Global Biodiversity Finance

Global Biodiversity Finance

The Case for International Payments for Ecosystem Services

Edited by Joshua Bishop and Chloe Hill

Global Biodiversity Finance sets out the case for scaling up Payments for Ecosystem Services (PES) at the international level. The book explores how International Payments for Ecosystem Services (IPES) can help capture the global willingness-to-pay for biodiversity, and how the resulting revenues can be used efficiently to encourage conservation and the sustainable supply of ecosystem services, on which we all depend. This timely volume includes examples of promising initiatives from around the world, supporting an agenda for action to make IPES a reality.

Chapter 7: Matching international demand for and supply of ecosystem services

Francis Vorhies, Joshua Bishop and Chloe Hill

Subjects: economics and finance, environmental economics, environment, ecological economics, management natural resources, valuation

Extract

● Existing international payments for biodiversity and ecosystem services (BES) are largely based on official development assistance, as well as on private charity. ● The private sector plays an increasingly important role in international payments for ecosystem services (IPES), including contributions to demand, intermediation and the supply of BES to international markets. Nevertheless, there remains a lack of well-established markets for BES. ● Prerequisites of market-based IPES include reliable sources of supply, supported by clear and enforceable property rights, as well as customers who are willing and able to pay for BES. Intermediaries are needed to facilitate transactions. Public authorities can play an important role in mobilizing both the supply of and demand for BES. ● Major challenges for establishing IPES include the varying composition of BES supply and demand, ambiguous or missing property rights, weak governance and high transaction costs. Effective solutions to these problems do exist, however. ● Inspiration for IPES can be found in many places, including existing international public finance, environmental charity, corporate responsibility, national fiscal policies, 'green' goods and services, carbon markets and biodiversity banking. ● Establishing IPES in a market-based context will require more coherent systems of international BES governance, better marketing of BES and IPES to the public, and greater willingness to enlist the private sector in the conservation and responsible use of biodiversity.

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