The economy, it’s nature’s business (Eva Zabey)

Eva Zabey / TED talks / February 2012

Eva Zabey of the World Business Council for Sustainable Development puts forward the case for valuing nature through the concept of ecosystem services as a way to put the economy on a more sustainable path.  

She explains: “an ecosystem provides a service when someone benefits from it” such as a forest that gives us wood but also stores carbon and reduces erosion.

Zabey says the concept of ecosystem services is very useful to engage business because “services can be bought, sold or traded and therefore they have a value”

She goes on to say business is beginning to realise they both impact and depend on these services such as fresh water and pollination. Even banks are starting to assess ecosystem risks before lending. “Understanding ecosystems is also an opportunity. You can save costs, find new markets, and make products that better match your consumer preferences. Companies that include ES value in their decision-making will make better decisions”.

Zabey explains there are also cultural and aesthetic areas that are very important to people so sometimes “we need to think about different ways to put a price on nature”.

She gives the example of stunning views of natural beauty. How would this be valued? Some ways could include calculating how much tourists spend to get there or differences in house prices depending on whether they have a view with spectacular scenery.

She argues that nature is being degraded because it is not being accounted for and so we have to include nature in markets.

“The dilemma environments vs economy is so outdated. It’s environment in the economy”

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This summary was prepared by Why Green Economy?. The views expressed have been paraphrased. See the original source for more information.