Forest conservation is vital for biodiversity, climate regulation and livelihoods. However, valuing its economic benefits is challenging. This review assesses and synthesizes current methodologies and findings on the economic valuation of forest conservation, focusing on non-market benefits and diverse valuation approaches. The study was reviewed from 2018 to 2023 using Scopus, Web of Science (WoS), and EconBiz, following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. Analyzing 37 articles, three themes were identified: Community and Socioeconomic Aspects (15 articles), Economic Valuation Techniques (16 articles), and Policy Implications (6 articles). Contingent valuation and choice modelling were found to be predominant, especially in tropical forests of developing countries, where higher WTP values than other regions highlight their importance in supporting conservation efforts. Though challenges such as data disparities and limitations persist, recent advancements, such as the use of remote sensing and ecosystem service modelling, have improved the precision of forest conservation valuations. Standardized methodologies and better data integration are required to improve the accuracy and comparability of economic valuations, ensuring more reliable data for policy-making and resource allocation in forest conservation. This review aids researchers, policymakers, and practitioners in enhancing forest conservation strategies through robust economic valuation.
Read full abstract