Biodiversity Financing: A Strategy Towards Sustainability

Biodiversity conservation is a major challenge globally. This global challenge exists due to the Scarcity of funds to preserve biodiversity. The need for more funds is the primary issue in managing biodiversity in this uncertain environment wherein different challenges emerge routinely. Thus, the main purpose of this study is to focus on the issues of biodiversity conservation and to examine alternative sources for biodiversity financing. Biodiversity is a multidimensional aspect covering several facets of the environment. It acts as a life support on earth and is a catalyst for human survival. However, biodiversity conservation is critical due to the Scarcity of biodiversity financing (Negacz, Petersson, Widerberg, Kok, & Pattberg, 2022). Thus, it is the need of the hour to overcome this issue by examining varied sources to generate more funds for preserving biodiversity. The study is based on a systematic review of past research wherein possible alternatives have been provided for generating necessary funds to mitigate biodiversity loss. It is revealed through past literature that though effort is made to combat the problem of funds, a very minimal effort is made at the individual level. More so framework lneeds to be not implemented globally. Therefore, the present study has proposed the practice of Green finance as an innovative financial mechanism to deal with biodiversity loss by emphasising environmental benefits. As laid down in this paper, a theoretical framework about biodiversity loss will encourage researchers to carry out various studies from varied outlooks to have a holistic approach towards this issue, hence ensuring environmental sustainability.