Preserving natural capital in a world of risk, uncertainty, and ignorance

Eric Neumayer ()

Chapter 4 in Weak versus Strong Sustainability, 2025, pp 107-124 from Edward Elgar Publishing

Abstract: This chapter explores the case for preserving natural capital in the face of risk, uncertainty, and ignorance. It identifies critical forms of natural capital that provide essential life-support functions and are irreversibly destructible, such as biodiversity, the global climate, and the ozone layer. The chapter discusses strategies like the precautionary principle, safe minimum standards, and safe operating spaces within planetary boundaries to manage uncertainty and ignorance. It also addresses the challenge of opportunity costs in preservation efforts, arguing for a balanced approach that considers both the costs and benefits of preservation. The chapter concludes that while empirical evidence supports the non-substitutability of certain forms of natural capital, decisions on preservation must navigate complex trade-offs and ethical considerations.

Keywords: Risk; Uncertainty and ignorance; Precautionary principle; Safe minimum standards; Safe operating spaces within planetary boundaries; Biodiversity and climate change; Opportunity costs (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327881
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