AbstractWetlands are known for their water filtration (or purification) function. Although different wetland types differ in their filtration capacity, they are usually aggregated together in economic valuation studies. Here, we explicitly separate the valuation of the suspended sediment and phosphorus (P) filtration services of the four major wetland types—bogs, fens, marshes and swamps—found in southern Ontario, Canada. The areal extents of the four wetland types are derived from the Canadian Wetland Inventory (CWI) progress map, while the sediment accretion rate is used as the key variable regulating the suspended sediment and P filtration functions. Based on available literature data, we assess the relationship of the sediment accretion rate to wetland size. Because only weak positive correlations are found, we assign a mean (average) sediment accretion rate to each wetland type. The sediment accretion rates are combined with mean soil P concentrations to estimate Pretention rates by the wetlands. The replacement cost method is then applied to valuate the sediment and P filtration services. The unit values for both sediment and P retention decrease in the order: marshes > bogs ≈ swamps > fens. The total value of sediment plus phosphorus removal by all wetlands in southern Ontario amounts to $4.2 ± 2.9 billion per year, of which about 80% is accounted for by swamps. We further assess the costs of different options to offset the additional P loading generated in a hypothetical scenario whereby all wetlands are converted to agriculture. The results demonstrate that replacing the P filtration function of existing wetlands with conventional land management and water treatment solutions is not cost‐effective, hence reinforcing the importance of protecting existing wetlands.
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