The environmental crisis faced by every country around the world has brought the focus back on designing an economy with business creativity and solutions that protects the natural environment. This is extremely important towards the development of economy and the society. Leaders in the field of development, conservation, business and government are of the opinion that there is an immediate need to identify and design cost-effective methods that would not only protect the nature but also meet the demand of the growing global population.
Payment for ecosystem services (PES) is definitely the road ahead that would help in protection of the environment. PES can be designed by noprofits, businesses, individuals and even governments. It is estimated that the ecosystem services are speculated to grow over $100 trilliion dollar over the next one year. People would have to pay for nature’s services where nature would deliver its benefits to our society effectivelyy and at lower cost. However, with the increase in investments on nature, it is extrmely important that the buyer’s interests are protected. Buyers should be delivered what they pay for and at the same time nature should not be exploited. In order to achieve this, all the stakeholders (buyers, sellers and even the intermediaries) should understand how exactly the natural world works and delivers its benefits to individuals, businesses, communities and governments.
Here are six principles that can actually guide the payment for nature’s services:
The aforementioned principles help in balancing the scientific rigor by adopting a pragmatic approach while guiding a range of transactions in the ecosystem services. Future investments will be less risk and would also help negate the environmental crisis.