The biodiversity bank cannot be a lending bank

Bekessy, S, Wintle, B, Lindenmayer, D, McCarthy, M, Colyvan, M, Burgman, M and Possingham, H 2010, 'The biodiversity bank cannot be a lending bank', Conservation Letters, vol. 3, no. 3, pp. 151-158.

Document type: Journal Article
Collection: Journal Articles

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Title The biodiversity bank cannot be a lending bank
Author(s) Bekessy, S
Wintle, B
Lindenmayer, D
McCarthy, M
Colyvan, M
Burgman, M
Possingham, H
Year 2010
Journal name Conservation Letters
Volume number 3
Issue number 3
Start page 151
End page 158
Total pages 8
Publisher Wiley-Blackwell Publishing Ltd.
Abstract Offsetting habitat destruction has widespread appeal as an instrument for balancing economic growth with biodiversity conservation. Requiring proponents to pay the nontrivial costs of habitat loss encourages sensitive planning approaches. Offsetting, biobanking, and biodiverse carbon sequestration schemes will play an important role in conserving biodiversity under increasing human pressures. However, untenable assumptions in existing schemes are undermining their benefits. Policies that allow habitat destruction to be offset by the protection of existing habitat are guaranteed to result in further loss of biodiversity. Similarly, schemes that allow trading the immediate loss of existing habitat for restoration projects that promise future habitat will, at best, result in time lags in the availability of habitat that increases extinction risks, or at worst, fail to achieve the offset at all. We detail concerns about existing approaches and describe how offsetting and trading policies can be improved to provide genuine benefits for biodiversity. Due to uncertainties about the way in which restored vegetation matures, we propose that the biodiversity bank should be a savings bank. Accrued biodiversity values should be demonstrated before they can be used to offset biodiversity losses. We provide recommendations about how this could be achieved in practice.
Keyword(s) habitat destruction
economic growth
biodiversity conservation
biodiverse carbon sequestration schemes
carbon trading
DOI - identifier 10.1111/j.1755-263X.2010.00110.x
Copyright notice Copyright 2010 Wiley Periodicals Inc
ISSN 1755-263X
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Citation counts: TR Web of Science Citation Count  Cited 94 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 81 times in Scopus Article | Citations
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