However, the report also highlights the importance cities have in acknowledging the natural capital required to maintain and improve the well-being of their residents. Innovative economic instruments and policies are emerging that reward good practice.
For example, the Japanese city of Nagoya (host to the COP-10 meeting), has implemented a new system of tradeable development rights whereby developers wishing to exceed existing limits on high-rise buildings can offset their impacts by buying and conserving areas of Japan´s traditional agricultural landscape.
The report also drives home the message that failure of business to account for the value of natural capital, particularly in sectors such as mining, can pose significant business and social risks.
Estimations have revealed that the negative impacts, or ‘environmental externalities´, of the world's top 3,000 listed companies totals around US$ 2.2 trillion annually.
See TEEB presentation by Pavan Sukhdev at the City Biodiversity Summit in Nagoya 2010:
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