Economic valuation of goods and services
Gas and climate regulation
Gas and climate regulation by photosynthetic fixation of carbon dioxide is of particular socio-economic importance because of climate change. The Isles of Scilly were used as a case study to value this service. Net annual carbon photosynthetic fixation values were estimated by mapping habitats of keystone species of kelp and seagrass. Their productivity (O2 fixation) was estimated using literature data as well as remote sensing methods. The economic value of this service was then estimated. An adjacent Atlantic Ocean comparison site was used to indicate the relative importance of island biodiversity to this marine service. The Isles of Scilly were approximately twice as productive as the Atlantic Ocean region, fixing 136,495 ton C per year with a mean net present value of €59.109.529, while that of the Atlantic Ocean region was calculated to be €28.641.727.
