACCOUNTING FOR TASTE:


2/92

Privae companies champion naural capial accouning as a

way o inernalize he environmenal impacs o heir produc-

ion processes, as well as a way o ideniy poenial risks o

heir botom line and o beter miigae uure problems ha

could hreaen heir proiabiliy.5Conservaion organizaions

are even parnering wih corporaions and promoing naural

capial accouning as a way o help heir business; heir key

objecive is piching how such accouning will benei cor-

poraions, bu wih litle menion o how i will benei he

environmen.6Naural capial accouning is seen as a way o

keep growing he economy and a he same ime appear o

care abou wha happens o naure in he process.7

Prior o he curren rend o promoing economic soluions

o environmenal problems, a regulaory command and

conrol approach was he primary way o addressing many

environmenal problems hroughou he 1970s and 1980s.

Polluers were old o sop polluing wihou excepions.

Evens like he 1989 Exxon Valdez oil spill, however, ueled

he call or a differen approach o environmenal manage-

men, such as ull-cos accouning.

8

Such a mehod wouldaccoun or he ull cos o desroying naure as a resul o

economic developmen.9The Exxon Valdez spill caused so

much widespread devasaion ha i brough atenion o he

ac ha environmenal desrucion is no accouned or in

naional accouns and GDP.10

In he 1990s, here was a shif away rom environmenal

regulaions oward ariicial economic soluions o managing

he environmen. This included mechanisms like paymens

or ecosysem services (PES), axes, emissions rading, naural

capial accouning and oher economic iniiaives. In 1992, he

irs Unied Naions Earh Summi in Rio de Janeiro, Bra-

zil, also marked some o he irs effors o price naure and

implemen naural capial accouning rameworks.11

Implemenaion o naural capial accouning has been di-

icul. To help wih his, he Unied Naions developed he

Sysem o Environmenal-Economic Accouning (SEEA) in

1993 o sreamline he process.12The SEEA provides a daabase

o saisical daa and creaes measures or various naural re-

sources.13Is main purpose is o build on he curren Sysem o

Naional Accouns (SNA) which accouns or he economicoupu o a counry and o incorporae he relaionship

beween he environmen and he economy.14

In 2010, building on he push o develop and implemen he

SEEA, he World Bank began an iniiaive called Wealh Ac-

couning and he Valuaion o Ecosysem Services (WAVES).15

The goal o his program is o implemen naural capial ac-

couning and promoe is use globally.16Anoher recen iniia-

ive, he Naural Capial Declaraion, also began in 2010 and

gained racion a he Rio+20 conerence in 2012.17The declara-

ion is a commimen by many counries, privae companies and

inancial insiuions o incorporae naural capial accouning

ino heir operaions and o accoun or naural asses.18

Even hough he concep o naural capial accouning has

been developed and promoed as a policy soluion, i is litle

more han a heory ha canno become realiy. The process o

convering naure ino naural capial and hen incorporaing i

ino naional accouns and he economy is enirely counerpro-

ducive o beter environmenal managemen and susainabiliy

PHOTO COURTESTY OF U.S. NAVY


3/93

Many problems exis, rom inaccurae inormaion and inac-

curae valuaion, o he signiican loss o values rom conver-

ing naure ino moneary erms. I i acually were possible or

naural capial accouning o occur in realiy, he subsequen

process o commodiicaion required o incorporae naure

ino he economy creaes several more problems. From he

idea ha ecosysems can be separaed ino individual prod-ucs and commodiies, o he ac ha naure would have o

be privaized and propery righs would need o be graned in

order o become commodiies, naural capial accouning in

ac becomes a ron or he inancializaion, privaizaion and

markeizaion o naure.

