Valuation of Environmental Services vs. Protection Mechanisms

Abstract

Written by a sociologist, an economist, and a forestry engineer, this article presents the results of the Master Plan study of Corantioquia's Western Aburrá Valley Reserve Area, which applies the value-transfer method to economically estimate the environmental services of 28,000 hectares of strategic ecosystems in the Aburrá Valley's western hills. The authors document the valuation of water-related services, with annual benefits estimated at more than 58 billion pesos, and present the valuation of complementary services such as climate regulation, recreation, and erosion control, concluding that total economic benefits amount to 67.15 billion pesos annually.