Regulating Access to Biological Resources: The Market Failure for Biodiversity Conservation
The contribution of this article is to illustrate the potentially complex regulatory environment necessary to balance different governmental policy objectives. The setting is the United Nations Convention on Biodiversity access and benefit-sharing obligations that have been codified in Australia in the Environment Protection and Biodiversity Conservation Amendment Regulations 2005 (No 2) (Cth). In this case, biodiversity conservation is matched against promoting investment in biological resource-based product research and development. The article concludes that governmental price setting is necessary so that the 'low price' for access to biological resources will match the 'high price' of other uses of the land and water promoting biodiversity conservation in favour of other potentially destructive uses.
Law in Context
Law not elsewhere classified