The cost and value of Biodiversity

A new study on the value of biodiversity is estimating the practical value of biodiversity and the cost of its destruction.

The first progress report on the economics of ecosystems and biodiversity was presented during the 9th UN Conference on Biological Diversity (COP9) in Bonn, Germany on 29 May 2008. This study was commissioned by the EU commission and the German Environmental Ministry (BMU). The study leader is Dr. Pavan Sukhdev, Head of the London”Global Market Centre” of the Deutsche Bank. The scientific contributions for the first progress report were coordinated by the German Helmholtz Center for Environmental Research (UFZ).

The cost of reduced biodiversity has been evaluated at 3.1 trillion dollars a year or 6% of overall gross national product. Dr. Heidi Wittmer, a senior researcher at UFZ who helped compile the report, spoke of her hopes for the project:

“The Stern Review changed the way we look at the economic consequences of climate change. It is our hope that the TEEB Report will do the same for biodiversity. It is becoming clear that stopping the extinction of species is not merely a romantic notion, but is actually crucial for human survival.”

To be followed for sure.

More info can be found here, here or here.