direct economic value of biodiversity examples

Direct values These are those ways by which we can directly use biodiversity for our benefit. Biodiversity is declining worldwide, and the costs of biodiversity losses are increasingly being recognized by economists. Economic value and recreational value comes under this category. Direct economic value generated and distributed is a metric that indicates the wealth that we create through our operations and the subsequent allocation of our revenue by stakeholder group. 13.2 Significance/ Importance/ Uses of Biodiversity Various uses of biodiversity regarding direct and indirect values are as follows: 13.2.1 Timber Wood is one of few commodities used and traded worldwide that is mainly harvested from wild sources. Others … Continued In 1992 the Convention on Biological Diversity recognized that biodiversity is a “common concern of humankind” and has economic value. Direct values are further classified into: The economic value of biodiversity is measured in the numerous benefits that are derived from it: both tangible and intangible. Direct Economic Value of Biodiversity Brook Milligan Department of Biology New Mexico State University Las Cruces, New Mexico 88003 brook@nmsu.edu Fall 2009 Brook Milligan Direct Economic Value of Biodiversity One argument is that the economic value of yet-undiscovered resources (new medicines, new foods) is the best reason to save biodiversity. Revealed preference methods can only be used for a limited number of biodiversity value categories, as they do not allow a monetary assessment of non-use values. In this article, we first review the multiple meanings of biodiversity, moving from species richness and simple abundance-weighted species counts to more complex measures that take account of taxonomic distance and functionality. THE ECONOMIC VALUE OF BIODIVERSITY Page 1 THE ECONOMIC VALUE OF BIODIVERSITY IUCN — THE WORLD CONSERVATION UNION Founded in 1948, The World Conservation Union brings together States, government agencies and a diverse range of non-governmental organizations in a unique world partnership: over 800 members in all, spread across some 125 countries. Economic impact studies identify a variety of economic benefits generated by biodiversity. International boycotts of furs, teak and ivory are the good examples of moral justification. Also, it is difficult to tie an economic value to an ecosystem service through a questionnaire when the general public may be ill informed or unfamiliar with the subject. This has inherent value to survival and quality of life. Although biodiversity might well have substantial economic value, compared with alternative consumptive resource uses, economic value does not tell us everything we need to know about the value of biodiversity. For example, in India plants and animals such as peepal tree, lotus, cow, monkey, peacock and snake are still worshipped as sacred. For example, each elephant that is lost to poachers may cost a nation $14 million in lost tourism revenue. A small fraction of this value can currently be estimated with a dollar amount. In addition, religions benefit (for free) from biodiversity. Biodiversity has a fundamental value to humans because we are so dependent on it for our cultural, economic, and environmental well-being. Another view is based on calculating the full value of all ecosystem goods and services as a way to demonstrate how much actual value nature provides. As such, programs to prevent this from happening have clear economic benefits that can be estimated. For example we can use plants as food of for deriving medicines in the laboratory. These range from the things that are produced and sold, which are derived both directly and indirectly from biodiversity, to the non-marketed things that contribute to both our well-being and to the economy. Some argue that it is our moral responsibility to preserve the Earth’s incredible diversity for the next generation.

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