Understanding the biodiversity economy
Habitat loss, overexploitation of resources, pollution and the climate crisis are the main drivers of biodiversity loss. With over half of the world’s GDP dependent on nature, it’s clear that economic stability is closely tied to ecosystem health.
The biodiversity economy shifts the focus to conserving, restoring and sustainably using biodiversity as a core component of economic development. Unlike traditional approaches that often view nature as an endless resource, the biodiversity economy acknowledges the critical role of Earth’s diverse life forms in supporting human survival and economic prosperity. The approach aims to protect and restore ecosystems while creating economic opportunities that benefit both people and the planet.
Regional approaches
The Global North and Global South approach the biodiversity economy differently. In the Global North, the focus is often on ecological sustainability, decarbonization and biotechnology. In contrast, developing countries rich in biodiversity emphasize rural development, equitable resource distribution and integrating traditional knowledge and practices. Despite these regional differences, ecosystems are economically undervalued worldwide, leading to degradation and loss. An effective biodiversity economy must recognize the vital role of traditional communities in sustainably managing natural resources, respect their rights and address risks such as biopiracy while tackling the broader issue of ecosystem undervaluation.
Current state and challenges
While nearly 60 countries have developed biodiversity economy policies, only 16 have implemented them. This gap highlights a lack of awareness around the concept of the biodiversity economy, its scope, and the principles necessary to achieve environmental, social, and economic sustainability. Additionally, there is a significant lack of international coordination, with no global forum dedicated to comprehensively addressing these issues.
The way forward
There is an urgent need for a universally accepted concept of the biodiversity economy that includes diverse actors, sectors and government bodies. This concept should guide the development of specific policies and plans across sectors such as agriculture, energy and environment. The Kunming-Montreal Global Biodiversity Framework plays a crucial role in this by providing a comprehensive approach to halting biodiversity loss and integrating biodiversity considerations into all sectors of development. The G20 Bioeconomy Initiative, established under Brazil’s G20 presidency, represents a significant step in this direction by providing the first official international forum for bioeconomy discussions and for having adopted 10 High-Level Principles. Disclaimer: Different countries use the terms related to biodiversity economies differently: UNEP is currently developing a think piece and a glossary on the biodiversity economy that will help clarify what each term entails (e.g. bioeconomy, wild biodiversity economy, green economy, blue economy). Until then, we will use the generic term biodiversity economy, which will include all of the above.
