Unrevealing Impediments: Empirical Perspective of Biodiversity Finance Implementation

Abstract

Climate change is having a detrimental impact on biodiversity, underscoring the importance of adopting sustainable practices for the conservation and preservation of the biosphere. Sufficient funding is required to halt and reverse biodiversity loss; unfortunately, resource scarcity and limited awareness are hindering the sustainable management of biodiversity, which is crucial for achieving the Sustainable Development Goals (SDGs). Biodiversity finance is the practice of raising and managing funds and ensuring the sustainable management of biodiversity. However, this concept is relatively new and still requires theoretical and empirical understanding. To bridge the gap, this study attempts to address the significance of biodiversity finance from the perspective of the SDGs. It has empirically investigated and compared the impact of multiple factors on the implementation of biodiversity finance systems across developed and developing countries worldwide. A significant link between biodiversity finance and SDGs is presented through study findings. The study will contribute to the body of knowledge by addressing the emerging concept of public biodiversity finance, highlighting its importance and unraveling the adoption obstacles for different countries worldwide.

Keywords: Biodiversity Finance, Sustainable Development Goals, Climate Change, Sustainable Development, Public Biodiversity Finance