Valuing the Ecosystem Services of the forests of Jharkhand State – Its implications for good governance

Abstract

Ecosystem services are the outcome of ecosystem functions of the forests benefitting human beings and their economies immensely. Valuation and accounting of ecosystem services emanating from forests is not only necessary to generate awareness among stakeholders, but it is essential for green accounting and ensuring environment friendly financial redistribution in a federal setup which is important for good governance and optimum land use planning. The pioneer study calculates the approximate worth of the Jharkhand forests, on the basis of different assessment methodology. These findings have been used to evolve a model for financial decentralization, ensuring an equitable distribution resource which incentivizes environmental conservation (providing baseline evidence to the recommendations of Finance commission i.e., 14 th and 15 th ). Further the assessed value of ES have been compared with the realized value of E.S. (as decided by different recommendations of Finance commission) – which shows that how the concept of “E.S.” is getting grounded in reality. Their use for inferming the developmental policies and measuring the outcomes of policies are future potential of E.S.Valuation.