Valuing the IncommensurableWhile he inended purpose o naural capial accouning is

o capure he value o naure used in economic aciviies, he

mehod o doing his is o apply moneary values o non-

moneary values.19In oher words, i atemps o creae mon-

eary values where none exised previously hus placing heburden on naure o solve he problems creaed by he very eco-

nomic acors seeking o subsume naure ino economic erms.20

Creaing a moneary value or naure rom all o is non-

moneary values requires assessing each and every aspec

o naure. Bu who decides wha is valuable and how much

i is worh? I is a subjecive process illed wih inaccurae

inormaion and prejudices. I allows or numerous scenarios

regarding wha value can be assigned.21Because o is subjec-

ive naure, here likely will be disagreemen over wha value

o choose, wih each sakeholder group picking one ha bes

is heir needs, regardless o wheher ha value is bes or

he environmen and public.22

Unorunaely, he lower andmore conservaive value is ofen chosen, which would grossly

misrepresen somehing as invaluable as he environmen.23

A grea deal o uncerainy is also involved in deciding he

moneary value o naure.24To begin wih, biodiversiy is

evaluaed in scieniic erms ha are no readily ranslaed

ino moneary values.25Evaluaing somehing like a marsh

requires ideniying all plan and animal species presen a he

sie and assigning a value.26Or else, he value o he marsh

will be reduced o he replacemen cos o ariicially rea-

ing he waer reaed by he marsh. Tha value mus hen be

ranslaed ino moneary erms.27Then imagine repeaing his

process millions o imes over in order o price all environ-menal processes; i simply canno be done. There is oo much

incomplee inormaion, and any judgmens made wih wha

inormaion is available will be inaccurae.

Moreover, proponens o naural capial accouning ail o re-

alize ha an immense amoun o value is los by consolidaing

all o he non-moneary characerisics o naure ino san-

dardized moneary unis.28I a sandard price were assigned

o all houses in he Unied Saes, he public would ake issue.

Moneary value is no he only value wih meaning when i

comes o biodiversiy: narrowing down he complexiy o

ecosysems o a single service has serious echnical difficulies

and ehical implicaions on he way we relae o and perceive

naure.29Social, culural and ecosysem values are all o grea

imporance as well, no jus moneary value.

Reducing he value o naure ino singular exchange values, or

moneary values, allows or i o be raded wih anyhing o

an equivalen dollar value, regardless o any addiional non-

moneary values. This has very severe implicaions because i

assumes complee subsiuion beween economic goods and

naure i assumes equivalency.30No only is here a loss onon-moneary values by reducing naure o a single moneary

value, bu here is also a signiican loss o non-moneary

value in exchanging naure wih economic goods ha do no

(and canno) have equivalen non-moneary values unique

only o naure creaing a ne loss o he incommensurable

non-moneary values o naure.

Worthless ValuationWillingness o pay is ofen suggesed as a mehod or assign-

ing moneary value o naure. This mehod surveys an indi-

viduals willingness o pay or somehing, be i a public service

or proecing welands, and a value is hen assigned based onhow much he surveyed individuals are willing o pay or he

iem in quesion.31I he consensus o a survey shows ha

people are willing o pay $5 or a round-rip public ransi bus

pass, ha price migh ge adoped.

Willingness o pay has a aal law: he resuls are biased

because hey depend on he incomes o hose surveyed

on heir abiliy o pay.32As a resul, he values deermined

rom his mehod are no democraically represenaive o

he public.33A low-income individual has a reduced abiliy


4/94

o pay or exra services, while an individual wih a higher

income has a greaer abiliy o pay or addiional services.34

Wha his means is ha hose wih a greaer abiliy o pay

have a greaer say in decisions abou how much somehing

is worh.35I his is applied as a mehod or valuing naure,

decision making will be ied o income and abiliy o pay, no

democraic processes.36

In order o accoun or naure as individual asses on a com-

panys balance shee or in a counrys naional accouns, i

has o be in he orm o a capial asse. In oher words, naure

has o be made ino commodiies: angible sandardized unis

ha can go on balance shees.

However, he inancial insiuions, privae companies, con-

servaion organizaions and counries ha suppor naural

capial accouning coninue o ge i wrong by hinking ha

naure can be separaed ou ino individual commodiies. No

species exiss independenly wihou relying on anoher envi-ronmenal uncion or is exisence; i is simply no possible.37

As such, naure canno be comparmenalized ino individual

unis wihou compleely ignoring he highly inerconneced

and inerdependen naure o is pars.38

Anoher problem arises in he need o privaize and assign

propery righs in order o make a commodiy ou o naure.

