Environmental Politics Biodiversity Conservation Questions
The economic value of biodiversity refers to the tangible and intangible benefits that biodiversity provides to human societies and economies. Biodiversity plays a crucial role in various economic sectors, including agriculture, forestry, fisheries, and tourism. It provides ecosystem services such as pollination, water purification, soil fertility, and climate regulation, which are essential for the functioning of these sectors. Biodiversity also contributes to the development of new medicines, pharmaceuticals, and biotechnology products, which have significant economic value. Additionally, biodiversity supports livelihoods and cultural practices of indigenous communities, contributing to their economic well-being. Overall, the economic value of biodiversity is immense and encompasses both direct and indirect benefits that are vital for sustainable development and human well-being.