Q. With reference to an initiative called “The Economics of Ecosystems and Biodiversity (TEEB)” which of the following statements is/are correct?

  1. It is an initiative hosted by UNEP, IMF and World Economic Forum.
  2. It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity.
  3. It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity.

Select the correct answer using the code given below.

  • 1 and 2 only
  • 3 only
  • 2 and 3 only
  • 1, 2 and 3

Answer: (c) 2 and 3 only

Notes:

The Economics of Ecosystems and Biodiversity (TEEB)
  • The Economics of Ecosystems and Biodiversity (TEEB) is a global initiative to raise awareness of the global economic benefits of biodiversity. It aims to “make the values of nature evident.” 
  • In 2007, Germany and the European Commission launched the Economics of Ecosystems and Biodiversity (TEEB). 
  • Its primary goal is to incorporate biodiversity and ecosystem service values into decision-making at all levels.
  • The Initiative concentrated its efforts on three habitats: forests, inland wetlands, and coastal and marine ecosystems.
  • Estimates show that biodiversity and environmental loss would cost 18 percent of global economic output by 2050.
  • Aims
    • To assess, communicate, and mainstream the urgency of actions through five deliverables:
      • Science and economic foundations, policy costs, and costs of inaction
      • Policy options for national and international decision-makers
      • Decision-making assistance for local administrators
      • Business Risks, opportunities and metrics
      • Citizen and consumer ownership
  • The Economics of Ecosystems and Biodiversity (TEEB) uses a phase-wise strategy to bridging knowledge and promoting action in this field.
    • Phase I
      • Phase I resulted in the 2008 CBD COP9 release of the TEEB Interim Report.
      • The study emphasised the close relationship between poverty and the destruction of ecosystems and biodiversity.
      • It demonstrated how the neglect and degradation of ecosystems and biodiversity were putting numerous Millennium Development Goals in danger.
    • Phase II
      • The third Global Biodiversity Outlook was reinforced by Phase II, which assisted in advancing biodiversity policy and response past 2010.
      • Utilise ecological and economic information in conjunction with one another to build the assessment of ecosystem services under various conditions.
      • Provide suggestions for suitable valuation techniques for various settings.
      • Consider the financial consequences of biodiversity loss as well as the advantages and disadvantages of taking action to mitigate these losses.
      • Create guidelines for decision-makers at the global, regional, and local levels to promote sustainable development and improve ecosystem and biodiversity protection.
      • Facilitate the corporate community’s simple access to cutting-edge knowledge and tools for enhanced biodiversity practise from the perspectives of controlling risks, addressing opportunities, and assessing effects.
      • Increase public knowledge of how each person affects ecosystems and biodiversity, as well as the areas where individual action may make a difference.
    • Phase III
      • As part of its phase III, TEEB is funding the creation of national TEEB studies in a number of nations as well as the creation of sector- or biome-specific studies, such as the work on agriculture and food that is presently under progress (TEEB Agri-food).
      • The 2018 edition of the TEEB Agri-Food output contains its conceptual underpinnings research and assessment framework.
TEEB and India
  • The Ministry of Environment and Forests has launched the Economics of Ecosystems and Biodiversity TEEB-India Initiative (TII) to highlight the economic consequences of biological diversity loss and the resulting decline in ecosystem services.
  • The Initiative concentrated its efforts on three habitats: forests, inland wetlands, and coastal and marine ecosystems.
  • TII has been implemented as a technical collaboration with GIZ under the Indo-German Biodiversity Programme.
  • The pilot project results will be incorporated into the sectoral synthesis for the three ecosystems.
  • It was unveiled during the Brazil-India-Germany TEEB Dialogue, which India hosted in September 2015.
  • The entire research result was issued at the 21st session of the UNFCCC CoP, which was held in Paris in November-December 2015.