Benefit Sharing by Bio-Prospectors: Can It Resolve the Global Biodiversity Crisis?

The indiscriminate exploitation of genetic or biological resources and associated Traditional Knowledge by the business sectors (bio-prospectors) has not only accelerated biodiversity degradation, but has also emerged as a major ‘ethical’ and ‘equity’ concern for the indigenous and local communities (who are the custodians of the resources). Even if the Convention on Biological Diversity and the Nagoya Protocol advocates the “benefit sharing” principles, its practicality is very poor. Presently, to meet the huge financial requirement for biodiversity conservation, countries need to come up with innovative and effective financial solutions, where Access and Benefit Sharing (ABS) has a significant scope. In this context, the introductory chapter of the book examines the linkage of biodiversity business (bio-prospecting) with ABS and the options and strategies for its operationalization. The key message of the book “ABS is an effective financial solution for biodiversity conservation” is discussed in detail based on the thoughts that emerged from the various chapters.