Ecosystem services valuation for supporting sustainable life below water

Abstract

The significance of the SDGs lies in their holistic, global and interdisciplinary nature. But this nature at the same time poses significant challenges, as it is difficult to bridge the breadth of different aspects included in the SDGs, such as the environmental and the socio-economic, both in theory, practical application and policymaking. SDG14 on “life below water” is quite a holistic concept as it refers to a natural/environmental system (seas), supporting several marine economic activities and ecosystem values, and associated with strong social and cultural characteristics of the local populations, affecting the ways they manage marine areas. The main challenges for the achievement of a sustainable life below water are analyzed, and ways forward are discussed. Holistic and well-coordinated approaches considering the complex nature of SDG14 are necessary. Moreover, we argue on the role of economic instruments that can bridge environmental and socio-economic aspects, towards more sustainable life below water. In particular, the potential of environmental valuation as a means to better inform SDG policies, is discussed, using the example of SDG14. The currently established frameworks for Country’s Sustainability Reporting, lack metrics focusing on the economic impact of the environment and the ecosystem services’ degradation or restoration rates, including ocean and marine ecosystems. Acknowledging and quantifying the costs and benefits of ocean and marine ecosystems can lead to more effective interventions (such as ocean pollution prevention, climate change mitigation, fishing exploitation, biodiversity and coral reef preservation) and a better understanding of human-environmental dynamics. This, in turn, strengthens coordinated management and cooperation.