Price tag on the planet? Helping business value nature
Critics of natural capital say legislation and not financial incentive will work best to protect remaining ecosystems
From agriculture to housing to transportation, economic growth has historically depended on burning through finite natural resources and rearranging natural landscapes.
As the IUCN World Conservation Congress kicks off in France on Friday, an urgent question will be how to reduce the devastation wrought by humanity on the environment.
"It's the only way to speak the same language as political decision-makers," Nathalie Girouard, an expert on environmental policy at intergovernmental think tank OECD, told AFP.
Chemical-intensive agriculture, over-fishing, pollution and climate change are all pushing ecosystems to the brink of collapse.
But experts are divided on how to measure "natural capital", and some argue that it should not be done at all.
During most of industrialisation, the intrinsic value of nature's bounty -- air, fresh water and oceans, for example -- was not recognised because it cost nothing to consume or pollute.
Mary Ruckelshaus, head of the Natural Capital Project at Stanford University, acknowledges that it is a complex task.
Some will value their capacity to dampen storm surges, while others would prefer to see aquaculture or sandy beaches in their place.
"You can monetise that."
"What's the cultural value of the mangrove forest to an indigenous community who lives in Belize? Priceless," she continues.
"If you articulate and quantify where the most value is for each stakeholder, often you don't have as many trade-offs as you think," she says.
When you scale things up, the numbers are eye-popping.
Using the natural capital as the guiding principle, proponents favour integrating natural resources into the calculation of a country's wealth.
But the concept remains controversial for some.
French author, environmentalist and member of the European Parliament Aurore Lalucq agrees.
She believes that legislation, not financial incentive, will work best to protect remaining ecosystems.
Ruckelshaus acknowledges that the monetary value system has its limitations and that government regulation remains crucial.
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