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Payment for environmental services - an approach to enhancing water storage capacity

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Payment for environmental services (PES) is an emerging paradigm in the management of environmental resources. Rather than governments relying on regulatory instruments such as prohibitions and standards, PES relies on adopting innovative mechanisms that are tied to incentives, and are fl exible, voluntary, and contextualise the socioeconomic reality. The basic rationale of PES is to provide incentives and benefi ts for people agreeing to utilise ecosystems in ways that protect or enhance their environmental services for the benefi t of the wider population. In other words, people are rewarded for providing environmental services on the basis of negotiated contracts. The incentive-based mechanisms stimulated by PES help primarily to realign private and social costs and benefi ts by accounting for externalities. In economic language this ‘corrects market failure’ and increases the welfare of society by valuing environmental services and avoiding the uncompensated exploitation of resource
    Publication year

    2022

    Authors

    Karky B S; Joshi L

    Language

    English

    Keywords

    ecology

    Geographic

    China, India

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