The synthesis report of The Economics of Ecosystems and Biodiversity (TEEB) clearly shows the potential of incorporating the value of nature into decision-making. The launch of the two-year study, which has involved hundreds of experts from around the world, took place yesterday, October 20, at the Convention on Biological Diversity's 10th Conference of the Parties meeting "COP10" in Nagoya.

Many now hope that the economic importance of the world's natural assets will be firmly on the international political radar as a result of this assessment showcasing the enormous economic value of forests, freshwater, soils and coral reefs, as well as the social and economic costs of their loss.

- TEEB has documented not only the multi-trillion dollar importance to the global economy of the natural world, but the kinds of policy-shifts and smart market mechanisms that can embed fresh thinking in a world beset by a rising raft of multiple challenges. The good news is that many communities and countries are already seeing the potential of incorporating the value of nature into decision-making, said study leader Pavan Sukhdev, who heads up the Green Economy Initiative of the UN Environment Programme (UNEP).

The TEEB study calls for wider recognition of ecosystem service's contribution to human livelihoods, health, security, and culture by decision-makers at all levels. It promotes the demonstration, and where appropriate, the capture of the economic values of nature's services through an array of policy instruments and mechanisms.

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