Abstract
Loss of biodiversity threatens the world's ecosystem and tropical forests provide the last hope of sustainability. Environmental accounting focuses on sustainable production and development generates data and employs methodologies for valuing natural resources. Thus, by providing these accounting realities conservation is not only encouraged but becomes a critical necessity. This study aimed to evaluate the potential roles of environmental accounting in conserving biodiversity in tropical forests. Specifically, it is aimed to estimate the rate of deforestation and evaluate its effect on biodiversity for accounting purposes. The study was conducted in the Forest Reserves of Osun State, Nigeria through a survey of communities around the Forest Reserves to obtain the Contingent Values of biodiversity. Data on rates of deforestation were obtained from records of the Forestry Management Department of the Ministry of Environment in Osun State, Nigeria. These data were analyzed using the LOGIT regression Model and the amounts of WTP was aggregated and extrapolated to obtain the total value of biodiversity losses in the Forest Reserves. Results showed a per capita annual cost of 25USD resulting to over 2,824,408.125 USD as the lost value or depreciation of biodiversity in the study area. This depreciation cost is tremendous requiring urgent attention to conservation. It was concluded that the emergence of environmental accounting tools has significant consequence on biodiversity preservation because what is counted is what is valued and what is valued is what is treasured. This calls for policy and stringent action towards conservation of forest resources. Key words: Biodiversity, environmental accounting, deforestation, depreciation.
Highlights
IntroductionThe significance of tropical forests in the world‟s ecosystem cannot be overemphasized
Background to the studyThe significance of tropical forests in the world‟s ecosystem cannot be overemphasized
The data available in respect of forest cover at inception of Osun State, Nigeria in 1991 and subsequent years to 2015 show the status of the forest reserves from year to year giving effect to the various changes occurring over the years
Summary
The significance of tropical forests in the world‟s ecosystem cannot be overemphasized. As Cuckston (2013), quoting Lindsey 2007), puts it, tropical forests contain about half of the species on earth. Cuckston (2013) further emphasizes that the biological diversity of trees, shrubs, animals and micro-organisms exists as a highly complex interconnected web of life and death comprising the tropical forest ecosystems. The International Union for Conservation of NatureIUCN (2011) indicates that the activities of man have fostered the degradation of forests so that an average of 100 species is lost daily. Tropical forests are of global importance, as they store and process large quantities of
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