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N and land by putting a price on nature to save it. In the name of sustainable the theory claims that if private companies and countries account for environmentalresources used in the production of other goods accounting for their cost to the
We should no be ooled by he claims o naural capial ac-
couning. 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, privaizing
i and commodiying i bringing he environmen under
economic conrol. The implicaions o his are ar-reaching
and include serious consequences or susainabiliy, he gover-
nance o naure and imporan democraic processes. In effec,naural capial accouning will shif proecion o he environ-
men rom he public o corporae and inancial ineress.
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 prod-
uc (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 nonmarke
aciviies limied he useulness o, and ineres in, hese socia
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 na-
ional 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
FRACKING COLORADO:
NO ACCOUNTING FOR TASTE:
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Privae companies champion naural capial accouning as a
way o inernalize he environmenal impacs o heir produc-
ion processes, as well as a way o ideniy poenial risks o
heir botom line and o beter miigae uure problems ha
could hreaen heir proiabiliy.5Conservaion organizaions
are even parnering wih corporaions and promoing naural
capial accouning as a way o help heir business; heir key
objecive is piching how such accouning will benei cor-
poraions, bu wih litle menion o how i will benei he
environmen.6Naural capial accouning is 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
Prior 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, ueled
he call or a differen approach o environmenal manage-
men, such as ull-cos accouning.
8
Such a mehod wouldaccoun 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 oward ariicial economic soluions o managing
he environmen. This included mechanisms like paymens
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, Bra-
zil, 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) in
1993 o sreamline he process.12The SEEA provides a daabase
o saisical daa and creaes measures or various naural re-
sources.13Is main purpose is o build on he curren Sysem o
Naional Accouns (SNA) which accouns or he economicoupu 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 Ac-
couning and he Valuaion o Ecosysem Services (WAVES).15
The goal o his program is o implemen naural capial ac-
couning and promoe is use globally.16Anoher recen iniia-
ive, he Naural Capial Declaraion, also began in 2010 and
gained racion a he Rio+20 conerence in 2012.17The declara-
ion 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
Even hough he concep o naural capial accouning has
been developed and promoed as a policy soluion, i is litle
more han a heory ha canno become realiy. The process o
convering naure ino naural capial and hen incorporaing i
ino naional accouns and he economy is enirely counerpro-
ducive o beter environmenal managemen and susainabiliy
PHOTO COURTESTY OF U.S. NAVY
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Many problems exis, rom inaccurae inormaion and inac-
curae valuaion, o he signiican loss o values rom conver-
ing naure ino moneary erms. I i acually were possible or
naural capial accouning o occur in realiy, he subsequen
process o commodiicaion required o incorporae naure
ino he economy creaes several more problems. From he
idea ha ecosysems can be separaed ino individual prod-ucs and commodiies, o he ac ha naure would have o
be privaized and propery righs would need o be graned in
order o become commodiies, naural capial accouning in
ac becomes a ron or he inancializaion, privaizaion and
markeizaion 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 creae mon-
eary values where none exised previously hus placing heburden on naure o solve he problems creaed by he very eco-
nomic 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 scenarios
regarding wha value can be assigned.21Because o is subjec-
ive 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.22
Unorunaely, he lower andmore 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 is
evaluaed in scieniic erms ha are no readily ranslaed
ino moneary values.25Evaluaing 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 rea-
ing 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 environ-menal 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 re-
alize ha an immense amoun o value is los by consolidaing
all o he non-moneary characerisics o naure ino san-
dardized moneary unis.28I a sandard price were assigned
o all houses in he Unied Saes, he public 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 onon-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-moneary values unique
only o naure creaing a ne loss o he incommensurable
non-moneary values o naure.
Worthless ValuationWillingness o pay is ofen suggesed as a mehod or assign-
ing moneary value o naure. This mehod surveys an indi-
viduals willingness o pay or somehing, be i a public service
or proecing welands, and a value is hen assigned based onhow 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 public 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
rom his mehod are no democraically represenaive o
he public.33A low-income individual has a reduced abiliy
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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 com-
panys balance shee or in a counrys naional accouns, i
has o be in he orm o a capial asse. In oher words, naure
has o be made ino commodiies: angible sandardized unis
ha can go on balance shees.
