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 ecosystems and biodiversity.

Select the correct answer using the code given below.

[UPSC Civil Services Exam – 2016 Prelims]

(a) 1 and 2 only

(b) 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Answer: (c)        

Explanation:

• The Economics of Ecosystems and Biodiversity (TEEB) is a global initiative focused on “making nature’s values visible”.
• Its principal objective is to mainstream the values of biodiversity and ecosystem services into decision-making at all levels.
• It aims to achieve this goal by following a structured approach to valuation that helps decision-makers recognize the wide range of benefits provided by ecosystems and biodiversity, demonstrate their values in economic terms and, where appropriate, capture those values in decision-making.
• The Economics of Ecosystems and Biodiversity is an international initiative which draws attention to the global economic benefits of biodiversity. Hence statement 2 is correct.
• It is not hosted by UNEP, IMF and World Economic Forum.