Ecosystem Services: Definition, Classifications and Valuations

In this note the current stage of Ecosystem Services is explored: definitions, existing classifications, methodologies, databases, and prospects. The global fight against climate change was accelerated through the targets set in the Paris Agreement, and since then, countries, companies and organizations have established compulsory and voluntary decarbonization pledges. A big part of the pledges is believed to be achieved through the service provided by nature of carbon sequestration. This is, however, just one of the many services that biodiversity provides to us. Now, whereas the service of carbon sequestration has been acknowledged for quite some time and has gained recently more importance, the rest of the services have been often overlooked and hence its existence is under threat. The fight against climate change is incomplete if all services of nature are not accounted for since biodiversity and pollution are inextricably linked. It has been proved that the loss of the former reduces nature's ability to absorb greenhouse gases. Nonetheless, ecosystem services valuation beyond carbon sequestration is challenging, as the majority of them are less tangible than a ton of carbon. In this note we explore this dilemma, provide valuation examples that have already been done, and make a few forecasts of the future of ecosystem services ahead.