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The economic valuation of ecosystem services in Colombia. Challenges, gaps and future pathways

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  • César Augusto Ruiz-Agudelo
  • Andrés Suarez
  • Francisco de Paula Gutiérrez-Bonilla
  • Angela María Cortes-Gómez

Abstract

This paper provides a comprehensive assessment of the economic values for ecosystem services (ESs) in Colombia. Were analyzed 154 studies that estimated economic values for 21 ESs in 18 general ecosystems. In total, 502 values were coded and classified according to the Common International Classification of Ecosystem Services – CICES. Despite being a technique that is not based on primary economic valuation information, Benefits transfer was the most common method used to estimate the value of ESs in Colombia, followed by market prices and contingent valuation. Opportunities for recreation and tourism, climate regulation, habitat conservation, and water have been the most valued ESs. Many important ESs remain unnoticed and are not adequately accounted (e.g. pollination). Additionally, 53% of the information available on the economic values of ESs is concentrated in only 5 of the 32 Colombian departments. Finally, this review highlights the multiple challenges of Colombian academics and practitioners to improve the economic valuation practice and complement and recognize the multiple social relationships and the multiple views in terms of the values nature has.

Suggested Citation

  • César Augusto Ruiz-Agudelo & Andrés Suarez & Francisco de Paula Gutiérrez-Bonilla & Angela María Cortes-Gómez, 2023. "The economic valuation of ecosystem services in Colombia. Challenges, gaps and future pathways," Journal of Environmental Economics and Policy, Taylor & Francis Journals, vol. 12(3), pages 285-304, July.
    • Handle: RePEc:taf:teepxx:v:12:y:2023:i:3:p:285-304
    DOI: 10.1080/21606544.2022.2134218
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