{"id":2064,"date":"2022-10-28T11:55:07","date_gmt":"2022-10-28T01:55:07","guid":{"rendered":"https:\/\/primaryforestsandclimate.org\/?post_type=publications&p=2064"},"modified":"2022-11-16T11:11:44","modified_gmt":"2022-11-16T01:11:44","slug":"the-economic-value-of-the-worlds-forests","status":"publish","type":"publications","link":"https:\/\/primaryforestsandclimate.org\/publications\/the-economic-value-of-the-worlds-forests\/","title":{"rendered":"Policy brief: The economic value of the world’s forests"},"content":{"rendered":"
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These benefits derive from what are called \u2018ecosystem services\u2019, which include three broad categories: provisioning services \u2013 such as wood, food, and fibre; regulating services \u2013 such as carbon storage, water filtration, and coastal protection; and cultural services \u2013 such as recreation, aesthetics, and spiritual wellbeing.\u00a0<\/span><\/p>\n

We reviewed historic economic valuation studies to ascertain how and where different forest ecosystem services have been valued and to identify the drivers of value estimates and knowledge gaps.\u00a0<\/span>Our review \u00a0findings demonstrate the relevance of economic\u00a0valuation of ecosystem services for socially\u00a0optimal policy making.<\/p>\n

We found that the\u00a0literature on economic valuation of forest\u00a0ecosystem services has been limited in terms\u00a0of its coverage of some of the world\u2019s most\u00a0important forest regions and ecological zones.<\/p>\n

Our study also revealed that the literature is dominated by market-pricing techniques, rather than non-market techniques, reflecting the\u00a0historically greater focus on estimating a\u00a0narrow set of extractive uses, particularly\u00a0managed forestry for timber. This has left\u00a0important weaknesses in our understanding\u00a0of bundles (or aggregations) of ecosystems\u00a0services provided by the world\u2019s forests,\u00a0where in many instances the extractive uses\u00a0involved trading-off the benefits from other\u00a0provisioning, regulatory, and cultural ecosystem\u00a0services.<\/p>\n

Information of the value of all forest\u00a0ecosystem services is needed when assessing\u00a0the costs and benefits of a proposed change\u00a0in forest use. Our meta-analysis underlines\u00a0the importance of considering the economic\u00a0value of multiples of ecosystem services\u00a0when formulating public policy that supports\u00a0forest conservation over the management\u00a0of forest for single-use, extractive industrial\u00a0production, or clearing for mineral extraction\u00a0and agriculture.<\/p>\n

Understanding the drivers of the\u00a0value estimates of forest ecosystem services\u00a0helps identify better policy interventions\u00a0for global forest conservation efforts.\u00a0In this regard, our findings support local,\u00a0regional, and global efforts to address the\u00a0problem of deforestation and degradation\u00a0in ways that support Indigenous access and\u00a0use rights of forests, reduce biodiversity\u00a0loss, and minimize atmospheric greenhouse\u00a0gas concentrations.<\/p>\n

Inclusive conservation\u00a0management of forests informed by valuation\u00a0of the benefits from all their ecosystem\u00a0services is vital to the achievement of the\u00a0development targets in the United Nations\u00a0Sustainable Development Goals<\/a>, meeting the\u00a0emissions reduction challenges set out in the\u00a0Paris Agreement<\/a> on climate change, advancing\u00a0the conservation objectives of the Convention\u00a0on Biological Diversity<\/a>, and supporting the\u00a0survival, dignity and well-being of the world\u2019s\u00a0Indigenous Peoples, as articulated in the UN\u00a0Declaration on the Rights of Indigenous Peoples<\/a>.<\/p>\n<\/div>\n<\/div><\/div>

<\/span>Download policy brief<\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

Article authors<\/h2>
\"Fitalew<\/a><\/div>

Fitalew Taye<\/a><\/h3>
Fitalew is an environmental and resource economist whose research focuses on non-market valuation of environmental goods and services. <\/div><\/div><\/article><\/div>
\"Chris<\/a><\/div>

Chris Fleming<\/a><\/h3>
Chris is a Professor of Economics and Dean (Research) at the Griffith Business School. He teaches, researches, consults and provides public policy advice on the economic determinants of well-being and the sustainable management of the world around us.<\/div><\/div><\/article><\/div>
\"Andrew<\/a><\/div>

Andrew Buckwell<\/a><\/h3>
Andrew is a Research Fellow at Griffith Business School with experience as an applied environmental economist focussed on micro-economic valuation and community preferences for natural resource use. <\/div><\/div><\/article><\/div>
\"Dr<\/a><\/div>

Brendan Mackey<\/a><\/h3>
Project Director and Director of the Griffith Climate Action Beacon at Griffith University, contributing to community planning and engagement in forest projects.<\/div><\/div><\/article><\/div><\/div><\/div><\/div><\/div>

Additional authors<\/h2>\n
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Maja Vinde Folkersen, K.C. Diwakar, Dung Le, Syezlin Hasan, and Chantal Saint Ange\u00a0<\/span><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

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Reference<\/h3>\n

Fitalew Agimass Taye, Maja Vinde Folkersen, Christopher M. Fleming, Andrew Buckwell, Brendan Mackey, K.C. Diwakar, Dung Le, Syezlin Hasan, Chantal Saint Ange (2022). The economic value of the Planet\u2019s forest ecosystems<\/em>. Griffith Climate Action Beacon Science Informing Policy Briefing Note 1\/22, pp. 1-6. Brisbane, Australia: Griffith University. https:\/\/doi.org\/10.25904\/1912\/4554<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Our planet\u2019s forests provide many benefits\u00a0to society\u2019s continued well-being yet are subjected to ongoing loss and degradation. 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