Environmental markets: concentrate on criteria.

In their Perspective (“Restoration of ecosystem services for environmental markets,” 31 July, p. [575][1]), M. A. Palmer and S. Filoso rightly promote rigorous science to link ecosystem functioning with the provision of ecosystem services, but they exaggerate the potential downside of market valuation in restoration outcomes. Well-defined markets delineate which services are relevant and, consequently, the biophysical processes that underlie them, not the other way around. In effect, environmental markets are indispensable compasses for restoration initiatives. The focus should be on developing and improving valuation criteria, not on adding costly mechanisms that might discourage development. There is currently a large and growing research paradigm, informed by both economists and ecologists, that addresses how economic valuation can better approximate the complexity and nuance of ecosystems ([ 1 ][2]). Ecological restoration in modern landscapes must be scientifically driven but socially based ([ 2 ][3]). As a matter of pragmatism, it is often better to have imperfectly functioning environmental markets, in which nature has some economic value, than to have no environmental markets, where nature possesses zero value. This fits into the broader notion of ecosystems as assets from which society derives vital services ([ 3 ][4]). Ecological restoration, then, is not merely a rehabilitation of biophysical processes, but an investment in natural capital. 1. [↵][5] 1. P. Dasgupta, 2. K.-G. Maler , Eds., The Economics of Non-Convex Ecosystems (Springer, New York, 2004). 2. [↵][6] 1. R. J. Hobbs 2. et al ., Front. Ecol. Env. 2, 43 (2004). [OpenUrl][7] 3. [↵][8] 1. G. C. Daily 2. et al ., Science 289, 395 (2000). [OpenUrl][9][FREE Full Text][10] [1]: /lookup/doi/10.1126/science.1172976 [2]: #ref-1 [3]: #ref-2 [4]: #ref-3 [5]: #xref-ref-1-1 "View reference 1 in text" [6]: #xref-ref-2-1 "View reference 2 in text" [7]: {openurl}?query=rft.jtitle%253DFront.%2BEcol.%2BEnv.%26rft.volume%253D2%26rft.spage%253D43%26rft.genre%253Darticle%26rft_val_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Ajournal%26ctx_ver%253DZ39.88-2004%26url_ver%253DZ39.88-2004%26url_ctx_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Actx [8]: #xref-ref-3-1 "View reference 3 in text" [9]: {openurl}?query=rft.jtitle%253DScience%26rft.stitle%253DScience%26rft.issn%253D0036-8075%26rft.aulast%253DDaily%26rft.auinit1%253DG.%2BC.%26rft.volume%253D289%26rft.issue%253D5478%26rft.spage%253D395%26rft.epage%253D396%26rft.atitle%253DECOLOGY%253A%2BThe%2BValue%2Bof%2BNature%2Band%2Bthe%2BNature%2Bof%2BValue%26rft_id%253Dinfo%253Adoi%252F10.1126%252Fscience.289.5478.395%26rft_id%253Dinfo%253Apmid%252F10939949%26rft.genre%253Darticle%26rft_val_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Ajournal%26ctx_ver%253DZ39.88-2004%26url_ver%253DZ39.88-2004%26url_ctx_fmt%253Dinfo%253Aofi%252Ffmt%253Akev%253Amtx%253Actx [10]: /lookup/ijlink/YTozOntzOjQ6InBhdGgiO3M6MTQ6Ii9sb29rdXAvaWpsaW5rIjtzOjU6InF1ZXJ5IjthOjQ6e3M6ODoibGlua1R5cGUiO3M6NDoiRlVMTCI7czoxMToiam91cm5hbENvZGUiO3M6Mzoic2NpIjtzOjU6InJlc2lkIjtzOjEyOiIyODkvNTQ3OC8zOTUiO3M6NDoiYXRvbSI7czoyNToiL3NjaS8zMjYvNTk1Ni8xMDYwLjMuYXRvbSI7fXM6ODoiZnJhZ21lbnQiO3M6MDoiIjt9