Approaching Wetland Valuation in Canada

Abstract

Development of a reliable and practical approach for quantifying values of wetlands in Canada is essential to support full cost accounting in resource management decisions. Information on wetland values can: demonstrate the magnitude and range of existing values; assist in trade-off analysis; and guide wetland management and public investments to protect and enhance benefits. Our approach to valuation focuses on identifying the wetland types, attributes and services, types of economic values, and appropriate valuation procedures. Functional assessment offers the best means to link wetland attributes to services and values. To identify economic values, information regarding ecosystem services is placed in the context of the study site. Additionally, the scales and increments of scientific data collection are chosen to suit the economic valuation tools being employed. Valuation must make an important distinction between strategic level and detailed site valuation. Clear identification of the policy question is the critical first step in analysis, as it determines whether a measure of total economic value will suffice, or if information is required on marginal values. Before wetland valuation can be implemented broadly in Canada, additional baseline inventory information must become available. Preferably, regionally-calibrated models of wetland function should be developed.