Editing Economics of biodiversity (section)

==Industry==
{{See also|Biomimetics|Ecosystem service}}
Beyond agriculture and pharmaceuticals, biodiversity plays an important role in [[Industry (economics)|industry]]. It acts as a source of [[Natural resource|natural resources]], [[Natural material|materials]], and [[Natural product|products]] that are sold, consumed, or used in manufacturing. Many livelihoods are dependent on biodiversity as a result.<ref>{{Cite web |title=What is biodiversity and why is it important? {{!}} BCT |url=https://www.bct.nsw.gov.au/what-biodiversity-and-why-it-important |access-date=2024-07-22 |website=www.bct.nsw.gov.au}}</ref> Examples of some of the raw materials that originate from biodiversity include wood, plant fibers (such as [[cotton]]), animal fibers (such as [[wool]] and [[silk]]).

[[Ecosystem service|Ecosystem services]], relied upon by industry and businesses, are underpinned by biodiversity. As a result, [[Ecosystem valuation|estimates of the value]] of these services to the global economy have been made, though this practice is controversial, with an estimate of US$125 trillion a year worldwide by WWF's 2018 Living Planet Report.<ref name=":5" /> 

Biodiversity includes the [[Morphology (biology)|morphological]] diversity of life forms.<ref>{{Citation |last1=James |first1=Maclaurin |title=Morphology and Morphological Diversity |date=2008 |work=What Is Biodiversity? |pages=60–83 |url=https://doi.org/10.7208/chicago/9780226500829.003.0004 |access-date=2024-07-22 |publisher=University of Chicago Press |doi=10.7208/chicago/9780226500829.003.0004 |isbn=978-0-226-50081-2 |last2=Kim |first2=Sterelny}}</ref> This can provide economic opportunities as inspiration for [[research and development]] of industrial materials and structures.<ref name=":6">{{Cite journal |last=Lebdioui |first=Amir |date=2022-12-01 |title=Nature-inspired innovation policy: Biomimicry as a pathway to leverage biodiversity for economic development |url=https://www.sciencedirect.com/science/article/pii/S0921800922002476 |journal=Ecological Economics |volume=202 |pages=107585 |doi=10.1016/j.ecolecon.2022.107585 |bibcode=2022EcoEc.20207585L |issn=0921-8009|doi-access=free }}</ref> For example, the ridges on pectoral fins of [[Humpback whale|humpback whales]] have inspired the shape of [[wind turbine]] blades.<ref>{{Cite web |title=Whale-Inspired Wind Turbines |url=https://www.technologyreview.com/2008/03/06/221447/whale-inspired-wind-turbines/ |access-date=2024-07-22 |website=MIT Technology Review |language=en}}</ref> The field of [[biomimetics]] is dedicated to the emulation of models, systems, and elements from nature to solve complex human problems. In the [[United States]], biomimicry is estimated to account for $425 billion of the country's GDP, according to the Fermanian Business and Economic Institute.<ref name=":6" /> This provides potential economic opportunities for [[Developing country|developing countries]] with high levels of biodiversity, but has mainly been explored in [[Economic development|developed economies]].<ref>{{Cite web |title=Learning from nature to reconcile economic upgrading with biodiversity conservation? Biomimicry as an innovation policy |url=https://www.lse.ac.uk/granthaminstitute/publication/learning-from-nature-to-reconcile-economic-upgrading-with-biodiversity-conservation-biomimicry-as-an-innovation-policy/ |access-date=2024-07-22 |website=Grantham Research Institute on climate change and the environment |language=en-GB}}</ref>