The Economics of Ecosystems and Biodiversity (TEEB) study is a major international initiative to draw attention to the global economic benefits of biodiversity, to highlight the growing costs of biodiversity loss and ecosystem degradation, and to draw together expertise from the fields of science, economics and policy to enable practical actions moving forward. This TEEB study presents a sub-set of early conclusions which relate to climate change. It assessed the economic magnitude of the human welfare impacts of losing natural areas, especially forests. It described in economic terms the fundamental links between eliminating poverty and conserving biodiversity and ecosystems. It also highlighted ethical issues underlying the choice of discount rates to evaluate the benefits of wild nature for human welfare.