New US Federal Office to Advise Ag Secretary on Ecosystem Markets

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It took the formation of the Securities and Exchange Commission to create a trustworthy market for securities in the United States, and it took the formation of the Commodity Futures Trading Commission to legitimize futures and options trading by offering clear regulations backed by the rule of law. Now, a similar evolution is taking place in ecosystem markets, which supporters believe have the power to save the planets natural resources by identifying their economic value and encouraging Payments for Ecosystem Services. That looks set to change in the United States, where the Department of Agriculture (USDA), under a mandate embedded in the 2008 Farm Bill to promote incentive-based conservation, has announced the formation of an Office of Ecosystem Services and Markets (OESM), which will be headed by USDA Forest Service vet Sally Collins, who has won accolades for introducing market-based mechanisms into the Forest Service's sustainable land management policies. She will report directly to the Secretary of Agriculture, and the new office is charged with providing "administrative and technical assistance to the Secretary in developing the uniform guidelines and tools needed to create and expand markets for these vital ecosystem services," according to a press release posted on the USDA's web site. The OESM will also support the Conservation and Land Management Environmental Services Board, a massive oversight board comprised of the Secretaries of Interior, Energy, Commerce, Transportation, and Defense – as well as the Chairman of the Council of Economic Advisors, the Director of the White House Office of Science and Technology, the Administrator of the Environmental Protection Agency, and the Commander of the Army Corps of Engineers....