¹ Gomez-Baggethun, E. et al. ., ‘The History of Ecosystems Services in Economic Theory and Practice: From Early Notions to Markets and Payment Schemes’ (2010) 6 Ecological Economics, pp. 1209–18.Google Scholar

² Chopra, K. et al. . (eds), Millennium Ecosystem Assessment, Ecosystems and Human Well-being: Policy Responses (Island Press, 2005), Vol. 3, at p. vii, available at: http://www.maweb.org/documents/document.772.aspx.pdf.Google Scholar

³ Gomez-Baggethun et al., n. 1 above.

⁴ See generally de Groot, R.S., ‘Environmental Functions as a Unifying Concept for Ecology and Economics’ (1987) 7(2) The Environmentalist, pp. 105–9Google Scholar; and Westman, W., ‘How Much are Nature’s Services Worth?’ (1977) 197(4307) Science, pp. 960–4.Google Scholar

⁵ See Perrings, C., Folke, C. & Miller, K.G., ‘The Ecology and Economics of Biodiversity Loss: The Research Agenda’ (1992) 21(3) Ambio, p. 201–11Google Scholar; Perrings, C.A. et al. . (eds), Biodiversity Loss: Ecological and Economic Issues (Cambridge University Press, 1995).CrossRefGoogle Scholar

⁶ See, e.g., Daily, G.C., Nature’s Services: Societal Dependence on Natural Ecosystems (Island Press, 1997)Google Scholar; Costanza, R. & Daly, H., ‘Natural Capital and Sustainable Development’ (1992) 6(1) Conservation Biology, pp. 37–46.Google Scholar

⁷ Costanza, R. et al. ., ‘The Value of the World’s Ecosystem Services and Natural Capital’ (1997) 387 Nature, pp. 253–60, at 259.Google Scholar

⁸ Heywood, V.H. (ed), Global Biodiversity Assessment (Cambridge University Press, 1995).Google Scholar

⁹ Rio de Janeiro (Brazil), 5 June 1992, in force 29 Dec. 1993, available at: http://www.cbd.int/convention/text.

¹⁰ Fisher, B., Turner, R. & Morling, P., ‘Defining and Classifying Ecosystem Services for Decision-Making’ (2009) 68(3) Ecological Economics, pp. 643–53.Google Scholar

¹¹ Stern, N., The Economics of Climate Change: The Stern Review (Cambridge University Press, 2007).Google Scholar

¹² See project website at: www.teebweb.org.

¹³ Landell-Mills, N. & Porras, I.T., Silver Bullet or Fool’s Gold? A Global Review of Markets for Forest Environmental Services and Their Impact on the Poor (IIED, 2002).Google Scholar

¹⁴ See R. Bayon, Making Environmental Markets Work: Lessons from Early Experience with Sulfur, Carbon, Wetlands, and Other Related Markets, Forest Trends, Katoomba Group Meeting, Locarno (Switzerland), 2003 available at: http:www.forest-trends.org/documents/files/doc_629.pdf.

¹⁵ See Grant, W., ‘Policy Instruments in the Common Agricultural Policy’ (2010) 33 West European Politics, pp. 22–38Google Scholar; Oskam, A.. ‘Understanding the Common Agricultural Policy’ (2012) 39(4) European Review of Agricultural Economics, pp. 735–8.Google Scholar

¹⁶ See Ellerman, A.D. & Buchner, B.K., ‘The European Union Emissions Trading Scheme: Origins, Allocation, and Early Results’ (2007) 1(1) Review of Environmental Economics and Policy, pp. 66–87.Google Scholar

¹⁷ See Daily, n. 6 above.

¹⁸ Reid, C.T, ‘Between Priceless and Worthless: Challenges in Using Market Mechanisms for Conserving Biodiversity’ (2013) 2(2) Transnational Environmental Law, pp. 217–33.Google Scholar

¹⁹ Salzman, J. & Ruhl, J.B., ‘Currencies and Commodification of Environmental Law’ (2000–01) 53 Stanford Law Review, pp. 607–94.Google Scholar

²⁰ Penca, J., ‘Marketing the Market: The Ideology of Market Mechanisms for Biodiversity Conservation’ (2013) 2(2) Transnational Environmental Law, pp. 235–57.Google Scholar

²¹ Ibid., p. 235.

²² Glicksman, R.L. & Kaime, T., ‘A Comparative Analysis of Accountability Mechanisms for Ecosystem Services Markets in the United States and the European Union’ (2013) 2(2) Transnational Environmental Law, pp. 259–83.Google Scholar