In a special ceremony at the House of Lords in London on 29 June, Pavan Sukhdev, study leader of the ground breaking study into the Economics of Ecosystems and Biodiversity (TEEB) was awarded the Institute of Ecology and Environmental management (IEEM) Institute Medal in recognition of his distinguished contribution to the economic valuation of the natural environment.

Commenting on his award Pavan Sukhdev said;
“It is a great honour to receive the IEEM Institute medal. It is rewarding for me and the hundreds of experts involved in producing the TEEB study to have such a public recognition of the importance of understanding and developing the economics of nature.
There is an urgent need for decision makers and the community at large to understand our dependence on nature and how applying economic thinking to the use of biodiversity and ecosystem services can help clarify two critical points: why prosperity and poverty reduction depend on maintaining the flow of benefits from ecosystems; and why successful environmental protection needs to be grounded in sound economics, including explicit recognition, efficient allocation, and fair distribution of the costs and benefits of conservation and sustainable use of natural resources.”

The UNEP hosted TEEB study highlights the economic case for the investment in, and conservation of nature in order to maintain the ecosystem services depended on for human well-being. The study provides guidance and recommendations for national, regional and local policy makers and the business sector, and illustrates the value of nature to citizens. Since the study released its final report in October 2010 a number of countries have initiated projects to value their natural capital, with India stating it aims to include the value of its natural capital in national accounts by 2015.
The current phase of the TEEB study is focussed on assisting policy makers and business with the implementation of TEEB recommendations and continuing capacity building and outreach via a network of international experts; and communicating the value of nature to citizens. Information can be found at www.teebweb.org.

The IEEM is a society which values the natural environment and recognises the contribution of professional ecologists and environmental managers to its conservation. It aims to promote the highest standards of professional practice, and to raise the profile of professional ecological and environmental management, for the benefit of nature and society. Past Institute Medal winners include Prof. Tony Bradshaw for his lifelong contribution to the science and practice of ecological restoration; and Sir David Attenborough for his outstanding, lifelong contribution to the public understanding and appreciation of ecology.