¹ E.g. UN GA Resolution A/RES/65/161 of 20 Dec. 2011 (declaring the United Nations Decade on Biodiversity (2011–20) as the timeframe for implementing the Strategic Plan for Biodiversity agreed in Nagoya Japan in Oct. 2010), available at: http://www.un.org/ga/search/view_doc.asp?symbol=A/RES/65/161.

² Morrow, K., ‘Rio+20, the Green Economy and Re-orienting Sustainable Development’ (2012) 14(4) Environmental Law Review, pp. 279–97.Google Scholar

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⁶ This article emerges from one such occasion, the Conference on Regulatory and Institutional Frameworks for Markets for Ecosystem Services, held at the University of Surrey (UK) on 6–7 June 2012. Another example includes the Workshop on Markets for Biodiversity and Ecosystem Services, at Chatham House, London (UK), 29 Nov. 2011, organized by the Secretariat of the CBD and the UNEP World Conservation Monitoring Centre.

⁷ See, e.g., the following themed/special issues: (2004) 35(3) Geoforum, pp. 269–394; (2005) 16(1) Capitalism Nature Socialism, pp. 1–137; (2010) 42(3) Antipode, pp. 469–799; (2012) 43(3) Geoforum, pp. 363–426.

⁸ See, e.g., Kysar, D., ‘Sustainable Development and Private Global Governance’ (2008) 83 Texas Law Review, pp. 2109–66Google Scholar; Driesen, D.M., ‘Sustainable Development and Market Liberalism’s Shotgun Wedding: Emissions Trading under the Kyoto Protocol’ (2008) 83(1) Indiana Law Journal, pp. 21–69Google Scholar; Dryzek, J., ‘Ecology and Discursive Democracy: Beyond Liberal Capitalism and the Administrative State’ (1992) 3(2) Capitalism, Nature, Socialism, pp. 18–42Google Scholar; Schweickart, D., ‘Is Sustainable Capitalism an Oxymoron?’ (2009) 8(2/3) Perspectives on Global Development and Technology, pp. 559–80.Google Scholar

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¹² Bobbitt, P., The Shield of Achilles: War, Peace, and the Course of History (Anchor Books, 2002).Google Scholar

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²³ UNEP, ibid., at p. 21.

²⁴ See, e.g., Donnelly, C., Delegation of Governmental Power to Private Parties: A Comparative Perspective (Oxford University Press, 2007).Google Scholar

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²⁷ CBD, Art. 11.

²⁸ Sustainable use of components of biodiversity and ‘the fair and equitable sharing of the benefits arising out of the utilization of genetic resources’ are two of objectives of the CBD: Art 1.

²⁹ See, e.g., UNEP/CBD/COP/3/18; UNEP/CBD/COP/5/15 (the programme of work on incentives, adopted in 2000); UNEP/CBD/COP/6/16.

³⁰ Menzel, S., ‘Financial Support for Biodiversity Protection in Developing Countries: Does the CBD Mechanism Lead to an Appropriate Level of Biodiversity Protection?’ in R. Buse et al. . (eds), Valuation and Conservation of Biodiversity – Interdisciplinary View on the Convention on Biological Diversity (Springer, 2005), pp. 23–41.Google Scholar

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³² Critical for that was the establishment of the Working Group on Economic Instruments in Environmental Policymaking in June 2001, which operates within the Economics and Trade Branch of UNEP.

³³ UNEP, Economic Instruments in Biodiversity-related Multilateral Environmental Agreements (2004), available at: http://www.unep.ch/etb/publications/EconInst/ecoInstBioMea.pdf.

³⁴ UNEP, Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication (2011), available at: http://www.unep.org/greeneconomy/portals/88/documents/ger/GER_synthesis_en.pdf; see also the final resolution of Rio+20, ‘The Future We Want’, UN Doc. A/66/L.56, available at: http://www.uncsd2012.org/rio20/thefuturewewant.html. See also Morrow, n. 2 above; Penca, J., ‘Green Economy and Environmental Law: A Mismatch and Why Bother?’, in Sancin, V. (ed.), International Environmental Law: Contemporary Concerns and Challenges (G.V. Založba, 2012).Google Scholar

³⁵ The Business and Biodiversity Programme is a specific unit of the Secretariat, focusing specifically on influencing private sector policy and practice.

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³⁸ J. Metcalfe & F. Vorhies, ‘Exploring the Case for a Green Development Mechanism’, International Workshop on Innovative Financial Mechanisms: First meeting, Bonn (Germany), 27–29 Jan. 2010, available at: http://www.cbd.int/financial/doc/gdm-exploring-the-case-en.pdf.

