Governance Risks in Designing Policy Responses to Manage Ecosystem Services

Biodiversity and many ecosystem services possess the attributes of public goods; private markets, therefore, cannot fully recognize their value and will thus fail to ensure their sustainable management (market failure). Public policies therefore have an essential role to play in safeguarding biodiversity and managing ecosystem service risks. This chapter highlights the complex challenges inherent in the choice and design of policy responses that may cause governance failures or governance risks which themselves pose risks to ecosystem services.