Economic valuation of environmental services provided by wetlands

Written by:Diomer Antonio Galán Rincón.

Bachelor's Degree.Public Accounting / MSc.Science of Higher Education.

Since a long time ago, wetlands have been of great importance in the economic, social and cultural development of both urban and rural settlements located in their surroundings and beyond, since they perform valuable functions, besides providing the necessary raw material for human subsistence, such as fish, wood, fertile land available for agriculture and tourism exploitation, as well as an exuberant ecosystem, each one with different particularities that should be preserved to ensure the sustainable development of future generations.

However, in spite of all the benefits it provides, human beings have difficulties in discerning about the subject, given the existing lack of knowledge and the complexity of the term, which "has led to the draining or conversion of many of them for intensive agriculture, aquaculture, industry or housing" (Barbier, Acreman and Knowler, 1997), and it is due to the loss of these resources that there has been an increasing awareness of the environmental services provided by wetlands.

In this same vein, it has become necessary to assign in quantitative terms, a specific value to each of the functions or components used, depending on the existence of an active market for them, which in the case of direct use values such as the production of fish and wood is easy to quantify, since its price is known, likewise, if you want to improve water quality, it can be calculated taking into account the cost of construction of treatment plants to promote the same processes.

On the other hand, the existence of non-use values such as biological diversity and aesthetic values are difficult to quantify since an exact amount cannot be assigned, since the subjectivity of its users must be taken into account using specific methods designed for this purpose, which must be adapted to the context of the wetland under study, since the functions may vary depending on the type of wetland in question.

Therefore, economic valuation is one of the most important factors for the recovery or maintenance of ecosystems, as it allows establishing in monetary terms their importance for the economic development of a given country, in addition to establishing governmental and private policies for environmental improvement.

Hence, the Ramsar Convention on Wetlands of International Importance signed by more than one hundred (100) countries, including Venezuela, was elaborated to promote their conservation, as well as their wise use and management. The Convention defines environmental economic valuation as any attempt to assign quantitative values to the goods and services provided by natural resources regardless of whether or not market prices exist to help us do so.

Therefore, the fundamental purpose is to contribute to the improvement of the environment by providing the necessary tools to economically value wetlands, protecting all the resources they provide so that an optimal path towards a sustainable future can be found; emphasizing that wetlands provide multiple benefits for the social, cultural, and economic development of any area.

I hope you like my article and I would appreciate all your comments.

1.- Barbier, E., Acreman, M. and Knowler, D. (1997). Economic valuation of wetlands. A guide for decision-makers and planners. Ramsar Convention Bureau. Switzerland.

2.- https://es.wikipedia.org/wiki/Convenio_de_Ramsar.