³⁹ D. Jarrett, ‘Biodiversity, Ecosystem Services and Natural Capital: Terms Matter’, Ecometrica, 27 Nov. 2012, available at: http://ecometrica.com/blog/biodiversity-ecosystem-services-and-natural-capital-terms-matter.

⁴⁰ E.g., TEEB, The Economics of Ecosystems and Biodiversity for National and International Policy Makers – Summary: Responding to the Value of Nature (2009), available at: http://www.teebweb.org/publications/teeb-study-reports/national-and-international.

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⁴³ GRAIN, ‘No Air, Don’t Sell Yourself’ (April 2005) Seedling, pp. 34–41Google Scholar, available at: http://www.grain.org/article/archive/categories/34-seedling-april-2005.

⁴⁴ The WWF builds strong relationships with businesses especially through the initiatives ‘Strategic Partnerships’ and ‘Transforming Markets’; available at http://www.wwf.org.uk/what_we_do/working_with_business/how_we_work_with_business.

⁴⁵ CI pioneers the use of ‘conservation incentive agreements’ as a key mechanism for ‘strategies that make conservation economically viable’, available at: http://www.conservation.org/learn/culture/communities/Pages/incentives.aspx.

⁴⁶ ‘Markets & Enterprise’ is one of four programme areas of the WRI, available at: http://www.wri.org/markets.

⁴⁷ Pursuing ‘non-confrontational, pragmatic, market-based solutions to conservation challenges’ is the very rationale of the Nature Conservancy, available at http://www.nature.org/about-us/our-partners/index.htm.

⁴⁸ E.g., the signatures of: Acción Ecológica, Carta abierta a la secretaría de la Convención de diversidad boilógica y a los gobiernos de Japón, India, Noruega, Suecia y Ecuador, available at: http://www.accionecologica.org/component/content/article/1543-carta-abierta-a-la-secretaria-de-la-convencion-de-diversidad-biologica-y-a-los-gobiernos-de-japon-india-noruega-suecia-y-ecuador.

⁴⁹ Tversky, A. & Kahneman, D., ‘The Framing of Decisions and the Psychology of Choice’ (1981) 211 Science, pp. 453–8Google Scholar; Hajer, M., The Politics of Environmental Discourse: Ecological Modernization and the Policy Process (Clarendon Press, 1995).Google Scholar

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⁵² Madsen et al., n. 11 above.

⁵³ In 2010 there were 39 markets and 25 under development: ibid.

⁵⁴ D.P. Wheeler & J.M. Strock, ‘Official Policy on Conservation Banks’, 7 Apr. 1995, available at: http://ceres.ca.gov/wetlands/policies/mitbank.html.

⁵⁵ Business and Biodiversity Offsets Programme, Standard on Biodiversity Offsets (2012), available at: http://www.forest-trends.org/documents/files/doc_3078.pdf.

⁵⁶ G. Monbiot, ‘The Unsung World’, 8 Dec. 2012, available at http://www.monbiot.com/2012/12/08/the-unsung-world.

⁵⁷ Bayon, R., ‘Biodiversity Banking: A Primer’, in The Worldwatch Institute, 2008 State of the World: Innovations for a Sustainable Economy (2009), pp. 123–37Google Scholar, at 126, available at: http://www.ecosystemmarketplace.com/media/pdf/SOW08-9-Bayon.pdf.

⁵⁸ Gibbons, P., ‘A Tree for a Tree: Can Biodiversity Offsets Balance Destruction and Restoration?’, The Conversation, 5 Oct. 2011Google Scholar, available at: http://theconversation.com/a-tree-for-a-tree-can-biodiversity-offsets-balance-destruction-and-restoration-3682.

⁵⁹ Kyoto Protocol to the United Nations Framework Convention on Climate Change, Kyoto (Japan), 10 Dec. 1997, in force 16 Feb. 2005, Art. 12, available at: http://unfccc.int/kyoto_protocol/items/2830.php.

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⁶¹ See decisions UNEP/CBD/VIII/26, para. 6(c); UNEP/CBD/VI/15 Annex, para. 37; UNEP/CBD/VIII/13, para. 4.

⁶² Metcalfe & Vorhies, n. 38 above.

⁶³ GDI, ‘BioAreas Reference Guide: The BioAreas Standard & Registry for Biodiversity-Responsible Area Management’, Mar. 2012, available at: http://gdi.earthmind.net/files/BioAreas-Reference-Guide-Version1-01Mar2012.pdf.

⁶⁴ Ibid., at pp. 16–18; the decision being referred to is UNEP/CBD/COP/9/IX, Part B, para. 4.

