Green Equals Green? The Divergent Policy Logics of Climate and Biodiversity Governance

Market‐based instruments (MBIs) are increasingly promoted in international biodiversity and climate governance. This article argues that biodiversity policy has distinct dynamics and complexities that require approaches beyond economic instruments. By analyzing key concepts such as ecosystem services, biodiversity offsets, and MBIs, this study examines the implications of applying economic mechanisms to biodiversity policy. For this purpose, secondary literature and official documents of the Convention on Biological Diversity (CBD), the United Nations Framework Convention on Climate Change (UNFCCC), and their subsequent agreements and related official press releases and websites were analyzed. The findings highlight three key implications: (1) biodiversity should be embedded as a cross‐cutting issue across policy areas to address its social, economic, and environmental dimensions; (2) regulatory approaches should be prioritized over MBIs; and (3) synergies between biodiversity and climate policy should be strengthened. The article addresses a research gap by providing insight into the differences between biodiversity and climate change governance, highlighting their different relationships with different policies and instruments, in particular, MBIs.