Modelling the UK's Stern Review on the economics of climate change, the EU "review on the economics of biodiversity loss" will be carried out by a team led by an independent economist.
The study, aimed at supporting the development of cost-effective policy responses to biodiversity loss, will be based on information collected by the Commission following a call for evidence, launched on 14 November.
The idea was first initiated by the German Presidency in March 2007 at the G8+5 summit of environment ministers in Potsdam, with a proposal to "initiate the process of analysing the global economic benefit of biological biodiversity, the costs of the loss of biodiversity and the failure to take protective measures versus the cost of effective conservation".
The first phase of the study, part of the 'Potsdam Initiative', is expected to review relevant scientific and economic knowledge and case studies, providing indications of the range of costs and benefits related to biodiversity loss. The findings of this first phase will be showcased at the 9th conference of the parties (COP9) of the Convention on Biological Diversity (CBD), set to be held in Germany in May 2008.
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