Biodiversity continues to be lost; funding continue s to be inadequate. Can carbon markets provide insights for increasing biodiversity finance? During the 1st week of December 2009, the Green Development Mechanism 2010 Initiative kicked off international multi-stakeholder consultations about the possibility of setting up a 'green development mechanism' under the Convention on Biological Diversity - essentially a 'CDM' for biodiversity.
Currently the official multilateral financial mechanism for biodiversity is the Global Environment Facility. A so-called 'GDM' would complement the GEF by enabling international payments for biodiversity and ecosystem services, particularly from the private sector.
The kick-off consultations took place in the context of the 3rd CBD conference on business and biodiversity in Jakarta, Indonesia. It included an official side-event at the conference and a separate workshop organised by the Indonesian Ministry of the Environment. Perhaps the key challenge highlighted in the consultations is indentifying what it will take to engage the private sector substantively in such a GDM while gaining the support of the Parties to the CBD. Another key challenge is to ensure that a GDM delivers both conservation and development and in this context is able to show how private sector engagement generates net positive impacts.
For more information, see http://gdm.earthmind.net.