However, he inancial insiuions, privae companies, con-
servaion organizaions and counries ha suppor naural
capial 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 envi-ronmenal uncion or is exisence; i is simply no possible.37
As such, naure canno be comparmenalized ino individual
unis wihou compleely ignoring he highly inerconneced
and inerdependen naure o is pars.38
Anoher problem arises in he need o privaize 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 propery
righs.39However, because environmenal services are no pri-
vae goods, i is ofen no possible o demarcae hem in haway 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 which
all 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
Naural 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
illusrae 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 Economicand Environmental Satellite AccountsIn 1992, he U.S. Bureau o Economic Analysis began devel-
oping wha i called he inegraed economic and environ-
menal saellie accouns (IEESAs).42The IEESAs 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 urher racion in
1993 when Presiden Clinon emphasized he developmen
o Green GDP measures.44However, Congress suspendedhe IEESA in 1994 o obain an exernal review o environ-
menal accouning.45
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Alhough he iniiaive was suspended, a ramework or envi-
ronmenal 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 de-
velopmen issues rom environmenal issues he realizaion,
in oher words, ha many orms o developmen erode he
environmenal resources upon which hey are based, and ha
such environmenal degradaion can undermine economic
developmen.47The real issue should be how economic devel-
opmen causes environmenal degradaion, no how environ-
menal 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 esi-
mae could no be obained because o nonexisen daa andinormaion needed o assign a moneary value.48And, when
here was a signiican absence o inormaion, he ramework
insead 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 renewable
asses; 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 labeled n.a. or no available.52
United Kingdom: The Ecosystem ApproachSince 2007, he U.K. Deparmen o Environmen, Food and
Rural Affairs (DEFRA) has been promoing wha i calls heEcosysem Approach.53Under his iniiaive, DEFRA seeks o
develop a holisic approach o incorporaing he value and ser-
vices o ecosysems ino decision making and public policy.54
More broadly, DEFRA seeks o achieve beter susainabiliy
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 oward incorporaing naural capial accouning
ino U.K. policies. Work began on he assessmen in 2007, and
since hen a concepual ramework has been creaed. The nex
phase is deermining how o value he environmen and hen
applying his o perorm valuaions.56
In July 2013, he NEA compleed a valuaion o marine pro-
eced areas based on he inpu o divers and ishermen.57Us-
ing a ravel cos choice experimen mehod and willingness
o pay, he divers and ishermen who inerac wih marine
proeced areas were surveyed o deermine recreaional use
and non-use values.58The assessmen esimaed aggregae
coss a presen value over a 20-year ime scale or all 127 rec-
ommended Marine Conservaion Zones a 227-821 million,
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including coss o he renewable energy secor, he isher-
ies 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 unrepresena-ive and undemocraic valuaions.61Those wih he greaes
abiliy 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 undervaluaion
o he rue value o marine proeced areas, and he analysis
was incapable o assigning an accurae and represenaive
value.63Invaluable environmenal resources canno depend on
subjecive, lawed valuaion mehods ha are no represena-
ive o heir inheren value. This valuaion o Marine Conser-
vaion 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.
Convering naure ino naural capial would have pervasive
and devasaing effecs on how he public can inerac wih
he environmen, is managemen and ulimaely is uure
exisence. 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 haare 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 economy on a
more susainable rack wih regard o he environmen shows
a weak inerpreaion o susainabiliy; policies o ensure envi-
ronmenal 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 nobecause he privae secor eels remorse or is disregard o
naure. I is happening because he privae secor realizes ha
in order o mainain producion and prois a curren levels, i
needs greaer conrol over naure, as a means o risk man-
agemen.65The only way o do his is by convering naure
ino economic erms aking he environmen ou o public
conrol and privaizing i.