Environmenal goods are no comparable o manuacured

commodiies; hey are public and common goods, no pri-

vaely owned commodiies. For somehing o be a commod-

iy, i mus have speciically deined boundaries and propery

righs.39However, because environmenal services are no pri-

vae goods, i is ofen no possible o demarcae hem in haway and rea hem as somehing o which discree propery

righs could be assigned.40

Naure he air, land and waer belongs o no one person

and o everyone. I is a public and common good upon which

all lie depends. I he environmen is ransormed ino privae

goods and commodiies, ha would orever change is meaning

and worh, as well as exclude he public rom is shared use.41

Naural capial accouning has had some atenion since he

lae 1980s and early 1990s, bu only recenly have here been

insances o i being implemened. The ollowing examples

illusrae how naural capial accouning has been carried ou

and he serious laws o hese iniiaives in he Unied

Saes and he Unied Kingdom. The main problem wih ac-

couning or naural capial is ha in is atemp o proec

naure rom he impacs o economic developmen, naure

is acually absorbed ino economic spheres and redeined by

economic values; naure is incorporaed ino he very hing

ha is wiping i ou.

United States: The Integrated Economicand Environmental Satellite AccountsIn 1992, he U.S. Bureau o Economic Analysis began devel-

oping wha i called he inegraed economic and environ-

menal saellie accouns (IEESAs).42The IEESAs were mean

o be supplemenal accouns represening he ineracion o

he economy and environmen, and hey were modeled afer

he Unied Naions Sysem o Environmenal and Economic

Accouns (SEEA).43This iniiaive gained urher racion in

1993 when Presiden Clinon emphasized he developmen

o Green GDP measures.44However, Congress suspendedhe IEESA in 1994 o obain an exernal review o environ-

menal accouning.45


5/95

Alhough he iniiaive was suspended, a ramework or envi-

ronmenal accouning was creaed. I ollowed a basic cos-

benei analysis approach and used various mehods o arrive

a values or environmenal asses, including marke pricing,

coningen valuaion and mainenance coss.46However, his

iniiaive ges i wrong several imes over. Firs, i makes he

misake o viewing he environmen as an inpu o marke

processes; bu he environmen is no a producion inpu, i is

he oundaion o our exisence and uure.

The repor saes, I is impossible o separae economic de-

velopmen issues rom environmenal issues he realizaion,

in oher words, ha many orms o developmen erode he

environmenal resources upon which hey are based, and ha

such environmenal degradaion can undermine economic

developmen.47The real issue should be how economic devel-

opmen causes environmenal degradaion, no how environ-

menal degradaion affecs economic developmen.

Second, when he IEESA ramework was applied o accoun

or environmenal asses, no real valuaions were achieved

because o signiican limiaions. In many cases, an esi-

mae could no be obained because o nonexisen daa andinormaion needed o assign a moneary value.48And, when

here was a signiican absence o inormaion, he ramework

insead exended economic values or produced, human-made,

asses o environmenal asses.49

The mos egregious problem wih he IEESA ramework is ha

i could no accuraely accoun or environmenal renewable

asses; i could only accoun or produced asses like arm

producs, catle, corn, whea, soybeans and ish socks as-

ses ha are already economic goods.50The ramework ailed

in applicaion o developed naural asses and non-produced

environmenal asses like biodiversiy, waer, air and polluion

managemen, among ohers.51Moreover, he IEESA sudy even

poins ou ha esimaes or environmenal asses are very

uncerain, and mos o he measuremen resuls or renewable

naural resources are labeled n.a. or no available.52

United Kingdom: The Ecosystem ApproachSince 2007, he U.K. Deparmen o Environmen, Food and

