Tell me where you come from, I will tell you who you are: A genealogy of biodiversity offsetting mechanisms in historical context

Biodiversity offsetting (BO) is now a well-established mechanism worldwide. In several countries, it stands as a regulatory requirement and can be achieved via commercial transactions of biodiversity “credits”. Little is known however among ecologists and BO practitioners about the genealogy of BO instruments and the historical factors that shaped them. It is only quite recently that the use of market-based instruments to protect the environment has gone from being politically anathema to politically correct. How can we account for this shift? To shed light on the rise of BO market mechanisms, we build upon historical records and historical research. This research documents a link between the emergence of BO market mechanism and the 1973-1990 rollback of environmental regulations. These results help contextualize the rise of market-based instruments in conservation science and policies within the ascent of a new “liberal environmentalism” policy paradigm. They therefore shed light on the co-evolutionary relationship linking conservation to societal and ideological dynamics.