Monetary valuation of nature Pragmatic conservation of unhelpful commodification of nature

The valuation of nature and ecosystem services in monetary units plays a central role in many forms of environmental governance, including in carbon and biodiversity markets and offsetting schemes which are increasingly under scrutiny. The idea of using monetary units to value nature has precipitated significant debate, with proponents contending that it represents a pragmatic and realist approach to accounting for the environment in decision-making processes, unlocking substantial funding for conservation, while others argue that it can lead to a commodification of nature that ultimately proves inequitable and ineffective in addressing environmental challenges. In the spirit of developing a constructive dialogue on the issue, Kate Raworth will moderate a discussion between two ecological economists, Robert Costanza and Erik Gomez-Baggethun, who will explore the debates and tensions associated with using monetary units to value nature and ecosystem services and role such valuations play in contemporary environmental governance.

The Leverhulme Centre for Nature Recovery is interested in promoting a wide variety of views and opinions on nature recovery from researchers and practitioners.  The views, opinions and positions expressed within this lecture are those of the author alone, they do not purport to reflect the opinions or views of the Leverhulme Centre for Nature Recovery, or its researchers.