EU Version: No Accounting for Taste: Natural Capital Accounting and the Financialisation of Nature

8/13/2019 EU Version: No Accounting for Taste: Natural Capital Accounting and the Financialisation of Nature

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We should no be ooled by he claims o naural capial

accouning. 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,

privaising i and commodiying i bringing he environ-men under economic conrol. The implicaions o his are

ar-reaching and include serious consequences or susain-

abiliy, he governance o naure and imporan democraic

processes. In effec, naural capial accouning will shif

proecion o he environmen rom he public o corporae

and inancial ineress.

What Is Natural Capital Accounting?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 produc

(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 nonmar-

ke aciviies limied he useulness o, and ineres in, hesesocial 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 naion-

al 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

Privae companies champion naural capial accouningas a way o inernalise he environmenal impacs o heir

producion processes, as well as a way o ideniy poenial

www.foodandwatereurope.org

NO ACCOUNTING FOR TASTE:

Natural Capital Accounting and

the Financialisation of Nature


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risks o heir botom line and o beter miigae uure prob-

lems which could hreaen heir proiabiliy.5Conservaion

organisaions are even parnering wih corporaions and

promoing naural capial accouning as a way o help heir

business; heir key objecive is piching how such accoun-

ing will benei corporaions, bu wih litle menion o how

i will benei he environmen.6

Naural capial accouningis 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

History of NaturalCapital AccountingPrior 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, uelled

he call or a differen approach o environmenal manage-

men, such as ull-cos accouning.8Such a mehod would

accoun 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 owards ariicial economic soluions o manag-

ing he environmen. This included mechanisms like pay-

mens 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,

Brazil, 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) in1993 o sreamline he process.12The SEEA provides a daa-

base o saisical daa and creaes measures or various na-

ural resources.13Is main purpose is o build on he curren

Sysem o Naional Accouns (SNA) which accouns or

he economic oupu 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

Accouning and he Valuaion o Ecosysem Services

(WAVES).15The goal o his programme is o implemen

naural capial accouning and promoe is use globally.16

Anoher recen iniiaive, he Naural Capial Declaraion,

also began in 2010 and gained racion a he Rio+20 coner-

ence in 2012.17The declaraion 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

Fundamental Problems ofNatural Capital AccountingEven hough he concep o naural capial accouning has

been developed and promoed as a policy soluion, i is

litle more han a heory which canno become realiy. The

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process o convering naure ino naural capial and hen

incorporaing i ino naional accouns and he economy is

enirely counerproducive o beter environmenal manage-

men and susainabiliy.

Many problems exis, rom inaccurae inormaion and

inaccurae valuaion, o he signiican loss o values romconvering naure ino moneary erms. I i acually were

possible or naural capial accouning o occur in realiy, he

subsequen process o commodiicaion required o incor-

porae naure ino he economy creaes several more prob-

lems. From he idea ha ecosysems can be separaed ino

individual producs and commodiies, o he ac ha naure

would have o be privaised and propery righs would need

o be graned in order o become commodiies, naural capi-

al accouning in ac becomes a ron or he inancialisa-

ion, privaisaion and markeisaion 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 cre-

ae moneary values where none exised previously hus

placing he burden on naure o solve he problems creaed

by he very economic 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 sce-

narios regarding wha value can be assigned.21Because o

is subjecive 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.22Unorunae-

ly, he lower and more 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 isevaluaed in scieniic erms ha are no readily ranslaed

ino moneary values.25 Evaluaing 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

reaing 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 environmenal 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

realise ha an immense amoun o value is los by consoli-

daing all o he non-moneary characerisics o naure

ino sandardised moneary unis.28I a sandard price

were assigned o all houses in he Unied Saes, he pub-

lic 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 o non-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-mone-

ary values unique only o naure creaing a ne loss o heincommensurable non-moneary values o naure.

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

signing moneary value o naure. This mehod surveys an

individuals willingness o pay or somehing, be i a public

service or proecing welands, and a value is hen assigned

based on how 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 pub-

lic 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


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rom his mehod are no democraically represenaive o

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

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

companys balance shee or in a counrys naional accouns,

i has o be in he orm o a capial asse. In oher words, na-

ure has o be made ino commodiies: angible, sandardised

unis ha can go on balance shees.

