EU study to explore economics of biodiversity loss

Modelling the UK’s Stern Review on the economics of climate change, the EU “review on the economics of biodiversity loss” will be carried out by a team led by an independent economist. 

The study, aimed at supporting the development of cost-effective policy responses to biodiversity loss, will be based on information collected by the Commission following a call for evidence, launched on 14 November.

The idea was first initiated by the German Presidency in March 2007 at the G8+5 summit of environment ministers in Potsdam, with a proposal to “initiate the process of analysing the global economic benefit of biological biodiversity, the costs of the loss of biodiversity and the failure to take protective measures versus the cost of effective conservation”. 

The first phase of the study, part of the ‘Potsdam Initiative‘, is expected to review relevant scientific and economic knowledge and case studies, providing indications of the range of costs and benefits related to biodiversity loss. The findings of this first phase will be showcased at the 9th conference of the parties (COP9) of the Convention on Biological Diversity (CBD), set to be held in Germany in May 2008.

Recently, EU policymakers, business leaders and NGOs agreed on the strong competitive advantage companies can gain from conserving biodiversity at a high level conference aimed at providing guidance for the Commission’s initiative on business and biodiversity.

“It is clear that European businesses are quickly waking up to the importance of biodiversity, and the market opportunities it can offer, in their business strategies” said Morgen Peter Carl, the Commission’s environment director general, at a high level conference on business and biodiversity, held in Lisbon on 12 and 13 November. 

After the commitment made by EU leaders in 2007 to “halt biodiversity loss decline by 2010”,  the Commission launched in May 2006 a biodiversity communication, which included a commitment to engage the private sector in partnerships for biodiversity. The integration of biodiversity criteria into business decision-making are also common priorities of the previous German, current Portuguese and forthcoming Slovenian EU presidencies.

Read more with Euractiv

Parliament approves soil strategy despite calls for its dismissal

Overriding a motion by 225 MEPs who argued that there should be 'no rush' to legislate on soil protection, the Parliament has voted in favour of a proposed EU soil protection law that grants considerable flexibility to member states.