Definition
Ecosystem services (ES), a concept made widely known by the Millennium Ecosystem Assessment, are usually understood as the benefits people obtain from nature (MEA 2005). As this concept evolved, ES debates emphasized the development and application of different approaches to value and make these benefits visible (Costanza et al. 1997; Gómez-Baggethun et al. 2010; TEEB 2010). Within this field of research, Market Based Instruments appeared as a solution to management and conservation of ecosystem services. These instruments include carbon trading, wetland banking, biodiversity offset, and payments for ecosystem services (PES).
Payments for ecosystem services are voluntary mechanisms to preserve ES through transactions between beneficiaries and providers of those services (Wunder 2005). Different definitions can be found in the literature, some more...
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References
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Lopes, R., Videira, N. (2020). Payment for Ecosystem Services (PES). In: Leal Filho, W., Azul, A., Brandli, L., Özuyar, P., Wall, T. (eds) Life on Land. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. https://doi.org/10.1007/978-3-319-71065-5_90-1
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