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Economic Valuation of Marine and Coastal Ecosystems: Is it currently fit for purpose?
Abstract
In this paper, we consider whether the current “state of the art” of environmental valuation is suitable for producing policy-relevant estimates of the benefits or costs of changes in marine and coastal ecosystems. We review recent changes in European legislation which has meant an increasing demand for economic valuation from the policy and regulatory community. The next section considers, at a more conceptual level, whether the economic “toolbox” and scientific evidence is up to the task of meeting the demand for more evidence-based policy. Finally, three case studies are used to explore the nature of the valuation task and review what is currently known. These case studies are of salt-marsh restoration, marine renewable energy investments, and deep sea conservation- text
- Marine ecosystem service benefits
- biodiversity
- economic valuation
- EU marine legislation.
- Agricultural and Resource Economics
- Economic Policy
- Environmental Indicators and Impact Assessment
- Environmental Monitoring
- Environmental Policy
- Fresh Water Studies
- Natural Resource Economics
- Natural Resources and Conservation
- Natural Resources Management and Policy
- Public Economics
- Sustainability
- Water Resource Management