Rural Affairs (DEFRA) has been promoing wha i calls heEcosysem Approach.53Under his iniiaive, DEFRA seeks o

develop a holisic approach o incorporaing he value and ser-

vices o ecosysems ino decision making and public policy.54

More broadly, DEFRA seeks o achieve beter susainabiliy

and managemen o naural resources.55

DEFRA based mos o is work on he U.K. Naional Ecosys-

em Assessmen (NEA). This served as a oundaion or much

o he work oward incorporaing naural capial accouning

ino U.K. policies. Work began on he assessmen in 2007, and

since hen a concepual ramework has been creaed. The nex

phase is deermining how o value he environmen and hen

applying his o perorm valuaions.56

In July 2013, he NEA compleed a valuaion o marine pro-

eced areas based on he inpu o divers and ishermen.57Us-

ing a ravel cos choice experimen mehod and willingness

o pay, he divers and ishermen who inerac wih marine

proeced areas were surveyed o deermine recreaional use

and non-use values.58The assessmen esimaed aggregae

coss a presen value over a 20-year ime scale or all 127 rec-

ommended Marine Conservaion Zones a 227-821 million,


6/96

including coss o he renewable energy secor, he isher-

ies secor, oil and gas, commercial shipping, recreaion, and

implemenaion, managemen and enorcemen coss.59

The coningen valuaion mehod used o arrive a hese

moneary values, however, is a weak and lawed mehod o

valuaion.60As menioned earlier, willingness o pay is ied o

a persons income, and his mehod leads o unrepresena-ive and undemocraic valuaions.61Those wih he greaes

abiliy o pay also have he greaes say in he inal value ha

is agreed upon.62Subjecive analyses based off o assumpions

are an unaccepable way o measure and manage naure.

Even worse, he U.K. analysis resuled in conservaive value

esimaes meaning ha he esimaes are an undervaluaion

o he rue value o marine proeced areas, and he analysis

was incapable o assigning an accurae and represenaive

value.63Invaluable environmenal resources canno depend on

subjecive, lawed valuaion mehods ha are no represena-

ive o heir inheren value. This valuaion o Marine Conser-

vaion Zones carries litle weigh, and i poses a signiican

liabiliy i used in policymaking because he resuls are biased

and based off o unscieniic inormaion.

Convering naure ino naural capial would have pervasive

and devasaing effecs on how he public can inerac wih

he environmen, is managemen and ulimaely is uure

exisence. Economic heory is no he soluion o he worlds

environmenal managemen problems, when neoliberal

economic policies and economic developmen are in ac he

causes o environmenal exploiaion and degradaion.64In a

naural capial accouning scenario, he ox is guarding he

hen house.

No only is he marke ill-equipped o manage resources haare inherenly public and common goods, bu also i canno do

so democraically. The marke is no accounable o he public

only o privae sakeholders. Moreover, he iciious claims

ha naural capial accouning would pu he economy on a

more susainable rack wih regard o he environmen shows

a weak inerpreaion o susainabiliy; policies o ensure envi-

ronmenal susainabiliy should caer irs o he environmen

and uure generaions, no he marke.

How Can They Be the Solution?

The push or naural capial accouning is occurring nobecause he privae secor eels remorse or is disregard o

naure. I is happening because he privae secor realizes ha

in order o mainain producion and prois a curren levels, i

needs greaer conrol over naure, as a means o risk man-

agemen.65The only way o do his is by convering naure

ino economic erms aking he environmen ou o public

conrol and privaizing i.

The means o proecing naure rom he effecs o economic

aciviy is o exend economic values over non-economic


7/97

values. In oher words, naural capial accouning exends

he domain o economic aciviy and seeks o creae economic

values where none exis. Naural capial accouning mus

calculae hese values or somehing ha currenly sands

ouside hese evaluaions. These values will hen be presened

as coss or prices o naure. Only now hey will no longer be non-

economic hey will be par o a renewed and expanded marke.

