One of the primary concerns of countries with high levels of biodiversity is the conservation of species and natural environments. This prioritization is based in part on a recognition of the importance of ecosystem services, understood as the various benefits that humans derive from ecosystems, which may be developed into goods and services that are transacted in markets. The Nagoya Protocol is an international agreement whose purpose is to provide a framework under which countries can support biodiversity conservation by regulating access to native genetic materials. Such materials may be of interest to companies, organizations, and institutions for commercial, non-commercial, or both purposes. Furthermore, genetic resources constitute important inputs in numerous industries, including those in the pharmaceutical, biotechnology, botany and horticultural, agricultural, personal hygiene and cosmetics, and food and beverage sectors. The present study explores whether there is a relationship between biodiversity, the implementation of systems to protect natural areas and the quality of institutions, and the utilization of the Nagoya Protocol framework in individual countries. A Probit model was estimated to test these relationships, and a Canonical Correspondence Analysis (CCA) was conducted to identify whether the aforementioned factors explain the execution of access and benefit sharing (ABS) agreements, as measured through the lodging of Internationally Recognized Certificates of Compliance (IRCC) in the Access and Benefit-Sharing Clearing-House (ABSCH) of the Convention on Biological Diversity. The findings indicated that biodiversity conservation policies, specifically the designation of protected natural areas, are important factors that might motivate actors in Nagoya Protocol member countries to utilize the protocol system. The CCA also revealed that the quality of institution factors such as the protection of property rights, the efficiency of legal frameworks for dispute resolution, investor protection, and a low government regulation burden. also help to explain the utilization of ABS agreements.
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