Identifying and prioritising knowledge gaps to mainstream biodiversity in economic and financial decision-making: The case of Western Australia

Addressing knowledge gaps to mainstream biodiversity in private and public decision-making is urgent to meet global and national biodiversity targets and goals. In parallel, there is a growing need to understand the economic and financial sides of biodiversity-linked impacts and dependencies of economic activities. Western Australia is uniquely placed in both economic activities and its biodiversity. It has a globally important mining or resources sector, as well as it is one of the 36 global biodiversity hotspots. In this context, identifying the knowledge gaps in biodiversity economics and finance is logical and important to advancing a nature-positive future.

The purpose of this paper is twofold. First, to describe the bottom-up approach adapted to identify the knowledge gaps in biodiversity economics and finance for Western Australia, and second, to identify the priority knowledge gaps. We followed an iterative process, engaging both end-users who demand knowledge and researchers who provide it through research. Following extensive consultations with stakeholders, we identified issues, problems, and challenges related to biodiversity economics and finance. These issues, concerns, and challenges were analysed, transformed into knowledge gaps, which were then prioritised through a series of workshops.

During the issue identification and knowledge gap prioritization process, we identified two themes and nine knowledge gap focus areas. These focus areas include learn, measure, value, account for, enabler, economics, markets, finance, and practice. The focus areas of knowledge gaps as top priorities needing targeted research in biodiversity economics and finance for Western Australia are economics, valuation, and measurement. Within each focus area, a series of knowledge gaps were identified and prioritized, which were further exemplified by relevant research questions. Through this process, a catalogue of knowledge gaps or research needs in biodiversity economics and finance for Western Australia was developed. It is currently in the implementation phase through research service providers in the state to generate evidence to mainstream biodiversity into private and public decisions.