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Handbook of Market Creation for Biodiversity

Issues in Implementation

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Striking the right balance between the conservation/sustainable use and the loss of biodiversity requires accounting for all the impacts of its destruction. Weighing the loss against any potential benefits will ensure that the social, as well as economic, well-being of everyone are at the best levels possible. Market-based economic systems have the potential to ensure that such a balancing occurs, but require that all the impacts of its loss, or use, have been fully internalised into market transactions.

This book shows how public policy in the form of market creation can be used to internalise the loss of biodiversity. It promotes the use of markets to ensure that our collective preferences for conservation and sustainable use are reflected in economic outcomes.

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Policy Mixes for Biodiversity

Policy-makers have many approaches and numerous instruments at their disposal for creating markets for biodiversity. Given that there are many objectives to be reached, a full policy mix needs to be considered to achieve desirable outcomes. That mix will need to achieve the appropriate combination of public versus private provision of goods and services, as well as the combination and intensity of instruments that will be used. Since the part of biodiversity that is purely public cannot be easily brought into a market system, it should be dealt with through non-market means. However, many aspects of biodiversity that initially appear to be public can, in fact, be made part of the market economy – and will be best dealt with using the tools and techniques discussed in earlier chapters. The important task for government will be to ...

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