A recent study highlights the urgent need for a fundamental shift in economic decision-making to address the ongoing crisis of biodiversity loss. Aberystwyth Business School researchers have revealed a need for a new approach to valuing nature in a study. They push for the acknowledgment of the varied, relational values that people have for the environment, departing from outdated economic modeling that tends to overlook these essential values.
Jasper Kenter, the lead author and a Research Fellow in Deliberative Ecological Economics, says it is vital to understand how people engage with nature. This understanding is essential to effectively and equitably power sustainable change. Co-author Mike Christie has experienced this first-hand. He is a Senior Fellow at Aberystwyth Business School and co-chairs the United Nations’ IPBES Values Assessment. The study reveals that halting biodiversity loss is not solely an environmental issue but a complex challenge that requires a reevaluation of economic frameworks.
The Foundation of Economic Decision-Making
The study, titled “Toward a relational biodiversity economics: Embedding plural values for sustainability transformation,” was published in the Proceedings of the National Academy of Sciences. Importantly, it shines a light on the role of old-fashioned economic thinking in driving the loss of biodiversity.
Kenter argues that the issue is that our approach has been too narrow. He states, “Traditional economic thinking has been too narrow and technocratic to capture these diverse values, often leading to conflict over land use and conservation priorities. To make better decisions that reflect people’s lived experiences, we need a paradigm shift.” Demand for this change underscores the need to incorporate an even broader set of values into our economic priorities. It’s an important step toward deepening federal commitment to environmental justice.
In light of these findings, the researchers urge policymakers and stakeholders to rethink how they assess and value natural resources. By going beyond traditional metrics, policymakers can promote a deeper awareness of biodiversity’s importance to human life.
The Role of Human Connection with Nature
Kenter discusses a deeper understanding of the human-nature relationship. He argues that this link goes much deeper than just practical, utilitarian considerations.
“We relate to nature in countless ways. It’s not just about ecosystems or resources—biodiversity shapes our communities, our mental and physical health, our sense of place and belonging, our spirituality.” – Professor Jasper Kenter
This recognition of the complex relationships between people, places, and environments is key to understanding how economic policy decisions shape quality of life and well-being. Understanding these intersections can help create better policies that are more holistic and equitable, putting ecological health and community well-being first.
Path Forward for Biodiversity Preservation
As Christie concludes, tackling biodiversity loss will require a fundamental reshapement of how we approach economic decision-making. He claims that this concern goes beyond just economics. It requires a complete rewriting of the way humankind interacts with nature.
“Halting biodiversity loss requires us to rethink the very foundations of economic decision-making. But this is about more than economics—it’s about reimagining our relationship with the natural world. By recognizing that people and economies are embedded within nature, we can build more resilient, inclusive, and sustainable futures.” – Professor Mike Christie
The research underlines the need for a stronger approach to valuing nature to drive wider climate and place-based conservation initiatives. By integrating diverse perspectives on ecological relationships into economic policies, researchers believe society can work towards halting biodiversity loss and ensuring a sustainable future for generations to come.