The University of Chicago Program on the Global Environment will convene the nation's experts in ecology, economics and environmental policy to outline how investments in natural resources make good sense for both the economy and the environment. The Economic Valuation of Ecosystems conference on May 28-29 will bring together scientists, economists and practitioners from academic institutions, government, non-governmental organizations and private industry. It also hopes to draw attention to the ways in which investments in nature can provide significant economic opportunities now and for future generations.
President Obama has set an ambitious goal of creating a green economy to spark investment, create jobs and rebuild the nation's infrastructure while reducing our costly dependence on fossil fuels. The conference explores a key opportunity in this agenda-the use of green infrastructure to enhance the natural beauty of the nation's vast and diverse landscape while providing cost-saving opportunities to rebuild the economy and improve quality of life.
"The nation is currently in a unique situation where we have a clear economic incentive to preserve our natural resources and restore our degraded ecosystems," said economist and conference organizer Sabina Shaikh, Lecturer in the Program on Global Environment and Public Policy Studies at the University of Chicago."Investing in natural capital reduces the burden of costly spending on the maintenance and replacement of depreciating infrastructure. The investments yield high returns since natural assets appreciate over time."
Enhancement of natural resources and ecosystems can revitalize local economies through increasedrecreational opportunities and the generation of valuable natural services including storm water management, flood control and carbon sequestration, Shaikh said. "Accounting for the economic values of these services can provide a framework for market-based conservation and restoration practices. Markets for ecosystem services can then lead to profitable opportunities for private industry, cost reduction for infrastructure agencies and revenue generation for local and regional economies," she explained.
The conference will engage an interdisciplinary group of experts to develop the directions for research, policy and the implementation of local, regional and global ecosystem markets. The conference will open with a keynote address by UC-Berkeley Professor Richard Norgaard on the evening of May 28 and will be followed by a full-day program on ecology, economics and policy (see attached program) on May 29. The conference will be held on the University of Chicago campus in Hyde Park. It is free and open to the public, but advance registration is recommended at http://pge.uchicago.edu/ecoecon.