Payments for Ecosystem Services

Abstract

Private PES schemes do not require a specific legal framework beyond basic contract law, but they are usually limited to local water problems. However, scaling their positive results up through a nested approach may require a specific policy and legal framework. PES trading schemes require a specific legal framework as they are rather complex and usually need to be established at the regional or national scale. An appropriate legislative framework which regulates public PES schemes has the potential to stimulate the development of trustworthy markets and to ensure good governance.