Biodiversity generates and helps to maintain the supply of many ecosystem services that are essential for human well-being and economic development. Numerous studies have underscored the considerable economic value of these goods and services
. Socio-economic value is one important element of the broad set of biodiversity values recognized under the Convention, including also intrinsic value as well as the ecological, genetic, scientific, educational, cultural, recreational and aesthetic values of biodiversity and its components (decision X/3, paragraph 9 (b) (ii)
Many biodiversity-based ecosystem services are not traded on markets, and their value is not properly reflected in market prices. The economic work under the Convention seeks to promote the valuation of these services, and to introduce measures that correct the incentives of individuals, governments and companies towards more effective conservation and sustainable use of biodiversity. It also seeks to ensure the mutual supportiveness of international trade rules and the objectives of the Convention.