IPBES report finds global valuation of nature has short-term profit focus

New research from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) reveals that the global focus on the values of nature do not reflect how changes in nature affect quality of life.

The IPBES is to biodiversity, what the IPCC is to climate change 82 scientists and experts were involved in the methodological assessment, and the report on the Diverse Values and Valuation of Nature was approved by representatives of the IPBES’s 139 member states.

According to the report, economic and political decisions have favoured market-based instrumental values of nature such as those related to intensive food production, however, have overlooked nature’s effects on people's lives in relation to climate regulation and cultural identity.

Assessment co-chair Professor Unai Pascual said, “Our analysis shows that various pathways can contribute to achieving just and sustainable futures.

“Pathways arising from diverse worldviews and knowledge systems, for instance, those associated with living well and other philosophies of good living, can also lead towards sustainability.”

74 percent of the valuation applications reviewed in the report highlighted instrumental values, such as nature as an economic asset, rather than relational and intrinsic values.

“Different types of values can be measured using different valuation methods and indicators. For example, a development project can yield economic benefits and jobs, for which instrumental values of nature can be assessed.

"But it can also lead to loss of species, associated with intrinsic values of nature, and the destruction of heritage sites important for cultural identity, thus affecting relational values of nature. The report provides guidance for combining these very diverse values,” said co-chair of the Assessment, Professor Patricia Balvanera.

The Values Assessment provides decision-makers with the key steps to enhance the design of nature valuation in order to foster relevance and better allocate resources.

“Shifting decision-making towards the multiple values of nature is a really important part of the system-wide transformative change needed to address the current global biodiversity crisis,” said Balvanera.

“This entails redefining ‘development’ and 'good quality of life’ and recognising the multiple ways people relate to each other and to the natural world.”