However, he inancial insiuions, privae companies, con-

servaion organisaions and counries ha suppor nauralcapial 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

environmenal uncion or is exisence; i is simply no

possible.37As such, naure canno be comparmenalised ino

individual unis wihou compleely ignoring he highly iner-

conneced and inerdependen naure o is pars.38

Anoher problem arises in he need o privaise 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 prop-

ery righs.39However, because environmenal services are

no privae goods, i is ofen no possible o demarcae hem

in ha way 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 whichall 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

Examples of NaturalCapital AccountingNaural 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 il-

lusrae 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 Economic

and Environmental Satellite AccountsIn 1992, he U.S. Bureau o Economic Analysis began

developing wha i called he inegraed economic andenvironmenal saellie accouns (IEESAs).42The IEESAs


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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 ur-

her racion in 1993 when Presiden Clinon emphasised he

developmen o Green GDP measures.44However, Congress

suspended he IEESA in 1994 o obain an exernal review

o environmenal accouning.45

Alhough he iniiaive was suspended, a ramework or en-

vironmenal 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

developmen issues rom environmenal issues he realiza-

ion, in oher words, ha many orms o developmen erode

he environmenal resources upon which hey are based, and

ha such environmenal degradaion can undermine eco-

nomic developmen.47The real issue should be how economic

developmen causes environmenal degradaion, no how

environmenal 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 esimaecould no be obained because o nonexisen daa and inor-

maion needed o assign a moneary value.48And, when here

was a signiican absence o inormaion, he ramework in-

sead 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 renewableasses; 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 labelled n.a. or no available.52

United Kingdom: The Ecosystem Approach

Since 2007, he U.K. Deparmen o Environmen, Food andRural Affairs (DEFRA) has been promoing wha i calls he

Ecosysem Approach.53Under his iniiaive, DEFRA seeks

o develop a holisic approach o incorporaing he value

and services o ecosysems ino decision making and public

policy.54More broadly, DEFRA seeks o achieve beter sus-

ainabiliy 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 owards incorporaing naural capial accouning

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

and since hen a concepual ramework has been creaed. Thenex phase is deermining how o value he environmen and

hen applying his o perorm valuaions.56


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

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

Using a ravel cos choice experimen mehod and will-

ingness o pay, he divers and ishermen who inerac wih

marine proeced areas were surveyed o deermine recre-

aional use and non-use values.58The assessmen esimaedaggregae coss a presen value over a 20-year ime scale or

all 127 recommended Marine Conservaion Zones a 227-821

million, including coss o he renewable energy secor, he

isheries 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 unrepresenaive

and undemocraic valuaions.61Those wih he greaes abil-

iy 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 undervalu-

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

analysis was incapable o assigning an accurae and repre-

senaive value.63Invaluable environmenal resources canno

depend on subjecive, lawed valuaion mehods ha are

no represenaive o heir inheren value. This valuaion o

Marine Conservaion 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.

The Implications ofNatural Capital AccountingConvering naure ino naural capial would have pervasive

and devasaing effecs on how he public can inerac wih

he environmen, is managemen and ulimaely is uureexisence. 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 ha

are 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 econo-

my on a more susainable rack wih regard o he environ-

men shows a weak inerpreaion o susainabiliy; policies

o ensure environmenal 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 no

because he privae secor eels remorse or is disregard o

naure. I is happening because he privae secor realises

ha in order o mainain producion and prois a curren

levels, i needs greaer conrol over naure, as a means o


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risk managemen.65The only way o do his is by convering

naure ino economic erms aking he environmen ou o

public conrol and privaising i.