So he answer o he depleion o non-marke values (de-

srucion o oress, polluion o waer, ec.) caused by he

overweening power o he marke is o expandhe marke

o include hose values. As such, corporaions and inancial

ineress will allocae he newly creaed commodiies based on

marke efficiency, e.g., he abiliy o pay. An example rom

waer markes proves he poin: in 2012, naural gas compa-

nies seeking waer or hydraulic racuring oubid Colorado

armers, reezing ou arms.66

Placing moneary values on he environmen sends he mes-

sage ha a dollar value is he mos imporan value above alloher social, culural and environmenal values.67Assigning

prices o naure acually legiimizes and condones he very

processes ha caused environmenal degradaion beyond

susainable limis.68

The atemps o naural capial accouning o bring naure un-

der economic conrol creae serious problems wih governance

and democraic processes. I would undo public paricipaion

and conrol by circumvening democraic processes o manage

naure, ulimaely perpeuaing he roo causes o environ-menal problems.69Allowing economic conrol o he manage-

men o naure hrough naural capial accouning reaffirms

corporaions and inancial ineress as he decision maker,

raher han he public.70

This means ha decision-making power over naure would

lie in he hands o Wall Sree and be subjec o he world

o inance, speculaion and uures markes. I privae secor

inanciers become he ones governing naure insead o he

public he goals or environmenal managemen would be

ied o invesmen inance and marke oucomes.

The worlds environmenal resources are common goods

ha should be shared by he public, and while economissalsely argue ha he marke can behave democraically,

in realiy economically conrolled environmenal resources

would be managed by hose wih he mos purchasing pow-

er.71There would no be an equal share in decision making,

nor would decisions be represenaive o he public. Naural

capial accouning is a direc hrea o democracy i pus

prois over people.

The consequences o naural capial accouning reach urher

han is dismanling o democraic processes. Sending he

signal ha he privae secor and naions will only proec

naure i i has a price on i and is par o he economy would

reinorce ha naure is only worh proecing when i has a

dollar value.72Douglas McCauley argues, To make ecosys-

em services he oundaion o our conservaion sraegies is

o imply inenionally or oherwise ha naure is only

worh conserving when i is, or can be made, proiable. 73Thisis a dangerous message o send, and i negaes he incommen-

surable value o naure ha canno be reduced ino a single

dollar value.

Naural capial accouning would have urher effecs on

access and equiy wih regard o he shared use o common

resources. Commodiicaion urns ecosysem services ha

in principle were in open access, public or communal prop-

ery ino commodiies ha can be accessed only by hose

having purchasing power.74Naural capial accouning

effecively creaes an enclosure o he commons ha would

exclude he public rom accessing common and public re-

sources, urher exacerbaing exising social inequaliies and

environmenal injusices.


8/98

Aside rom he primary goal o naural capial accouning

o assign a moneary value o naure and incorporae i ino

he economy, i also preends o be a ool o achieve greaer

environmenal susainabiliy. The hinking goes ha i he

privae secor and counries know wha naure is worh and

hen accoun or i in heir sysem o accouns, beter manage-

men will ensue; i naure is reaed as an asse, i will be used

wisely and no exploied.

However, he very concep o naural capial accouning

clashes wih any legiimae deiniions o susainabiliy i

can a bes achieve very weak susainabiliy, i a all.75This is

because he eigned susainabiliy o naural capial accoun-

ing assumes ha manuacured capial is a perec subsiue

o naural capial.76A srong sance on susainabiliy views

naural capial and manuacured capial as complemens o

each oher, a bes.77

The problem wih viewing naural capial as equivalen o and

exchangeable wih manuacured capial is ha i compleely

ignores he ac ha or a grea deal o our naural resources

there is no substitute: For many ecological services, here is

simply no possibiliy o echnological subsiuion.78There is

no subsiue or waer, oceans, rees and mos oher naural

resources. To pu i rankly, you can drink money here is

no manuacured subsiue or waer.

A rue view o susainabiliy is one ha considers uure gen-

eraions, and assigning moneary value o naure does nohing

or uure generaions i only makes i more susainable or

he marke o have coninued prois.

