Chapter

Compensating for Lost Resources

A. Damodaran

in Encircling the Seamless

Published in print August 2010 | ISBN: 9780198066750
Published online October 2012 | e-ISBN: 9780199080106 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198066750.003.0010
Compensating for Lost Resources

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The process of offering compensation for environmental services transcends the traditional approach used by the World Bank and similar international environmental institutions wherein developed countries provide aid and technology to developing countries. The World Bank has proposed measures by which both the private sector and public agencies pay and compensate for environmental services. This is a clear attempt to link the process of economic reforms with the goal of sustainable development in a manner that developing countries find acceptable. This chapter discusses various schemes for payment of ecosystem services and argues that it is important to improve valuation of ecosystem services, from the viewpoint of local communities that conserve services. It also shows that the concept of collective action can be used to promote property rights over natural resources, an approach that is relevant to efforts to determine the value of ecosystem services.

Keywords: World Bank; ecosystem services; compensation; developing countries; sustainable development; valuation; collective action; property rights; natural sources; local communities

Chapter.  4219 words. 

Subjects: Economic Development and Growth

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