Ecosystem services valuation for supporting sustainable life below water

Area of Science:

• Marine Biology
• Environmental Economics
• Sustainable Development

Background:

• The Sustainable Development Goals (SDGs) are inherently holistic, global, and interdisciplinary, presenting challenges in integrating diverse aspects like environmental and socio-economic factors.
• SDG14, 'Life Below Water,' encompasses marine ecosystems, economic activities, and socio-cultural characteristics, necessitating integrated management approaches.

Purpose of the Study:

• To analyze challenges in achieving SDG14 and propose forward-looking strategies.
• To explore the role of economic instruments, specifically environmental valuation, in bridging environmental and socio-economic dimensions for SDG14.
• To highlight the need for improved sustainability reporting metrics for ocean and marine ecosystems.

Main Methods:

• Analysis of SDG14 challenges and policy implications.
• Discussion of economic instruments and environmental valuation techniques.
• Review of current sustainability reporting frameworks and their limitations regarding marine ecosystems.

Main Results:

• Holistic and coordinated approaches are crucial for SDG14 implementation.
• Economic valuation can quantify the costs and benefits of marine ecosystem services, informing policy.
• Current sustainability reporting lacks metrics for the economic impact of marine ecosystem changes.

Conclusions:

• Integrating economic valuation into SDG14 policies can enhance interventions for ocean pollution, climate change mitigation, fisheries, and biodiversity.
• Quantifying marine ecosystem values strengthens coordinated management and cooperation for sustainable ocean use.
• Bridging environmental and socio-economic aspects through economic tools is vital for a sustainable 'Life Below Water'.