With reference to an initiative called ‘The Economics of Ecosystems and Biodiversity (TEEB)’, which of the following statements is/are correct?

1. It is an initiative hosted by UNEP, IMF and World Economic Forum.

2. It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity.

3. It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity.

Select the correct answer using the code given below:

The correct answer is 2 and 3 only.

To understand why, let us analyze each statement carefully with respect to what The Economics of Ecosystems and Biodiversity (TEEB) actually is and what it does.

What is TEEB?
TEEB is a major global initiative launched in 2007, following a proposal at the G8+5 Environment Ministers' meeting in Potsdam, Germany. It was designed to make the values of nature visible — especially the economic value of biodiversity and ecosystem services — so that these values are properly considered in decision-making at all levels of government, business, and society.

Statement 1 Analysis: "It is an initiative hosted by UNEP, IMF and World Economic Forum."
This statement is INCORRECT. TEEB is hosted by UNEP (United Nations Environment Programme) alone — not by the IMF (International Monetary Fund) or the World Economic Forum. While TEEB has received support and contributions from various organizations and governments, the institutional host is exclusively UNEP. The inclusion of IMF and World Economic Forum makes this statement factually wrong. Hence, Statement 1 is false.

Statement 2 Analysis: "It is a global initiative that focuses on drawing attention to the economic benefits of biodiversity."
This statement is CORRECT. TEEB is indeed a global initiative whose central purpose is to make the economic case for conserving biodiversity and ecosystems. It highlights how biodiversity provides enormous economic benefits to humanity — through ecosystem services such as clean water, pollination, climate regulation, soil fertility, and more. By quantifying these benefits, TEEB draws critical attention to what is lost economically when ecosystems are degraded or species are lost. This aligns precisely with TEEB's stated mission. Hence, Statement 2 is true.

Statement 3 Analysis: "It presents an approach that can help decision-makers recognize, demonstrate and capture the value of ecosystems and biodiversity."
This statement is CORRECT. TEEB's core framework is built around three key actions for decision-makers:

• Recognize the value — making stakeholders aware of the wide range of services ecosystems provide.
• Demonstrate the value — using concrete data, assessments, and economic valuations to show what nature is worth.
• Capture the value — embedding these values into policy, business, and accounting frameworks so nature's worth is reflected in real decisions.

This three-step approach (recognize, demonstrate, capture) is a hallmark of the TEEB framework and is explicitly described in TEEB's own documentation. Hence, Statement 3 is true.

Conclusion:
Since Statement 1 is incorrect (TEEB is hosted by UNEP alone, not IMF or World Economic Forum), and Statements 2 and 3 are both accurate descriptions of TEEB's global scope and its decision-making framework, the correct answer is unambiguously 2 and 3 only.