Pricing the Priceless : The Fi nancial Transformation to Valu

"Pricing the Priceless captures financial recognition for what is otherwise never calculated in financial terms. Water meters only measure the cost of the water we use, not the value of having clean water in the first place, reflecting what goes out but not what goes in. But keeping water clean is a vital public service, surely an indicator of good governance and management. In turn, if capital markets reward coherent risk management and resource stewardship in higher credit ratings for public entities, then those entities can issue bonds or borrow long term against that value. In this sequence, pricing the priceless translates the natural capital of clean water into bankable collateral, as compared to short-term raw material, and extends measurable value today to immeasurable value tomorrow. Also, if the value of clean water or other natural assets then enters the financial ledgers of a public budget as key assets, then, by extension, sufficient public funds can be allocated to their protection. Once assets have a notable value, protecting them becomes logical and better understood by taxpayers, who might otherwise consider environmental protection as a dispensable frill, compared to paving roads. In this shift, overall public good becomes an asset, nota cost. Overall, the stakes of valuing nature are vast and high. According to some estimates, that unbooked value in conventional global economic ledgers could be as high as $125 trillion per year--in other words, unpriced priceless assets leading to astronomical value squandered because we are blind to it"