The economics of natural capital

ACB Executive Director Rodrigo Fuentes and Ambassador Stephen Lillie at the dialogue.

The dialogue, spearheaded by the ASEAN Centre for Biodiversity (ACB) was supported by the UK Foreign and Commonwealth Office (FCO).

The event promoted ?The Economics of Ecosystems and Biodiversity? (TEEB) that provides an assessment of the economic impacts associated with losing natural capital and discussed the issues of Payments for Ecosystem Services (PES).

The TEEB ?study finds that under a ?business as usual? scenario, an average year?s natural capital loss would lead to a loss of ecosystem services worth around US$ 2 trillion to $4.5 trillion over a 50-year period. It also describes in economic terms the deep links between eliminating poverty and conserving biodiversity and ecosystems. The TEEB study covers reports for businesses and consumers, national policy makers, and local administrators. You can find more information on the TEEB website.

ACB Executive Director Rodrigo Fuentes said further attention is needed to concentrate efforts at the highest policy and decision-making level and address capacities at technical level to ensure a more effective approach in disseminating TEEB and sustainable financing mechanisms such as PES schemes.

British Ambassador Stephen Lillie delivered the keynote address which highlighted the following:

?One of the key drivers of biodiversity loss in the region is climate change. South East Asia is one of the world?s most vulnerable regions to climate change - reflecting its long coastlines, high concentration of population and economic activity in coastal areas, and heavy reliance on agriculture, natural resources, and forestry.

?The recent UN climate change conference in Durban, South Africa recognised the urgent need to raise the international community?s collective level of ambition to reduce greenhouse gas emissions to keep the average global rise below two degrees Celsius. It was an important step forward, strongly supported by the UK. ?We now need urgently to build on this.

"In 2000 the South East Asia region accounted for about 12% of global emissions, but with rapid economic growth, emissions could increase fourfold by 2030, which would make the region a leading global emitter.? So South East Asian nations will benefit from efforts to tackle climate change, but they also need to be part of the solution.

"Improved management of our ecosystems and biodiversity can make an important contribution to that solution. Conserved or restored forest habitats for example can remove carbon dioxide from the atmosphere, thus helping to address climate change by storing carbon. Conserving intact ecosystems, such as mangroves can help reduce the disastrous impacts of climate change such as flooding and storm surges. By contrast, the loss of forest cover around the world contributes about 20 percent to annual global greenhouse gas emissions.?

John Pearson, Head of the Southeast Asia Climate Change Network based at the British High Commission in Singapore, added, ?Biodiversity has a very high economic value. It provides significant services to society at large. But these benefits are often not recognized, or not given an economic value. A better understanding of this issue can generate support to change policies, and mobilize financial resources to address biodiversity loss and ecosystems degradation. There is ?therefore a compelling need to bring together experts and policy makers involved in economics, science, finance and policy development to identify and implement practical actions to address unsustainable consumption of natural resources.?

During the event, Pearson also presented the impact of a global temperature rise of 40C degree map in South East Asia produced by the Met Office Hadley Centre.

Further information

Click here to download Ambassador Lillie's keynote address.

Source: http://ukinthephilippines.fco.gov.uk/en/news/?view=PressR&id=724126282

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