In a recent document on Measuring the Value of Ecosystem Services, NOAA shouted out work they found particularly impactful in the quest to adequately value the contributions of nature- including one of our newest partners, Earth Economics!
“It’s common to hear people say that the value of nature and its services are priceless,” the NOAA project page states, “but in economic terms, viewing nature in this way can lead to overvaluation—or to the wrong assessment of no value at all.”
This project set out to understand the authentic value of ecosystem interactions in the St. Louis River and the importance of nature’s benefits. Ecosystems offer a variety of non-monetary benefits, including environmental, recreational and cultural resources and services. Valuing of these services is important for decision-makers and community leaders to fully understand the economic trade-offs in planning, growing, and building communities.
This project, including our partners at NOAA and Earth Economics, developed a framework for assessing ecosystem services within the St. Louis River watershed. Their calculations for the value of the region’s ecosystem services ranged from approximately $5 to $14 billion each year. The asset value is $273 to $687 billion, which includes the net present value of ecosystem service benefits and carbon storage.
The report identified six recommendations for future service valuation assessments:
– Fill data gaps
– Conduct a detailed assessment of cultural ecosystem services
– Analyze the cumulative effects of development on ecosystem services
– Invest in natural capital
– Bring ecosystem service valuation into standard accounting and decision-making tools
– Consider land use policy and management
“Investment in natural capital is essential to the long-term health of the economy and natural environment,” the full project report concludes. “Integrated into decision-making, this analysis can provide long-term benefits to everyone who benefits from the natural capital of the St. Louis River Watershed.”
Congrats to this project team for being recognized on their outstanding work! Check out the full document on Measuring the Value of Ecosystem Services here: https://coast.noaa.gov/digitalcoast/training/measuring-value-ecosystem-services.html
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