New wine in old bottles? Key research gaps on neoliberal financing for biodiversity emerging from the Global Biodiversity Framework

Coming up with additional financing for biodiversity is a major goal of the Kunming-Montreal Global Biodiversity Framework (GBF), and neoliberal (or market-based) instruments have been proposed as key vehicles to raise this needed money. Lessons learned from the first generation of neoliberal financial instruments, including payments for environmental services and biodiversity offsets, can help to understand the research gaps and needs that surround newer tools, such as biodiversity credits. This article assesses what we know and what we do not about how neoliberal financing is likely to work in the post-GBF era.