Naural capial accouning mus no sand. The implica-

ions o allowing economic conrol o naure will be ruly

widespread and devasaing. Naural capial accouning pus

he burden on naure o correc or he problems creaed by

inancial insiuions and privae corporaions. I would serve

o proec coninued prois, while aking naure away rom

he public or privae gain puting prois over people and

naure. Naural capial accouning, in is atemp o proec

naure rom he impacs o economic developmen, places

naure under he conrol o he very acors ha are desroyingi. The only way o equiably manage naure is hrough direc

governmen regulaion.

Naures incommensurable value is no equivalen o a single

economic moneary value, and never will be. Naure is an

invaluable public and common good ha canno be lef o he

irresponsibiliy o inancial markes and corporae greed.

1 Landeeld, J. Seven e al. U.S. Bureau o Economic Analysis. Inegraed Economic and

Environmenal Saellie Accouns. Survey of Current Business. 1994 a 36.

2 Ibid. a 36.

3 Beder, Sharon. Valuing he Environmen. Engineering World. December 1996 a 12 o

13. For a criicism o he sandard alernaives o GDP, see Food & Waer Wach. And

he Value o Nohing: Alernaives o GDP and he Financializaion o Naure. 2012.

4 Beder. 1996 a 12 o 13.

5 Prety, Jules e al. Policy Challenges and Prioriies or Inernalizing he Exernaliies

o Modern Agriculure.Journal of Environmental Planning and Management. Vol. 44,

Iss. 2. 2001 a 265; Corporae Ecoorum and The Naure Conservancy. The New Busi-

ness Imperaive: Valuing Naural Capial. 2012 a 8; Beder, Sharon. The Environmen

Goes o Marke. Democracy and Nature. Vol. 3, Iss. 3. 1997 a 98 o 99.

6 Corporae Ecoorum and The Naure Conservancy. 2012 a 11.

7 Ibid. a 5.

8 U.S. Environmenal Proecion Agency. Emergency Managemen. Exxon Valdez.

March 28, 2013. Available a htp://www.epa.gov/osweroe1/conen/learning/exxon.

hm; Flin, Warren R. (2013) Practice of sustainable community development: a participa-

tory framework for change. New York: Springer a 393.

9 Flin. 2013 a 393.

10 Ibid. a 393.

11 Landeeld e al. 1994 a 37.

12 Ibid. a 38; Unied Naions Saisics Division. Sysem o Environmenal-Economic Ac-

couning. Accessed July 2, 2013 a htp://unsas.un.org/unsd/envaccouning/seea.asp;

Unied Naions Environmen Programme. Environmenal and Economic Accouning.

Accessed Augus 19, 2013 a htp://www.unep.ch/eb/areas/valuaionEnvAcc.php.

13 Unied Naions Saisics Division. Sysem o Environmenal-Economic Accouning.

14 Unied Naions Saisics Division. [Brochure]. The Sysem o Environmenal-

Economic Accouns (SEEA). A 2. Accessed July 2, 2013 a htp://unsas.un.org/unsd/

envaccouning/Brochure.pd.

15 WAVES Parnership. Abou Us: The Sory So Far. Accessed Augus 19, 2013 a htp://

www.wavesparnership.org/waves/abou-us.

16 WAVES Parnership. The Global Parnership on Wealh Accouning and he Valuaio

o Ecosysem Services: Annual Repor, 2013. 2013 a 7.

17 Naural Capial Declaraion. Abou he Naural Capial Declaraion. June 20, 2012. A

htp://www.nauralcapialdeclaraion.org/abou-he-naural-capial-declaraion/.

18 Naural Capial Declaraion. The NCD Road Map: Implemening he our commi-

mens o he Naural Capial Declaraion. May 2013 a 21.

19 ONeill, John. Markes and he Environmen: The Soluion Is he Problem. Economic

and Political Weekly. Vol. 36, No. 21. May 26June 1, 2001 a 1865.

20 Ibid. a 1865.

21 Landeeld e al. 1994 a 36; Linot, John. Environmenal accouning: useul o whom

and or wha? Ecological Economics. Vol. 16. 1996 a 187.

22 Linot. 1996 a 187.

23 Ibid. a 187.

24 Noron, B. (1988). Commodiy, ameniy, and moraliy: The limis o quaniicaion

o valuing biodiversiy. In E.O. Wilson (ed.). Biodiversity. Washingon, DC: Naional

Academy Press, a 3.

