Transfer in Ecosystem Service Valuation

Question: Discuss about the Transfer in Ecosystem Service Valuation. Answer: Introduction: The concept of the green economy was first expressed nearly a quarter of a century ago that published the design for green economy. Ecosystems are the advantages that are obtained by the individuals from ecosystems. These mostly include provisioning of services such as water and food as well as regulation of the services. The economics of ecosystems and diversity was considered as a key global initiative and used the framework of ecosystem services in order to draw attention the international economic benefits of ecosystems. This in turn highlights the increasing costs of biodiversity loss as well as degradation of the ecosystem (Kenter et al., 2015). The Tripple Bottom Line (TBL) is an accounting framework that integrates three magnitudes of performance such as social, environmental and financial. This however, varies from conventional reporting frameworks as it comprises ecological and social measures. Ecosystem service valuation is the procedure that helps to assess the contributi on of ecosystem services in order to meet a specified objective or objectives. In economics, this objective is effectual allocation. In other words, it indicates the allocation of scarce ecosystem services among competitors. There are several diverse values that starts from total economic value that acts as an surrounding measure of the economic value of any environmental advantage (Richardson et al., 2015). References Kenter, J. O., O'Brien, L., Hockley, N., Ravenscroft, N., Fazey, I., Irvine, K. N., ... Church, A. (2015). What are shared and social values of ecosystems?. Ecological Economics, 111, 86-99. Richardson, L., Loomis, J., Kroeger, T., Casey, F. (2015). The role of benefit transfer in ecosystem service valuation.Ecological Economics,115, 51-58.