Existence Value of Wildlife Species: Methodological Review

The loss of biodiversity poses a serious threat for the sustainability of the planet, with nations like India experiencing sharp drops in biodiversity notwithstanding their abundant natural resources. The 75th UN biodiversity summit brought India’s critical need for strong measures to protect its biodiversity front and centre in conservation debates. In support of the whole economic value strategy, this research highlights the significance of abandonment values—in particular, existence worth—in the valuation for biodiversity. Policymakers must take existence value—which is based on cultural, spiritual, and ethical significance—into account when determining the intrinsic worth of species of wildlife. This paper examines methods for calculating existence values, including choice experiments, contingency appraisal, as well as bio-economic designs, based on research connecting altruism & existence ideals. The research makes the case that these approaches offer crucial insights for guiding conservation policies, even though it acknowledges their limits. Policymakers can ensure the maintenance of biodiversity for future generations as well as present by creating broader and effective conservation programmes by incorporating existence values into policy frameworks.