25 Roberson, Morgan. The naure ha capial can see: science, sae, and marke in

he commodiicaion o ecosysem services. Environment and Planning D: Society and

Space. Vol. 24. 2006 a 367.

26 Ibid. a 367 o 368.

27 Ibid. a 367.

28 Van, Arild. Environmen as Commodiy. Environmental Values.Vol. 9. 2000 a 496;

Kosoy, Nicols and Eseve Corbera. Paymens or ecosysem services as commodiy

eishism. Ecological Economics. Vol. 69. 2010 a 1231.

29 Kosoy and Corbera. 2010 a 1228.

30 Linot. 1996 a 179.


9/99

31 Gato, Marino and Giulio A. de Leo. Pricing Biodiversiy and Ecosysem Services: The

Never-Ending Sory. BioScience. Vol. 50, Iss. 4. April 2000 a 350.

32 Ibid. a 350; Linot. 1996 a 185.

33 Gato and de Leo. 2000 a 350.

34 Ibid. a 350; ONeill. 2001 a 1868.

35 Gato and de Leo. 2000 a 350; ONeill. 2001 a 1868.


37 Noron. 1988 a 3.

38 Kosoy and Corbera. 2010 a 1231; Van. 2000 a 506.

39 ONeill. 2001 a 1867 o 1868.

40 Ibid. a 1867 o 1868.

41 Van. 2000 a 500.


43 Ibid. a 34 and 38.

44 Ibid. a 34.

45 Nordhaus, William D. and Edward C. Kokkelenberg, eds. (1999). Natures Numbers:

Expanding the National Economic Accounts to Include the Environment. Washingon,

DC: Naional Academy Press a 1 o 2.


47 Ibid. a 37.

48 Ibid. a 43.

49 Ibid. a 43 o 44.

50 Ibid. a 41 and 45.

51 Ibid. a 41 and 47.

52 Ibid. a 45.

53 U.K. Deparmen or Environmen Food and Rural Affairs. Securing a healhy naural

environmen: An acion plan or embedding an ecosysems approach. 2007 a 3.

54 Ibid. a 3.

55 Ibid. a 3.

56 U.K. Naional Ecosysem Assessmen. Progress and Seps Towards Delivery. February

2010 a 6 and 8.

57 Kener, J.O. e al. Unied Naions Environmen Programme World Conservaion Moni-

oring Cenre. The value o poenial marine proeced areas in he UK o divers and

sea anglers. July 2013 a 4.

58 Ibid. a 4.

59 Ibid. a 5.


61 Ibid. a 350; Linot. 1996 a 185.

62 Gato and de Leo. 2000 a 350; Linot. 1996 a 185.

63 Kener e al. 2013 a 93.

64 Ehrenield, David. Why Pu a Value on Biodiversiy? Biodiversity. 1998 a 1.

65 Corporae Ecoorum and The Naure Conservancy. 2012 a 5 and 8.

66 Finley, Bruce. Colorado arms planning or dry spell losing aucion bids or waer o

racking projecs. The Denver Post. April 1, 2012.

67 Ehrenield. 1998 a 1; Beder. 1997 a 93.

68 Ehrenield. 1998 a 1.

69 Beder. 1997 a 97.

70 Beder, Sharon. Marke-based Environmenal Preservaion: Cosing he Earh. SearchVol. 25, Iss. 8. Sepember 1994 a 228.

71 Beder. 1997 a 99.

72 McCauley, Douglas J. Selling ou on naure. Nature. Vol. 443, Iss 7. Sepember 2006 a 28.

73 McCauley. 2006 a 28.

74 Gomez-Baggehun, Erik and Manuel Ruiz Perez. Economic Valuaion and he com-

modiicaion o ecosysem services. Progress in Physical Geography. Vol. 35, Iss. 5.

Ocober 2011 a 10.

75 Linot. 1996 a 186 o 187.

76 Ibid. a 186.

77 Ibid. a 186.


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