A policy portfolio approach to biodiversity protection on private lands

Although arguments about biodiversity policy frequently frame the options as either top-down regulation or voluntary incentive-based approaches. in fact a broad spectrum of biodiversity conservation strategies are available. Drawing largely on examples from the United States to support broader conclusions, this article examines the range of policy options and the metrics that should be used to evaluate them. Because the options have different strengths and weaknesses, are suited to different contexts, and all carry substantial risk of failure, a portfolio of biodiversity policies is likely to outperform exclusive reliance on any one strategy. Designing an effective biodiversity policy portfolio requires clarifying conservation goals, systematically evaluating existing programs, being sensitive to the context, closely monitoring policy implementation and results, and revising the portfolio as new information becomes available. (C) 2003 Elsevier Science Ltd. All rights reserved.