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5. The ongoing modifications of the name of the initiative render the analysis confusing and may unavoidably bewilder readers. Generally, the acronyms ‘GDM’, ‘VCA’ and ‘GDI’ relate to the same initiative, launched by the same promoters, but point to different stages of its transformation, characterized in particular by how the initiative presents itself.

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22. While the present paper builds on the significant distinction between ‘transnational’ and ‘international’ law, it should – in so far as ‘transnational’ expands the scope of ‘international’ law – be conceived also within the context of the research on ‘comparative international law’, which explores possibilities of using comparative methods and approaches in studying international law: see the special issue (2015) 109(3) Am J Int'l L 467–550.CrossRefGoogle Scholar

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33. Convention on Biological Diversity (Cbd), Rio de Janeiro, 5 June 1992; entered in force 29 December 1993.

34. The resources provided in the predicted manner are insufficient, project-tied and do not remunerate the full benefits that biodiversity generates: Menzel, S ‘Financial support for biodiversity protection in developing countries – does the CBD mechanism lead to an appropriate level of biodiversity protection?’ in Markussen, M et al Valuation and Conservation of Biodiversity: Interdisciplinary Perspectives on the Convention on Biological Diversity (Berlin: Springer-Verlag, 2005).Google ScholarAdditionally, there have been concerns over a disproportionate influence by the donors – developed states – over the allocation of funds: H Sjöberg ‘Restructuring the Global Environment Facility’ (1999), available at http://207.190.239.143/outreach/outreach-publications/WP13-Restructuring_the_GEF.pdf (accessed 1 March 2016); Roberts, P ‘International funding for the conservation of biological diversity: Convention on Biological Diversity’ (1992) 10 B Int'l L J 303 at 325, 343.Google Scholar

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46. Earthmind The BioAreas Standard & Registry for Biodiversity-Responsible Area Management, Pilot Phase Version 1.0 (1 March 2012) at 3, available at http://gdi.earthmind.net/files/BioAreas-Reference-Guide-Version1-01Mar2012.pdf (accessed 1 March 2016).

47. Earthmind The Business Case for BioAreas (1 March 2012), available at http://gdi.earthmind.net/files/BioAreas-Business-Case-01Mar2012.pdf (accessed 1 March 2016).

48. GDM, above n 32, pp 3, 8.

49. GDM, above n 32, p 47.

50. GDM Report from an Expert Workshop: towards a Green Development Mechanism, available at http://gdm.earthmind.net/files/ReportfromFeb09ExpertWorkshopwithAnnex1.pdf (accessed 1 March 2016).

51. Ibid.

52. GDM, above n 32, pp 44–47.

53. Unep/Cbd/Cop/10/Inf/28 (GDM 2010 Initiative report).

54. ‘Cbd Cop 10 highlights’ (2010) 9(534) Earth Negotiations Bulletin, 20 October, available at http://www.iisd.ca/vol09/enb09536e.html (accessed 1 March 2016) (concretely, Bolivia made a statement about the source of financial resources, the African Group and Malaysia opposed reference to the GDM, and Japan opposed all references to specific initiatives).

55. Unep/Cbd/Cop/10/3 ‘Strategy for resource mobilization in support of the achievement of the Convention's three objectives’ Decision X/3, available at https://www.cbd.int/decision/cop/default.shtml?id=12269 (accessed 1 March 2016). In the aftermath of the CBD COP, the efforts to clarify issues surrounding the mobilization of financial resources to support the achievement of the 2020 Aichi Biodiversity Targets, including the role of ‘innovative financing mechanisms’, moved to more informal avenues: see F Farooqui and M Schultz Co-chairs' Summary of Dialogue Seminar on Scaling up Biodiversity Finance, Quito, 6–9 March 2012, available at http://www.cbd.int/doc/meetings/fin/ds-fb-01/official/ds-fb-01-02-en.pdf (accessed 1 March 2016).

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59. In particular, the term ‘mechanism’ in the Gdm was disputed, for being ‘too closely linked’ to financial mechanisms and official development assistance, which are already enshrined in the Cbd: Earth Negotiations Bulletin, above n 54.

