Abstract
Over the past two decades, market-based approaches to natural resources conservation have become a focus in national and international arenas. They are regarded as a means to finance biodiversity conservation. The approaches have emerged, partly because of global environmental challenges as well as a response to growing criticisms levelled against the efficiency of conventional approaches to natural resources conservation. Drawing from numerous case studies, this article aims to demonstrate the extent to which these approaches have managed to deliver win-win outcomes as claimed by its proponents. It synthesizes literature from the current experiences of market-based approaches, and assesses its success with respect to economic, social and environmental impacts. The article contributes to the growing debate about the role of environmental markets for biodiversity conservation and development. The article concludes that despite some weaknesses that market-based conservation approaches exhibit, they are the vital component in efforts to combine conservation and development.
Highlights
Over the past two decades, conservation policy and practice have increasingly turned towards market-based interventions as a means to reconcile environmental conservation and economic development [1]-[4]
A general conclusion drawn from this review is that, market-based conservation approaches are important in complementing the existing strategies and initiatives aiming at reconciling conservation and development goals
The market-based conservation is supported by international treaties and conventions (e.g. Convention of Biological Diversity, International Treaty on Plant Genetic Resources for Food and Agriculture), development partners (e.g. USAID), corporations, financial institutions (e.g. World Bank), organizations (e.g. World Intellectual Property Organization, the World Trade Organization), investors, governments, among many others [19] [20] [28]
Summary
Over the past two decades, conservation policy and practice have increasingly turned towards market-based interventions as a means to reconcile environmental conservation and economic development [1]-[4]. The direct payments received by local communities may provide benefits adequate to compete with alternative land use activities such as agriculture [8]. These benefits accrued will provide livelihood opportunities for those most affected by conservation initiatives [9]. This paper draws from different case studies around the world to explore the extent to which these approaches have delivered conservation and development outcomes. Lessons learnt from different case studies will provide insights to various actors interested in market-based initiatives as a way of meeting conservation objectives. A general conclusion drawn from this review is that, market-based conservation approaches are important in complementing the existing strategies and initiatives aiming at reconciling conservation and development goals
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