The work of The Western Australian Biodiversity Science Institute (WABSI) is informed by active engagement with stakeholders to identify end user knowledge needs and priorities. WABSI’s consultations with government, industry and community end users in 2022 identified several emerging issues for Western Australian end users of biodiversity science, captured in the report Biodiversity knowledge priorities: Emerging themes from stakeholder consultation.
A key issue identified by end users was the challenge of measuring and valuing biodiversity, including how traditional knowledge and values are incorporated in biodiversity conservation. This drove the development of the Biodiversity Economics and Finance Program which explores:
- how we understand, measure and value biodiversity
- mechanisms to finance biodiversity conservation, including emerging developments in biodiversity markets
- the nature positive journey
- nature-related Environmental, Social and Governance (ESG) reporting.
Extensive engagement with end-users and researchers informed a prioritised research plan and identified the following focus areas as the areas of greatest need for targeted biodiversity economics and finance research.
Focus areas
- Economics: Greater awareness of the economic benefits of biodiversity and nature, and the costs associated with its loss, through a better understanding of the link between biodiversity, economic activity and human well-being, thereby providing a rationale to integrate biodiversity into economic and financial decisions.
- Value: Better understanding of the diverse values of biodiversity (market and non-market, including cultural and spiritual) across different contexts and sectors, along with a better understanding of biodiversity valuation approaches.
- Measure: Improved biodiversity measurement, monitoring and data sharing, with the use of standardised and robust measurement methods, metrics and indicators.
View the prioritised research program
Background
A preliminary report, Assessing knowledge gaps in biodiversity economics and finance, was published in October 2024, following initial stakeholder consultation, and identifies knowledge gaps in biodiversity economics and finance to mainstream biodiversity in private and public decision- making.
The report takes a multi-pronged approach to identify knowledge gaps, undertaking:
- a systematic review of global literature
- a focused review of Australian and Western Australian literature
- stakeholder consultations to understand emerging issues, challenges, and knowledge gaps in biodiversity economics and finance.
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Email us info@wabsi.org.au