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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
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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
PHOTO COURTESTY OF U.S. NAVY
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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.
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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.
36 Gato and de Leo. 2000 a 350.
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.
42 Landeeld e al. 1994 a 34.
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.
46 Landeeld e al. 1994 a 38.
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.
60 Gato and de Leo. 2000 a 350.
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.
78 Gato and de Leo. 2000 a 351.
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