Markets for ecosystem services: Applying the concepts
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In recent times, use of market-based instruments to facilitate enhanced protection or
production of ecosystem services has achieved a high public profile. However, much
work remains to apply these tools in practice. Particular issues include definition and
measurement of ecosystem services, development of institutions and mechanisms to
facilitate trade and integration of these instruments into the broader natural resource
management agenda and toolbox. In this paper these issues are explored with respect
to pilot markets for ecosystem services in three case study catchments. Emphasis is
placed on pilot selection rationale and identification of key facilitative mechanisms
and institutions.