The mass extinction visited upon us by capitalism involves many kinds of devastation. Here I clarify the grounds for assessing the most obvious of these harms, i.e., decimation of species diversity. The thesis that variety among species has intrinsic value motivates, and in turn follows from, the “variable value view” (VVV) of abundance within any given species. In contrast, standard axiologies have no place for the intrinsic value of species diversity. I show that the VVV provides a better justification than (...) the latter do, of the way in which a widely-used empirical indicator summarizes the overall state of life on Earth. These considerations favor ecocentric value theory – which ascribes intrinsic value to properties of ecological wholes, like species diversity, that do not supervene on the well-being of their constituent organisms – over its main competitors. I conclude by widening the focus from wild nature alone to the biosphere comprising both wilderness and the domesticated realm. This broadened perspective helps to link the science and ethics of biodiversity with the political struggle to extract ourselves from the moral abyss of mass extinction. (shrink)