1. It is along the lines of Gross Domestic Product (GDP).
2. Established way back in 1997 by ecological economists like Robert Costanza.
3. An assessment system to measure ecological status.
๐น Features:
1. It is considered as the product and service value that the ecosystem provides for human welfare and economic and social sustainable development, including provisioning, regulating and cultural ecosystem services.
2. Ecosystems that can be measured include natural ecosystems such as forests, grassland, wetland, desert, freshwater and ocean, and artificial systems that are based on natural processes like farmland, pastures, aquaculture farms and urban green land, etc.
3. It is one of the components of green GDP. It is an indicator of economic growth with environmental factors taken into consideration along with the standard GDP of a country. It factors biodiversity losses and costs attributed to climate change.
4. GEP accounts for the economic value of the ecosystem in providing products and services, and it is one of the components of green GDP.
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