⁶⁵ GDI, ‘Biodiversity Tools for the GDI Objectives’, available at: http://gdi.earthmind.net/toolkit/biodiversity.

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⁶⁸ Ibid.

⁶⁹ I use the term REDD to refer to the full scope of activities, covered also by ‘REDD+’, i.e. including those supporting the conservation of forests, their sustainable management and the enhancement of forest carbon stock.

⁷⁰ See (2008) 10(3) International Forestry Review – Special Issue on REDD; Angelsen, A. et al. . (eds), Analysing REDD+: Challenges and choices (CIFOR, 2012).Google Scholar

⁷¹ UNEP/CBD/SBSTTA/XIII/6, para. 22.

⁷² Rio de Janeiro (Brazil), 4 June 1992, in force 21 Mar. 1994, available at: http://unfccc.int/key_documents/the_convention/items/2853.php.

⁷³ See, e.g., Forest Carbon Partnership Facility of the World Bank, available at: http://www.forestcarbonpartnership.org; UN REDD Programme, available at: http://www.un-redd.org; The REDD+ Partnership, available at: http://reddpluspartnership.org/en.

⁷⁴ See, e.g., Friends of the Earth, ‘Dangerous Distraction – Why Offsetting is Failing the Climate and the People: The Evidence’, June 2009, available at: http://www.foe.co.uk/resource/briefing_notes/dangerous_distraction.pdf; Durban Group for Climate Justice, ‘Durban Statement on REDD’ (2010), available at: http://www.durbanclimatejustice.org/press-releases/durban-statement-on-redd.html; C. Lang, ‘Interview with Teguh Surya, WALHI: “We are against REDD. We are against Carbon Trading”’, 9 Mar. 2012, available at: http://www.redd-monitor.org/2012/03/09/interview-with-teguh-surya-walhi-we-are-against-redd-we-are-against-carbon-trading.

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⁷⁹ See, e.g., Acción Ecológica, n. 48 above.

⁸⁰ Ibid.

⁸¹ Farber, D.A., ‘Adapting to Climate Change: Who Should Pay’ (2007) 23(1) Journal of Land Use and Environmental Law, pp. 1–37, at 26–8.Google Scholar

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⁸³ UNEP/CBD/WS-IFM/1/1.

⁸⁴ OECD, Paying for Biodiversity: Enhancing the Cost-Effectiveness of Payments for Ecosystem Services, available at: http://www.oecd.org/env/resources/46135424.pdf.

⁸⁵ Madsen et al., n. 11 above, at p. vii.

⁸⁶ Eftec, IEEP et al., ‘The Use of Market-based Instruments for Biodiversity Protection – The Case of Habitat Banking: Technical Report’, Feb. 2010, available at: http://ec.europa.eu/environment/enveco/pdf/eftec_habitat_technical_report.pdf.

⁸⁷ See, e.g., OECD, Handbook of Market Creation for Biodiversity: Issues in Implementation (2004); OECD, n. 11 above, I. Bräuer et al., ‘The Use of Market Incentives to Preserve Biodiversity’, July 2006, available at: http://ec.europa.eu/environment/enveco/biodiversity/pdf/mbi.pdf.

⁸⁸ R. Pirard & E. Broughton, ‘What’s in a Name? Market-based Instruments for Biodiversity’, Institute for Sustainable Development and International Relations (IDDRI), Policy Brief No. 01/2011, available at: http://www.iddri.org/Publications/What-s-in-a-name-Market-based-instruments-for-biodiversity.

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⁹⁴ Madsen et al., n. 11 above, at p. 1.

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¹⁰³ Fisher, n. 14 above.

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¹²⁵ Rockström, J. et al. ., ‘Planetary Boundaries: Exploring the Safe Operating Space for Humanity – Stockholm Resilience Centre’ (2009) 14(2) Ecology and Society, pp. 32–8.Google Scholar

¹²⁶ Wunder & Vargas, n. 91 above.

¹²⁷ See, e.g., B. de Sousa Santos, ‘Introducción: Las epistemologyías del Sur’, in Formas-Otras: Sabel, nombrar, narrar, hacer (CIDOB Ediciones, 2011–12), pp. 9–22, available at: http://www.boaventuradesousasantos.pt/media/INTRODUCCION_BSS.pdf. Note also the World People’s Conference on Climate Change and the Rights of Mother Earth, held in June 2012 in Cochabamba (Bolivia).

¹²⁸ Levien, M. & Paret, M., ‘A Second Double Movement? Polanyi and Shifting Global Opinions on Neoliberalism’ (2012) 27(6) International Sociology, pp. 724–44.Google Scholar