Environmental Politics Biodiversity Conservation Questions
The role of economic instruments in biodiversity conservation is to provide incentives and disincentives for individuals, businesses, and governments to engage in activities that promote the protection and sustainable use of biodiversity. These instruments aim to internalize the economic value of biodiversity by assigning a price or cost to its use or degradation. Examples of economic instruments include taxes, subsidies, market-based mechanisms such as payments for ecosystem services, and tradable permits. By incorporating economic considerations into biodiversity conservation, these instruments can help align economic incentives with environmental goals, encourage sustainable practices, and promote the efficient allocation of resources for biodiversity protection.