To me the real crux of the issue is are we going to make people pay that value to make the price of destroying nature greater, thus when priced correctly pushes us to destroy less nature and turn us from abusers of nature to conserveres. Those who abuse nature less in their activities such as farming or manufacturing will then out compete the abusers. We internalise the destruction of nature into our economic choices (also keep the laws that protect nature as well)
Further to this is the idea of using nature as a means of rent seeking by those that ‘own’ it. Monbiot has not elaborated on this but is right that if we undervalue nature we will go on abusing it in the current framework and dominant economic illusions held by governments and corporations, and may use this as a justification of further destruction.
I have discussed this with some members of the Natural Capital Committee and they mostly are of a mind to funnel taxpayers cash to 'compensate' landowners and businesses for abusing nature less which is a travesty and only make us poorer and create a vastly unequal society of natural capital haves and have nots,. new landed barons to milk humanity's need for natural resources to live....
The simple solution is of course to transfer taxation off of incomes and trade and put it in the destruction of nature, best achieved by a Land Value Tax with surcharges for special natural value. So, destroying an ancient habitat become extremely expensive, prohibitively so. Land and natural resources become expensive to exploit and when not a 'true' economic benefit get left alone.
Taxation means we leave fossil fuels in the ground, we stop farming marginal habitat and it becomes wild again, we reduce the extraction of fresh water and it stops in rivers and wetland. Carbon will come out of the atmosphere and be sequestered back into the ground.
So get rid of subsidies for farmers and industry and tax the use of land & natural resources, proportionate to the damage their use causes. So special taxes and laws to prevent the destruction of high value habitats and dangerous pollution, and areas that provide specific ecosystem services such as flood prevention and carbon sequestration.
These taxes need to embody future destruction, and not at any ‘discount rate’, also land taxes should be yearly taxes so we properly value that destruction in the future and we do not undervalue the ecosystem we leave to future generations.
The idea of using nature as a means of rent seeking by those that ‘own’ it is an appalling idea and is the fundamental problem of ‘neo-classical’ economics and one we must fight with all our might!