A new study has suggested a novel approach to financing global biodiversity conservation through tracking and valuing the migratory patterns of marine megafauna – including whales, sharks, tuna and turtles.
Published in the journal npj Ocean Sustainability, the study proposes the migrations of ocean giants could act as a nature-based solution to bridge the financial gap between the Global North and South, aligning with the Kunming-Montreal Global Biodiversity Framework's targets.
The framework commits nations to reverse nature loss by 2030, and targets include safeguarding 30 per cent of the world's land and marine areas, restoring 20 per cent of degraded ecosystems and mobilising at least $700 billion annually in financial resources to support biodiversity conservation efforts.
Study lead Associate Professor Ana Sequeira, Adjunct with UWA's Oceans Institute and School of Biological Sciences, and a marine ecologist with The Australian National University, said it recognises that implementation requires equitable access to those resources, especially for developing countries.
"Marine megafauna provide essential ecosystem services, including contribution to nutrient cycling and carbon sequestration, and are key to many eco-tourism industries around the world," she said.
"These migratory species traverse international boundaries, contributing to the economies of multiple countries, highlighting the interconnected nature of marine ecosystems and the global benefits of their conservation.
"We propose using the Total Economic Value framework, a comprehensive approach used to assess the value of ecosystem services and natural resources, to provide an economic perspective to these services, including for the values people place on the continued existence of megafauna.
"These would be integrated into a global market-based conservation strategy that would translate the services into a biodiversity credit scheme, whereby countries could earn credits for actions that enhance conservation of marine megafauna or face penalties for activities that can harm these species."
Co-author Associate Professor Abbie Rogers, from UWA's Oceans Institute, School of Agriculture and Environment and Co-Director at the Centre for Environmental Economics and Policy, said some of the funds could be used to support developing countries to increase their capacity to participate in sustainable practices and biodiversity conservation.
"Although promising, the approach comes with some complex challenges including accurately valuing ecosystem services across different countries, contexts, and cultures, which is why we've highlighted the need for further research and development of the necessary infrastructure to support this innovative financing mechanism," Associate Professor Rogers said.
"While inter-governmental collaboration and the establishment of strong regulatory frameworks would be essential for success, the conservation of marine megafauna through strategies like this could be a crucial step forward in global biodiversity preservation efforts."