The means o proecing naure rom he effecs o economic

aciviy is o exend economic values over non-economic

values. In oher words, naural capial accouning exendshe domain o economic aciviy and seeks o creae eco-

nomic 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 in-

eress 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 all

oher social, culural and environmenal values.67Assigning

prices o naure acually legiimises and condones he very

processes ha caused environmenal degradaion beyond

susainable limis.68

The atemps o naural capial accouning o bring naure

under economic conrol creae serious problems wih gover-

nance and democraic processes. I would undo public par-

icipaion and conrol by circumvening democraic processes

o manage naure, ulimaely perpeuaing he roo causes o

environmenal problems.69Allowing economic conrol o he

managemen 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

which should be shared by he public, and while economiss

alsely 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 proecnaure 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.73

This is a dangerous message o send, and i negaes he in-

commensurable 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 propery

ino commodiies ha can be accessed only by hose having

purchasing power.74Naural capial accouning effecively cre-

aes an enclosure o he commons ha would exclude he public

rom accessing common and public resources, urher exacerba-

ing exising social inequaliies and environmenal injusices.


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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 man-

agemen 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 oeach oher, a bes.77

The problem wih viewing naural capial as equivalen o

and exchangeable wih manuacured capial is ha i com-

pleely 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.78

There 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 noh-

ing or uure generaions i only makes i more susainable

or he marke o have coninued prois.

ConclusionNaural 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 na-ure under he conrol o he very acors ha are desroying

i. 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.

Endnotes1 Landeeld, J. Seven e al. U.S. Bureau o Economic Analysis. Inegraed

Economic and Environmenal Saellie Accouns. Survey of Current Busi-ness. 1994 a 36.

2 Ibid. a 36.

3 Beder, Sharon. Valuing he Environmen. Engineering World. December1996 a 12 o 13. For a criicism o he sandard alernaives o GDP, seeFood & Waer Wach. And he Value o Nohing: Alernaives o GDPand he Financializaion o Naure. 2012.

4 Beder. 1996 a 12 o 13.

5 Prety, Jules e al. Policy Challenges and Prioriies or Inernalizing heExernaliies o Modern Agriculure.Journal of Environmental Planningand Management. Vol. 44, Iss. 2. 2001 a 265; Corporae Ecoorum and TheNaure Conservancy. The New Business Imperaive: Valuing NauralCapial. 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. ExxonValdez. March 28, 2013. Available a htp://www.epa.gov/osweroe1/con-en/learning/exxon.hm; Flin, Warren R. (2013) Practice of sustainablecommunity development: a participatory 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 Accouning. 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 ahtp://www.unep.ch/eb/areas/valuaionEnvAcc.php.

13 Unied Naions Saisics Division. Sysem o Environmenal-Econom-ic Accouning.

14 Unied Naions Saisics Division. [Brochure]. The Sysem o Environ-menal-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 andhe Valuaion 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 heour commimens o he Naural Capial Declaraion. May 2013 a 21.

19 ONeill, John. Markes and he Environmen: The Soluion Is he Prob-lem. Economic and Political Weekly. Vol. 36, No. 21. May 26June 1, 2001a 1865.

20 Ibid. a 1865.

21 Landeeld e al. 1994 a 36; Linot, John. Environmenal accouning: use-ul 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 oquaniicaion 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, andmarke in he commodiicaion o ecosysem services. Environment andPlanning 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 eco-sysem services as commodiy eishism. Ecological Economics. Vol. 69.2010 a 1231.

29 Kosoy and Corbera. 2010 a 1228.

30 Linot. 1996 a 179.

31 Gato, Marino and Giulio A. de Leo. Pricing Biodiversiy and Ecosys-em Services: The Never-Ending Sory. BioScience. Vol. 50, Iss. 4. April2000 a 350.


9/9

9

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). NaturesNumbers: Expanding the National Economic Accounts to Include the Envi-ronment. 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 ahealhy naural environmen: An acion plan or embedding an ecosys-ems approach. 2007 a 3.

54 Ibid. a 3.

55 Ibid. a 3.

56 U.K. Naional Ecosysem Assessmen. Progress and Seps Towards Deliv-ery. February 2010 a 6 and 8.

57 Kener, J.O. e al. Unied Naions Environmen Programme World Conser-vaion Monioring Cenre. The value o poenial marine proeced areasin 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 bidsor 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 heEarh. Search. Vol. 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. Sep-

ember 2006 a 28.

73 McCauley. 2006 a 28.

74 Gomez-Baggehun, Erik and Manuel Ruiz Perez. Economic Valuaion andhe commodiicaion o ecosysem services. Progress in Physical Geogra-phy. 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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