Guidelines for selecting an appropriate currency in biodiversity offset transactions

Conservation funds are grossly inadequate to address the plight of threatened species. Government and conservation organizations faced with the task of conserving threatened species desperately need simple strategies for allocating limited resources. The academic literature dedicated to systematic priority setting usually recommends ranking species on several criteria, including level of endangerment and metrics of species value such as evolutionary distinctiveness, ecological importance, and social significance. These approaches ignore 2 crucial factors: the cost of management and the likelihood that the management will succeed. These oversights will result in misallocation of scarce conservation resources and possibly unnecessary losses. We devised a project prioritization protocol (PPP) to optimize resource allocation among New Zealand's threatened-species projects, where costs, benefits (including species values), and the likelihood of management success were considered simultaneously. We compared the number of species managed and the expected benefits gained with 5 prioritization criteria: PPP with weightings based on species value; PPP with species weighted equally; management costs; species value; and threat status. We found that the rational use of cost and success information substantially increased the number of species managed, and prioritizing management projects according to species value or threat status in isolation was inefficient and resulted in fewer species managed. In addition, we found a clear trade-off between funding management of a greater number of the most cost-efficient and least risky projects and funding fewer projects to manage the species of higher value. Specifically, 11 of 32 species projects could be funded if projects were weighted by species value compared with 16 projects if projects were not weighted. This highlights the value of a transparent decision-making process, which enables a careful consideration of trade-offs. The use of PPP can substantially improve conservation outcomes for threatened species by increasing efficiency and ensuring transparency of management decisions.

Conservation through reserves alone is now considered unlikely to achieve protection of plant species necessary to mitigate direct losses of habitat and the pervasive impact of global climate change. Assisted translocation/migration represent new challenges in the face of climate change; species, particularly orchids, will need artificial assistance to migrate from hostile environments, across ecological barriers (alienated lands such as farmlands and built infrastructure) to new climatically buffered sites. The technology and science to underpin assisted migration concepts are in their infancy for plants in general, and orchids, with their high degree of rarity, represent a particularly challenging group for which these principles need to be developed. It is likely that orchids, more than any other plant family, will be in the front-line of species to suffer large-scale extinction events as a result of climate change. The South West Australian Floristic Region (SWAFR) is the only global biodiversity hotspot in Australia and represents an ideal test-bed for development of orchid conservation principles. Orchids comprise 6 % of all threatened vascular plants in the SWAFR, with 76 out of the 407 species known for the region having a high level of conservation risk. The situation in the SWAFR is a portent of the global crisis in terrestrial orchid conservation, and it is a region where innovative conservation solutions will be required if the impending wave of extinction is to be averted. Major threatening processes are varied, and include land clearance, salinity, burning, weed encroachment, disease and pests. This is compounded by highly specialized pollinators (locally endemic native invertebrates) and, in the most threatened groups such as hammer orchids (Drakaea) and spider orchids (Caladenia), high levels of mycorrhizal specialization. Management and development of effective conservation strategies for SWAFR orchids require a wide range of integrated scientific approaches to mitigate impacts that directly influence ecological traits critical for survival. In response to threats to orchid species, integrated conservation approaches have been adopted (including ex situ and translocation principles) in the SWAFR with the result that a significant, multidisciplinary approach is under development to facilitate conservation of some of the most threatened taxa and build expertise to carry out assisted migration to new sites. Here the past two decades of orchid conservation research in the SWAFR and the role of research-based approaches for managing effective orchid conservation in a global biodiversity hotspot are reviewed.