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Aichi Biodiversity Target 3: Can market-based instruments make a difference? Results from the INVALUABLE project

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Abstract: This report summarizes presentations given and discussions held during the side event organized by the Biodiversa-funded INVALUABLE project at the 12th meeting of the Conference of the Parties to the Convention on Biological Diversity, in Pyeongchang, Republic of Korea, on Thursday 9 October 2014. First, the side event analysed the economic and institutional features of innovative financial mechanisms and positive incentives, their emergence and relationship with market characteristics. It then studied the issues of behaviour change (motivation crowding theory) and governance structures (intermediation) by presenting several case studies of payment schemes for ecosystem services in Cambodia and Indonesia. It finally assessed the potential of science-policy interfaces to better integrate broader knowledge within policy decisions and legal frameworks. Overall, building on results from the INVALUABLE research project, this side event proposed policy-relevant recommendations on social and environmental safeguards to be put in place, and governance arrangements to be designed, when implementing innovative financial mechanisms and positive incentives on the ground.

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