The Economics of Ecosystems and Biodiversity (TEEB) reports, enclosed, arise out of a joint venture between the German government and the European Commission to develop systems to evaluate and account for the financial benefits of ecosystem diversity.
To quote from the report:
"The TEEB d1 report for policy makers takes as its starting point that by failing to account for the value of ecosystems and biodiversity, we will make the wrong choices in responding to these and other challenges. it demonstrates that understanding and capturing the value of ecosystems can lead to better informed and possibly different decisions; accounting for such value can result in better management; investing in natural capital can yield high returns; and sharing the benefits of these actions can deliver real benefits to those worst off in society. This evidence and the arguments we develop in the report provide a strong case for broad policy action. Put simply, making the benefits of biodiversity and ecosystem services visible to economies and society is necessary to pave the way for more efficient policy responses."
The importance of accounting for long-term risks and benefits is part of the core NSFM Principles, and so it is gratifying to see this work going forward advancing the goal of more comprehensive accounting.