Introduction

This research paper explores the role of biodiversity finance in Australia, highlighting the private sector’s increased participation in biodiversity conservation. The framing of biodiversity loss as a financial risk and leveraging private finance to address it are key trends observed at events like the United Nations Biodiversity Conference (COP15)​​.

Innovation: Ascribing value to nature

The study identifies innovation as a crucial discourse, focusing on the financialisation of nature. Biodiversity units are developed for trading, despite challenges in quantifying nature. Profitability is a primary driver, often subordinating biodiversity outcomes​​.

Innovators as experts: Elite relationality

The discourse celebrates financial innovators who drive biodiversity finance through their expertise and elite relationships. This group is predominantly male and uses complexity to maintain their expertise and influence​​.

Future temporalities

Future promises of biodiversity finance are highlighted, often portrayed as imminent and transformative. This discourse supports the preparation of market-based solutions, paving the way for structural reforms​​.

Regulation

The paper discusses the regulatory environment, emphasising the need for standards and policy certainty to facilitate biodiversity markets. It critiques the reliance on private finance to fill gaps left by public sector shortcomings​​.

Recommendations

• Enhance government role: Re-centre biodiversity conservation as a core regulatory purpose of government, rather than a financial burden.
• Leverage public and civil society: Strengthen the regulatory functions of public and civil society to counteract corporate influence.
• Disrupt market logics: Challenge the financialised narratives that constrain effective biodiversity conservation​.

Conclusion

The paper concludes that while biodiversity finance reshapes conservation discourse and power relations, its material potential to address the biodiversity crisis remains limited. The focus should be on understanding and disrupting these discourses to achieve better biodiversity outcomes​​.