Abstract

ADRIANA SOTO, Mariana Sarmiento. Hydrocarbons and Biodiversity Offsets: An Opportunity for Sustainable Development. rev.ing. [online]. 2014, n.40, pp.63-68. ISSN 0121-4993.

The Manual for Calculating Biodiversity Offsets adopted by the Ministry of the Environment and Sustainable Development in Colombia is a breakthrough towards the standardization of the assessment of environmental impacts that cannot be avoided, mitigated or corrected during the lifespan of a development project. In addition to contributing to the mitigation of impacts, this new tool offers an opportunity for oil and gas companies to anticipate their compensation requirements and to plan adequate implementation and funding strategies. However, there are still legal, institutional, financial, and technical challenges for its implementation. Overcoming these challenges is key so that the investments in biodiversity offsets associated with this innovative compensation scheme-in this case related to the exploitation of hydrocarbons-contribute effectively to the national goals of biodiversity conservation and ecological restoration

Keywords : Compensatory mitigation; Colombia; environmental permits; biodiversity offsets; habitat banks.

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