Economic valuation for the conservation of marine biodiversity

Policy makers are increasingly recognising the role of environmental valuation to guide and support the management and conservation of biodiversity. This paper presents a goods and services approach to determine the economic value of marine biodiversity in the UK, with the aim of clarifying the role of valuation in the management of marine biodiversity. The goods and services resulting from UK marine biodiversity are detailed, and 8 of the 13 services are valued in monetary terms. It is found that a decline in UK marine biodiversity could result in a varying, and at present unpredictable, change in the provision of goods and services, including reduced resilience and resistance to change, declining marine environmental health, reduced fisheries potential, and loss of recreational opportunities. The results suggest that this approach can facilitate biodiversity management by enabling the optimal allocation of limited management resources and through raising awareness of the importance of marine biodiversity.