The Biofin approach to biodiversity conservation in urban ecosystems: The case of Bangalore in India

Abstract

With the adoption of the Aichi Biodiversity Targets (ABT) in the year 2010, the impetus for finding financial solutions to the problems of biodiversity loss in the world has gained momentum. The Biodiversity Finance Initiative or Biofin, which was launched in 2012 as a UNDP – European Commission project has been designed to help biodiversity endowed countries attain ABT through the formulation of ‘optimal ‘and ‘evidence based’ biodiversity finance plans. The objective of this paper is to explore how the Biofin approach can be strategized to implement Target 4 of the Aichi Biodiversity Targets that deals with ‘sustainable production and consumption’ in an urban setting. The paper takes up the concrete case of the fast- growing city of Bangalore in India, to explore the extent to which biodiversity loss in the city and its surrounds has been linked to unsustainable production and consumption practices. The paper concludes by highlighting the potential role of Biofin in creating altered urban policy frameworks that could transform Bangalore into a circular economic system. It is argued that the study holds significance to other similarly situated large cities in the developing world like Sao Paulo, Mexico City and Mumbai.