The great experiment to put a price on nature

The great experiment to put a price on nature Getty Images In Scotland, researchers are intricately mapping a woodland ecosystem as it regenerates – and what that translates to in monetary value Fresh water, clean air, peace of mind – natural landscapes make life better for humans in myriad ways. For some, putting a price on ecosystem services is how we can make sure nature – or rather, natural capital – is given due weight at the decision-making table But the myriad ways that land provides for humans by supplying clean air and water, mitigating flood risk, and more – known as "ecosystem services" – have not always been afforded a monetary value. It's either a massive opportunity that's going to be a kind of biodiversity renaissance, or a huge global risk to biodiversity conservation – Sarah Bekessy Bekessy works with conservation organisation Bush Heritage Australia, and says the cost of land has already noticeably increased in the face of a global carbon market. "It's unclear how carbon markets will affect people's rights to pursue their own livelihoods and ensure that they can access the forest for food, timber or resources to meet their basic needs," says Frechette. Fundamentally, people love the awe and wonder of nature, and it's an absolutely fundamental part of who we all are – Sarah Bekessy "Communities have been doing this largely by themselves without support," says Frechette.