60. See eg Lorch, A ‘Resource mobilisation for the Cbd: innovative financial backtracking?’ (2012) Third World Resurgence No 242/243, available at http://www.ifrik.org/resource-mobilisation-cbd-innovative-financial-backtracking (accessed 1 March 2016);Google Scholar Gómez-Baggethun, E and Ruiz-Pérez, M ‘Economic valuation and the commodification of ecosystem services’ (2011) 35 Prog Phys Geog 613.CrossRefGoogle Scholar

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63. a Verified Conservation Areas , http://v-c-a.org/ (accessed 1 March 2016); Gdi, http://gdi.earthmind.net/ (accessed 1 March 2016).

64. Metcalfe, J and Vorhies, F ‘Exploring the case for a Green Development Mechanism’ (2010), available at http://www.cbd.int/financial/doc/gdm-exploring-the-case-en.pdf (accessed 1 March 2016). Today, the scheme is described as a ‘platform [that] enables conservation to be visible, accountable and marketable’; see Verified Conservation Areas, above n 65.Google Scholar

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75. Gulbrandsen, above n 76, at 17.

76. VCA Tools for Management Plan, available at http://toolkit.earthmind.net/plan/ (accessed 1 March 2016).

77. The following institutions have, for instance, drafted standards on which the Gdi draws: the Global Reporting Initiative, the government of Australia, the Iucn, the Nature Conservancy, an Eu Parliament committee, Marks & Spencer and Unilever; Vca Tools for Conserving Nature, available at http://toolkit.earthmind.net/conserve/ (accessed 1 March 2016); Vca Tools for Using Natural Resources Sustainably, available at http://toolkit.earthmind.net/use/ (accessed 1 March 2016).

78. VCA The Verified Conservation Area Standard, available at http://v-c-a.org/files/VCA-Standard-Feb2016.pdf (accessed 1 March 2016).

79. VCA Proposed VCAs, available at http://v-c-a.org/proposals/ (accessed 1 March 2016).

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81. National laws concerning protected areas establish standards. A particular standard for land management is given also by the Eu's Directives 2009/147/Ec (Birds Directive) and 92/43/Eec (Habitats Directive).

82. Affolder, above n 83; bsee also the sector-specific standards for sustainable use that the Gdi has identified, available at http://toolkit.earthmind.net/use/ (accessed 1 March 2016).

83. Affolder, N ‘Cachet not cash: another sort of World Bank Group borrowing’ (2006) 14 Mich St L J Int'l L 141.Google Scholar

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85. See eg Important Bird Areas established by the NGO Birdlife International; BirdLife Sites – Important Bird Areas, available at http://www.birdlife.org/datazone/site (accessed 1 March 2016); Dudley, N Guidelines for Applying Protected Area Management Categories (Gland, Switzerland: IUCN, 2008). Note that the IUCN is not a straightforward NGO, but a special kind of hybrid organisation, with both governments and NGOs as members.CrossRefGoogle Scholar

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88. Ibid, p 4.

89. UNEP/CBD/COP/10/2 ‘Strategic Plan for Biodiversity 2011–2020’ Decision X/2, available at https://www.cbd.int/decision/cop/default.shtml?id=12268 (accessed 1 March 2016).

90. A notable exemption is the decision Unep/Cbd/Cop/8/17, devoted exclusively to private-sector engagement. Apart from addressing states, the decision also appeals directly to the private sector.

91. Cbd Cop Rules of Procedure, Rule 40, para 1. Note, however, that the entire paragraph is bracketed ‘due to the lack of consensus among the Parties concerning the majority required for decision-making on matters of substance’; UNEP/CBD/COP/10/27 ‘Report of the Tenth Meeting of the Conference of the Parties to the Convention on Biological Diversity’, available at https://www.cbd.int/cop10/doc/ (accessed 1 March 2016) Item 1.6, para 65.

92. GDI, above n 59.

93. See GDM About Us, available at http://earthmind.org/gdi/aboutus/ (accessed 1 March 2016), where a previous member of a Steering Committee represented the CBD.

94. For a list of the presence of the GDI initiative up to 2010, see GDM Events, available at http://gdm.earthmind.net/events/ (accessed 1 March 2016).

95. GDI GDI4 Outcome Statement for the CBD Process, available at http://gdi.earthmind.net/files/gdi4-outcome-statement-cbd-process.pdf (accessed 1 March 2016).

96. GDM, above n 32, at 4.

97. Earthmind, above n 46, p 3.

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