How to make land use policy decisions: Integrating science and economics to deliver connected climate, biodiversity, and food objectives.

Land use change is crucial to addressing the existential threats of climate change and biodiversity loss while enhancing food security [M. Zurek , , 1416-1421 (2022)]. The interconnected and spatially varying nature of the impacts of land use change means that these challenges must be addressed simultaneously [H.

Accounting for the increasing benefits from scarce ecosystems.

As people get richer, and ecosystem services scarcer, policy-relevant estimates of ecosystem value must rise.

The social value of offsets.

It is unclear how much carbon should be stored in temporary and risky offsets to compensate one ton of CO emissions. Here we cast the social value of an offset (SVO), measured in terms of economic damages avoided, as a well-defined fraction of the social cost of carbon reflecting offset duration, and risks of non-additionality and failure. The SVO reflects the value of temporary storage, and overcomes shortcomings in the climate science and economics of previous contributions.