Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability

Hemant Bherwani; Moorthy Nair; Atya Kapley; Rakesh Kumar

doi:10.29333/ejosdr/8321

Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability

Hemant Bherwani ¹ ² ^* , Moorthy Nair ¹, Atya Kapley ¹ ², Rakesh Kumar ¹ ²

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¹ CSIR-National Environmental Engineering Research Institute (NEERI), Nagpur, Maharashtra, INDIA
² Academy of Scientific and Innovative Research (AcSIR), Ghaziabad, Uttar Pradesh, INDIA
^* Corresponding Author

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European Journal of Sustainable Development Research, 2020 - Volume 4 Issue 4, Article No: em0133
https://doi.org/10.29333/ejosdr/8321

Published Online: 06 Jun 2020

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In-text citation: (Bherwani et al., 2020)
Reference: Bherwani, H., Nair, M., Kapley, A., & Kumar, R. (2020). Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability. European Journal of Sustainable Development Research, 4(4), em0133. https://doi.org/10.29333/ejosdr/8321

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In-text citation: (1), (2), (3), etc.
Reference: Bherwani H, Nair M, Kapley A, Kumar R. Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability. EUR J SUSTAIN DEV RES. 2020;4(4):em0133. https://doi.org/10.29333/ejosdr/8321

AMA 10th edition

In-text citation: (1), (2), (3), etc.
Reference: Bherwani H, Nair M, Kapley A, Kumar R. Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability. EUR J SUSTAIN DEV RES. 2020;4(4), em0133. https://doi.org/10.29333/ejosdr/8321

Chicago

In-text citation: (Bherwani et al., 2020)
Reference: Bherwani, Hemant, Moorthy Nair, Atya Kapley, and Rakesh Kumar. "Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability". European Journal of Sustainable Development Research 2020 4 no. 4 (2020): em0133. https://doi.org/10.29333/ejosdr/8321

Harvard

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Reference: Bherwani, H., Nair, M., Kapley, A., and Kumar, R. (2020). Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability. European Journal of Sustainable Development Research, 4(4), em0133. https://doi.org/10.29333/ejosdr/8321

MLA

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Reference: Bherwani, Hemant et al. "Valuation of Ecosystem Services and Environmental Damages: An Imperative Tool for Decision Making and Sustainability". European Journal of Sustainable Development Research, vol. 4, no. 4, 2020, em0133. https://doi.org/10.29333/ejosdr/8321

ABSTRACT

Economics being a major field in management has paved its way into environment to tackle the issues concerned with environmental/ecosystem services degradation and is acting as an aspect of human wellbeing and sustainability. Environmental degradation due to pollution is very well known and is measured thoroughly throughout the world. However, the end point impacts are seldom measured and not reported. There are very few responsible companies in the world who are aware about this fact and are reporting these externalities, or the third-party impacts, of their businesses. Various facets of ecosystem services on the other hand are known and have various measurement frameworks as well. The current paper discusses both the aspects i.e. ecosystem services and environmental externalities with respect to assessment techniques and highlights the way in which these fields have developed over the years along with their current methods and trends. The paper will help researchers and policy makers, working in this field, by making them aware about various means by which these estimations can be done so that the gap between environmental degradation and sustainability can be bridged.

KEYWORDS

Ecosystem services Environmental economics Environmental damage cost assessment Millennium Ecosystem Assessment (MEA) The Economics of Ecosystem and Biodiversity (TEEB) Ecosystem valuation tool Payment Ecosystem Services (PES) Environmental degradation Natural capital

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