A Review of Economic Instruments Employed for Biodiversity Conservation
Globally, the use of economic instruments for biodiversity conservation has gained a lot of support. This is because of the concern for the economic well being of people living in and near biodiversity-rich areas. Also, economic drivers are the main threats to biodiversity. This policy of using economic instruments is being used on a case-by-case basis worldwide. A review of their use from a global perspective is important to facilitate learning from issues resulting from their implementation.
... his article documents and reviews the specific economic instruments being used in different parts of the world for biodiversity conservation. An analysis of the economic instruments using a demand or supply classification suggests that more instruments are targeted at increasing supply of biological resources for human use. A review of literature and field documents was also employed to determine trends in the use of economic instruments for conservation. A major trend observed is the relatively low investments in economic instruments used for biodiversity conservation in developing countries, even though such countries tend to be rich in biodiversity. Ekpe: Economic Instruments for Biodiversity Conservation order to reduce the rate of biodiversity loss in various parts of the world. Some examples include market-oriented tools such as fees and ecotourism, and financial incentives such as compensations and tax incentives. In developing countries, development interventions such as alternative livelihood programs near protected areas are also implemented. Investments in local economic livelihood activities are therefore used to influence how people's actions affect biodiversity. It is important to determine whether and how effective all these different economic instruments are for biodiversity conservation. However, since they are employed on a case-by-case basis, information on them is scattered in several books and papers. A global perspective that documents their use and lessons from their successes and failures is necessary. This study aims at presenting a consolidated global perspective of experiences of the use of economic tools for biodiversity conservation. The objectives of the study are to determine and describe the following: The role of economics in biodiversity conservation. The economic instruments being used for biodiversity conservation and the justification for their use. Some global trends and results from the use of economic instruments for biodiversity conservation.