The means o proecing naure rom he effecs o economic
aciviy is o exend economic values over non-economic
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values. In oher words, naural capial accouning exends
he domain o economic aciviy and seeks o creae economic
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
ineress 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 alloher social, culural and environmenal values.67Assigning
prices o naure acually legiimizes and condones he very
processes ha caused environmenal degradaion beyond
susainable limis.68
The atemps o naural capial accouning o bring naure un-
der economic conrol creae serious problems wih governance
and democraic processes. I would undo public paricipaion
and conrol by circumvening democraic processes o manage
naure, ulimaely perpeuaing he roo causes o environ-menal problems.69Allowing economic conrol o he manage-
men 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
ha should be shared by he public, and while economissalsely 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 proec
naure 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. 73Thisis a dangerous message o send, and i negaes he incommen-
surable 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 prop-
ery ino commodiies ha can be accessed only by hose
having purchasing power.74Naural capial accouning
effecively creaes an enclosure o he commons ha would
exclude he public rom accessing common and public re-
sources, urher exacerbaing 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 manage-
men 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 o
each oher, a bes.77
The problem wih viewing naural capial as equivalen o and
exchangeable wih manuacured capial is ha i compleely
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.78There 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 nohing
or uure generaions i only makes i more susainable or
he marke o have coninued prois.
Naural 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
naure under he conrol o he very acors ha are desroyingi. 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.
1 Landeeld, J. Seven e al. U.S. Bureau o Economic Analysis. Inegraed Economic and
Environmenal Saellie Accouns. Survey of Current Business. 1994 a 36.
2 Ibid. a 36.
3 Beder, Sharon. Valuing he Environmen. Engineering World. December 1996 a 12 o
13. For a criicism o he sandard alernaives o GDP, see Food & Waer Wach. And
he Value o Nohing: Alernaives o GDP and he Financializaion o Naure. 2012.
4 Beder. 1996 a 12 o 13.
5 Prety, Jules e al. Policy Challenges and Prioriies or Inernalizing he Exernaliies
o Modern Agriculure.Journal of Environmental Planning and Management. Vol. 44,
Iss. 2. 2001 a 265; Corporae Ecoorum and The Naure Conservancy. The New Busi-
ness Imperaive: Valuing Naural Capial. 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. Exxon Valdez.
March 28, 2013. Available a htp://www.epa.gov/osweroe1/conen/learning/exxon.
hm; Flin, Warren R. (2013) Practice of sustainable community development: a participa-
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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 Ac-
couning. 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 a htp://www.unep.ch/eb/areas/valuaionEnvAcc.php.
13 Unied Naions Saisics Division. Sysem o Environmenal-Economic Accouning.
14 Unied Naions Saisics Division. [Brochure]. The Sysem o Environmenal-
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 and he Valuaio
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 he our commi-
mens o he Naural Capial Declaraion. May 2013 a 21.
19 ONeill, John. Markes and he Environmen: The Soluion Is he Problem. Economic
and Political Weekly. Vol. 36, No. 21. May 26June 1, 2001 a 1865.
20 Ibid. a 1865.
21 Landeeld e al. 1994 a 36; Linot, John. Environmenal accouning: useul 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 o quaniicaion
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, and marke in
he commodiicaion o ecosysem services. Environment and Planning D: Society and
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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 ecosysem services as commodiy
eishism. Ecological Economics. Vol. 69. 2010 a 1231.
29 Kosoy and Corbera. 2010 a 1228.
30 Linot. 1996 a 179.
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31 Gato, Marino and Giulio A. de Leo. Pricing Biodiversiy and Ecosysem Services: The
Never-Ending Sory. BioScience. Vol. 50, Iss. 4. April 2000 a 350.
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). Natures Numbers:
Expanding the National Economic Accounts to Include the Environment. 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 a healhy naural
environmen: An acion plan or embedding an ecosysems approach. 2007 a 3.
54 Ibid. a 3.
55 Ibid. a 3.
56 U.K. Naional Ecosysem Assessmen. Progress and Seps Towards Delivery. February
2010 a 6 and 8.
57 Kener, J.O. e al. Unied Naions Environmen Programme World Conservaion Moni-
oring Cenre. The value o poenial marine proeced areas in 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 bids or 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 he Earh. SearchVol. 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. Sepember 2006 a 28.
73 McCauley. 2006 a 28.
74 Gomez-Baggehun, Erik and Manuel Ruiz Perez. Economic Valuaion and he com-
modiicaion o ecosysem services. Progress in Physical Geography. 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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