With reference to an initiative called ‘The economics of ecosystems and biodiversity (TEEB)’ which of the following statements is/are correct?

1. It is an initiative hosted by UNEP IMF and World Economic Forum.
2. It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity.
3. It presents an approach that can help decision-makers recognize demonstrate and capture the value of ecosystem and biodiversity.

Select the correct answer using the code given below

1. 1 and 2 only
2. 3 only
3. 2 and 3 only
4. 1, 2 and 3

Explanation

Statement 1 is incorrect

• TEEB was a study hosted by the United Nations Environment Programme (UNEP) and led by Indian environmental economist Pavan Sukhdev.

Statements 2 and 3 are correct

• The study’s objectives were to establish a global standard for natural capital accounting, mainstream the values of biodiversity and ecosystem services into decision-making at all levels and highlight the growing cost of biodiversity loss.
  • Natural Capital: ecosystems providing invaluable ecosystem services. E.g., Flood protection by mangroves.

Answer: (c) 2 and 3 only; Difficulty Level: Hard