With reference to an initiative called ‘The Economics of Ecosystems and Biodiversity (TEEB)’, which of the following statements is/are correct? 1. It is an initiative hosted by UNEP, IMF and World Economic Forum. 2. It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity. 3. It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity. Select the correct answer using the codes given below:

The correct answer is C, because statements 2 and 3 are right and statement 1 is wrong.

TEEB was launched in 2007 by Germany and the European Commission under the G8+5 umbrella, with UNEP hosting it. The IMF and the World Economic Forum have no role as hosts, so statement 1 is false. Statement 2 is correct: TEEB is a global initiative that makes the economic value of biodiversity and ecosystem services visible to policymakers. Statement 3 describes its stated purpose, which is to help decision-makers recognise, demonstrate and capture the value of ecosystems and biodiversity.

The core concept is ecosystem services, the benefits humans get from nature such as pollination, water purification and carbon storage. TEEB argues that these are often invisible in markets, so they are ignored in decisions on land use and infrastructure. This links to the Convention on Biological Diversity and the Aichi targets, and in Mains to natural capital accounting and payment for ecosystem services.

Trap: Aspirants see the big names and assume the IMF or WEF must be partners. Check the host first. Many candidates also reject statement 3 as too vague, but it reflects TEEB's own stated approach.