Some of the proposals Helm discusses
are already being piloted. The Economics of
Ecosystems and Biodiversity, for example, is a global study that was jointly initiated in
2007 by the German Federal Ministry for the
Environment and the European Commission
in an effort to demonstrate and capture
the value of ecosystems and biodiversity.
The World Bank–led Wealth Accounting
and the Valuation of Ecosystem Services is
another example of a partnership dedicated
to incorporating natural resources into development
planning and national economic
accounts. More than 30 countries have begun
natural capital accounting using a standard
methodology adopted by the United
Nations Statistical Commission in 2012, and
nearly 30 influential financial institutions
have pledged to incorporate the value of
natural capital into their investment decisions.
Payment schemes for reducing carbon
emissions from deforestation and forest degradation
are in varying stages of readiness
in many developing countries. Helm weaves
these and other market-based ideas into a
comprehensive framework and lends them a
fresh and powerful voice.