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Laxman Pai, Opalesque Asia:

A report found that nature markets produce and trade almost $10tn worth of goods and services a year - equivalent to about 11% of global GDP or the world's third-largest economy, behind the United States and China.

According to the new report by the Taskforce on Nature Markets in collaboration with Vivid Economics, which is owned by McKinsey, the nature-based markets are those markets that explicitly value and trade nature, from emerging markets such as carbon and biodiversity credits and nature liability insurance to established markets including conservation, nature-related tourism, and soft commodities.

This first-of-its-kind taxonomy and global sizing of nature markets demonstrates the current economic value of 24 types of established and emerging nature markets.

Agriculture and livestock markets represent US$4.3 trillion alone. This makes them the largest nature market after extractive commodities (mining, minerals, oil, and gas) - valued at US$4.6 trillion. Privately owned and market-accessible ecosystem assets are worth over US$8 trillion, nature credit markets are valued at over US$5 billion per year and wildlife tourism generates over US$260 billion annually.

Better governance of these nature markets can support our increasingly fragile ecosystems, the study finds, including through cross-jurisdictional governance and regulation. This could lead to improvements on the bottom line for both public and private sector entiti......................

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