Payments for Ecosystem Services (PES)
Definition
A voluntary transaction where a well-defined ecosystem service (or a land-use likely to secure that service) is being ‘bought’ by a (minimum one) ecosystem service buyer from a (minimum one) ecosystem service provider if and only if the ecosystem service provider secures ecosystem service provision.
Wunder 2005 1 (adopted by UNEP 2009 2, UNDP 2019 3, DEFRA 2013 4)