The Economics of Ecosystems and Biodiversity

The Economics of Ecosystems and Biodiversity (TEEB) is a global initiative focused on “making nature’s values visible”. Back in early July 2023, the United Nations Development Programme in Malaysia, Singapore, and Brunei Darussalam (UNDP Malaysia) unveiled the results of site-level economic valuation exercises conducted in three protected areas in Malaysia. The study estimates that ecosystem services of Taman Negara National Park, Royal Belum State Park and Endau-Rompin National Park are respectively valued at over RM1.7 billion, RM531 million and RM 428 million annually, and the study was aimed at developing an evidence base for increased finances and investments for terrestrial protected area systems in Peninsular Malaysia. We speak to Niloy Banerjee (UNDP Resident Representative for Malaysia, Singapore and Brunei Darussalam) and Gan Pek Chuan (Head of Nature, Climate and Energy, UNDP Malaysia, Singapore and Brunei Darussalam) to break down the results of this study, and also discuss why is it important to put tangible numerical values on habitats and green spaces.