In an exclusive interview with Dr. Joseph Bull, Associate Professor in Climate Change Biology at the University of Oxford, we explore the critical interplay between public and private investments in addressing climate change and biodiversity loss. While debates often position these funding sources as competing alternatives, Dr. Bull argues that this perspective is flawed. Instead, he makes the case for a balanced, hybrid approach that leverages the strengths of both.
The power of partnership
“Public and private investments are not opposing forces—they’re complementary,” Dr. Bull explains. Private markets for nature restoration, such as biodiversity offsets, rely on public policy and financial support to function. “Nature markets, even if mainly funded privately, require public policy and regulation to be established,” he emphasizes during our conversation.
This dynamic works both ways: public regulations set the stage for private initiatives, while private investments scale the impact of those policies. Together, they create a feedback loop essential for closing the massive funding gap in biodiversity and climate finance.
Why regulation is the cornerstone
When asked about the role of regulation, Dr. Bull doesn’t hesitate: “Regulations are overwhelmingly the big driver.” His research underscores that more than 99% of biodiversity offsets are triggered by regulatory requirements, not voluntary actions.
He points to the English Biodiversity Net Gain (BNG) policy as a prime example. This law mandates that all new development projects improve biodiversity by at least 10%, creating clear and enforceable targets. While most gains are achieved on-site, the mandatory nature of the policy ensures a level of impact that voluntary measures can’t match.
The role—and limits—of market forces
During the interview, Dr. Bull reflects on the potential of private markets. He acknowledges their promise but also cautions against overreliance. “The ideal situation is one in which market forces result in a high cost for nature restoration or conservation, incentivizing efforts to avoid biodiversity impacts in the first place,” he explains.
Yet, private finance hasn’t scaled sufficiently to meet both ecological and financial goals. “There’s hope, but we’re not there yet,” he adds.
Unlocking investment in nature
So, how do we unlock more investment in biodiversity and sustainability? According to Dr. Bull, several key factors drive demand:
1. Regulation: Clear rules and mandates.
2. Risk Management: Reducing long-term risks through sustainable practices.
3. Public Perception: Building a green reputation that resonates with stakeholders.
4. Financial Returns: Aligning profitability with ecological benefits.
“Regulation is the foundation, but risk management and public perception also play significant roles,” he notes.
Building bridges across sectors
A critical challenge is ensuring that private capital flows effectively across sectors like construction and agriculture. Dr. Bull emphasizes the need for clarity in incentives and innovative financial tools. “A well-regulated environment, coupled with riskreduction mechanisms, is essential for attracting private investment into green projects,” he explains.
Conclusion: collaboration is key
Throughout the interview, Dr. Bull stresses the importance of collaboration between public and private sectors. Public investments and regulations create the enabling environment, while private capital scales solutions. Ignoring one side of this equation, he warns, could undermine progress. “These can’t be separated entirely,” Dr. Bull concludes. “To talk about one without the other is a bit of a false dichotomy.”
About Dr. Joseph Bull
Dr. Joseph Bull’s contributions are significant in advancing the understanding and implementation of nature-positive strategies, biodiversity conservation, and the integration of economic development with environmental protection.
Current positions
- Associate Professor in Climate Change Biology, Department of Biology, University of Oxford
- Tutorial Fellow, Wadham College, University of Oxford
- Director, Wild Business Ltd.
Research Focus
- Developing nature-positive strategies that balance economic development with biodiversity conservation.
- Exploring solutions such as biodiversity offsetting, ecosystem restoration, and climate change mitigation.
- Studying social-ecological system dynamics, with a special focus on dryland ecosystems in Central Asia and Australia, as well as temperate systems in Europe.
Dr. Bull’s work involves strong collaboration with partners in government, business, research institutes, and international NGOs. He is affiliated with several key initiatives, including the ICCS (Interdisciplinary Centre for Conservation Science), the Darwin Initiative, and the EU Green Deal. His research aims to provide the technical underpinnings necessary to catalyze a shift towards a nature-positive world.
Planetary Responsibility Foundation key facts
- Founded: 2022
- Headquarters: Copenhagen, Denmark
- Purpose: To protect and preserve our planet’s nature and biodiversity and promote sustainable development. We do this through a holistic mindset and mission-driven investments and projects that make a difference for both people and the planet and to create returns that can be reinvested in the foundation’s work.
- Strategy: The foundation strategy has two components, RESTORE (nature restoration) and RETHINK (sharing knowledge about building and living more sustainably) that guide our work, and help us create lasting impact.
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For more information, visit: www.prf.dk
