Business Publications
Document Type
Article
Publication Date
2023
URL with Digital Object Identifier
https://doi.org/10.5206/iveypub.65.2023
Abstract
This report begins by highlighting Canada's efforts at biodiversity conservation through various initiatives. Moreover, it underscores the vital role Indigenous communities play in protecting biodiversity and preserving traditional knowledge.
The report investigates the role of Conservation Impact Bonds (CIBs) as a potential solution to the biodiversity loss crisis. The CIB is a new "made in Canada" conservation finance instrument that enables collaboration and investment to manage healthy landscapes in the spirit and practice of reconciliation. The CIB model is a pay-for-success conservation finance mechanism driven by the partnership to reverse the trend of habitat loss by accelerating healthy landscapes, advancing Indigenous Reconciliation, and empowering the human-nature relationship. It is a place-based effort that leverages cross-sector and cross-cultural collaboration to support a holistic ecosystem approach aligned with local community goals.
The report uses the unique Carolinian Canada's CIB pilots implemented in the Carolinian zone of Southwestern Ontario, Canada, to illustrate this product's potential in the biodiversity and climate crisis we are currently facing. Additionally, it introduces an innovative accounting system employed by Carolinian Canada, focusing on the importance of a Two-Eyed Seeing approach which integrates Indigenous and Western perspectives in the metrics and impact assessment of this pay-per-performance product.
The accounting challenges the Carolinian Canada CIB face are also identified, including adopting an accountability framework that embraces Indigenous and Western perspectives and determining an appropriate assurance level for auditing purposes.
In conclusion, this report emphasizes the significance of integrating biodiversity considerations into accounting practices and highlights the need for a Two-Eyed Seeing approach to conserve and protect biodiversity effectively. It also acknowledges the importance of establishing the right assurance level for audits to foster trust and accountability. Addressing these challenges holds the potential to make significant contributions to the preservation and conservation of biodiversity. Overall, it is a concise yet valuable overview of the CIBs, offering insights into the importance of biodiversity protection, the role of this product in addressing the crisis, and the necessary accounting measures for effective biodiversity conservation.
Creative Commons License
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