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62 lines
2.6 KiB
TeX
62 lines
2.6 KiB
TeX
\section{Background}
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\label{sec:background}
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\subsection{Conservation Finance Landscape}
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Global conservation finance flows through four main channels
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\citep{deutz2020financing}:
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\begin{table}[H]
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\centering
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\caption{Conservation finance by source (2019 estimates).}
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\label{tab:finance}
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\begin{tabular}{lcc}
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\toprule
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\textbf{Source} & \textbf{Annual flow (B\$)} & \textbf{Share} \\
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\midrule
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Government budgets & 78--82 & 56\% \\
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Biodiversity offsets & 6--9 & 6\% \\
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Philanthropic & 4--10 & 5\% \\
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Private/commercial & 14--26 & 14\% \\
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Natural infrastructure & 24--27 & 19\% \\
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\midrule
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\textbf{Total} & 126--154 & 100\% \\
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\bottomrule
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\end{tabular}
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\end{table}
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The gap between current flows and estimated needs (\$700--1{,}000B/year
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\citep{paulson2020financing}) implies that private capital mobilization
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must increase by an order of magnitude.
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\subsection{Impact Bonds: From Social to Environmental}
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Social Impact Bonds (SIBs) emerged in 2010 with the Peterborough Prison
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SIB \citep{liebman2011social}. Environmental adaptations include the DC
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Water EIB (2016, \$25M for green infrastructure
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\citep{nicola2013quantifying}), the Rhino Impact Bond (2020, \$45M for
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black rhino conservation \citep{uct2020rhino}), and the Forest
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Resilience Bond (2018, \$4M for wildfire risk reduction
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\citep{blue2019forest}). These instruments demonstrate feasibility but
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remain bespoke, with structuring costs of \$1--5M per issuance.
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\subsection{Blockchain in Conservation}
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Blockchain applications in conservation include supply chain
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traceability \citep{howson2019crypto}, carbon credit registries
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\citep{schletz2020blockchain}, and wildlife trade monitoring
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\citep{dalton2020blockchain}. The integration of DeFi primitives with
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conservation outcomes---the approach taken by BIBs---is novel.
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\subsection{Biodiversity Credit Markets}
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The nascent biodiversity credit market draws on lessons from carbon
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markets. The TNFD framework \citep{tnfd2023framework} provides reporting
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standards. BIBs differ from biodiversity credits by embedding outcomes in
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financial instruments rather than creating offset commodities.
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