With reference to an initiative called 'The Economics of Ecosystems and Biodiversity (TEEB)', which of the following statements is/are correct? It is an initiative hosted by UNEP, IMF and World Economic Forum. It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity. It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity. Select the correct answer using the code given below.

Q 2 / 4

UPSC CSE Prelims 2016

With reference to an initiative called 'The Economics of Ecosystems and Biodiversity (TEEB)', which of the following statements is/are correct?

It is an initiative hosted by UNEP, IMF and World Economic Forum.
It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity.
It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity.

Select the correct answer using the code given below.

(C)

Statements 2 and 3 are correct.

Statement 2: The Economics of Ecosystems and Biodiversity (TEEB) is a global initiative designed to draw attention to the economic benefits derived from biodiversity and ecosystem services. It also highlights the economic costs associated with biodiversity loss and ecosystem degradation, thereby integrating ecological and economic perspectives for policy formulation.
Statement 3: The initiative provides a structured approach to assist decision-makers in recognizing, demonstrating, and capturing the value of ecosystems and biodiversity. This involves acknowledging their intrinsic and economic value, communicating this value to stakeholders, and implementing policy mechanisms (e.g., payments for ecosystem services, subsidies, taxes) to integrate this value into economic and policy decisions.

Statement 1 is incorrect. The TEEB initiative was launched by the G8+5 countries. While the United Nations Environment Programme (UNEP) provided significant support and played a role in its launch, the International Monetary Fund (IMF) and the World Economic Forum (WEF) are not its hosts. TEEB functions as a global multi-stakeholder study rather than being hosted by a specific set of international organizations.
Option (A) is incorrect as it includes the incorrect statement 1.
Option (B) is incorrect as it omits the correct statement 2.
Option (D) is incorrect as it includes the incorrect statement 1.

SOURCEEnvironment by Shankar IAS, Chapter 1: Ecology and Environment