Innovative financial instruments are being created to reward conservation on private, working lands. Major design challenges remain, however, to make investments in biodiversity and ecosystem services economically attractive and commonplace. From a business perspective, three key financial barriers for advancing conservation land uses must frequently be addressed: high up-front costs, long time periods with no revenue, and high project risk due to long time horizons and uncertainty. We explored ways of overcoming these barriers on grazing lands in Hawaii by realizing a suite of timber and conservation revenue streams associated with their (partial) reforestation. We calculated the financial implications of alternative strategies, focusing on Acacia koa ("koa") forestry because of its high conservation and economic potential. Koa's timber value alone creates a viable investment (mean net present value = $453/acre), but its long time horizon and poor initial cash flow pose formidable challenges for landowners. At present, subsidy payments from a government conservation program targeting benefits for biodiversity, water quality, and soil erosion have the greatest potential to move landowners beyond the tipping point in favor of investments in koa forestry, particularly when combined with future timber harvest (mean net present value = $1,661/acre). Creating financial mechanisms to capture diverse ecosystem service values through time will broaden opportunities for conservation land uses. Governments, nongovernmental organizations, and private investors have roles to play in catalyzing this transition by developing new revenue streams that can reach a broad spectrum of landowners.

Humans have changed ecosystems more rapidly and extensively in the last 50 years than in any comparable period of human history. We have done this to meet the growing demands for food, fresh water, timber, fiber, and fuel. While changes to ecosystems have enhanced the well-being of billions of people, they have also caused a substantial and largely irreversible loss in diversity of life on Earth, and have strained the capacity of ecosystems to continue providing critical services.

Richly illustrated with maps and graphs, Current State and Trends presents an assessment of Earth's ability to provide twenty-four distinct services essential to human well-being. These include food, fiber, and other materials; the regulation of the climate and fresh water systems, underlying support systems such as nutrient cycling, and the fulfillment of cultural, spiritual, and aesthetic values. The volume pays particular attention to the current health of key ecosystems, including inland waters, forests, oceans, croplands, and dryland systems, among others. It will be an indispensable reference for scientists, environmentalists, agency professionals, and students.

In this article, we examine why concerns about food security have diminished, at least relative to earlier periods. We argue that it should be in the interest of agricultural economists to return this concept to the G-8 agenda in light of the clear linkages between agricultural development, economic growth, food security, and national security in poor countries. We are particularly concerned that issues of hunger not get lost in a world food economy that is now driven predominately by animal product demand, super markets, and subsidies, and that is increasingly constrained by natural resources and their (mis)management.

Global meat production is becoming increasingly industrialized, spatially concentrated, and geographically detached from the agricultural land base. This Policy Forum reviews the process of livestock industrialization and globalization, and its consequences for water, nitrogen, and species-rich habitats in meat- and feed-producing regions often vastly separated in space. It argues that pricing and other policy mechanisms which reflect social costs of resource use and ecological change are needed to re-couple livestock and land in producer countries, drawing on examples from Europe and the United States. It also argues that consumers can play an important role in setting a sustainable course.