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This discussion paper by UNEP (United Nations Environment Programme)/GRID-Arendal and the Nicholas Institute for Environmental Policy Solutions, in collaboration with the UNEP TEEB (The Economics of Ecosystems and Biodiversity) Office and the UNEP Regional Seas Programme, is based on contributions from an international group of experts. It highlights areas of ocean and coastal management for which a better understanding of the economic value of marine ecosystem services could substantially improve the management of critical marine resources; improve governance, regulation, and emerging ocean policy; and provide a better understanding of the potential economic challenges that arise from a rapidly changing ocean environment.