Net Present Biodiversity Value and the Design of Biodiversity Offsets |
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Authors: | Jacob McC Overton R T Theo Stephens Simon Ferrier |
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Institution: | 1. Landcare Research, Private Bag 3127, Hamilton, New Zealand 2. Landcare Research, Private Bag 1930, Dunedin, New Zealand 3. CSIRO Ecosystem Sciences, GPO Box 1700, Canberra, ACT, 2601, Australia
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Abstract: | There is an urgent need to develop sound theory and practice for biodiversity offsets to provide a better basis for offset multipliers, to improve accounting for time delays in offset repayments, and to develop a common framework for evaluating in-kind and out-of-kind offsets. Here, we apply concepts and measures from systematic conservation planning and financial accounting to provide a basis for determining equity across type (of biodiversity), space, and time. We introduce net present biodiversity value (NPBV) as a theoretical and practical measure for defining the offset required to achieve no-net-loss. For evaluating equity in type and space we use measures of biodiversity value from systematic conservation planning. Time discount rates are used to address risk of non-repayment, and loss of utility. We illustrate these concepts and measures with two examples of biodiversity impact–offset transactions. Considerable further work is required to understand the characteristics of these approaches. |
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Keywords: | Net present value Conservation planning Time discounting Benefit functions No-net-loss |
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