Shehzad, Ayesha; Khan, Kanwal Iqbal
A icle
Impedimen s o biodi e si y inance implemen a ion
sys em: A hema ic analysis
Pakis an Jou nal o Comme ce and Social Sciences (PJCSS)
P o ided in Coope a ion wi h:
Joha Educa ion Socie y, Pakis an (JESPK)
Sugges ed Ci a ion: Shehzad, Ayesha; Khan, Kanwal Iqbal (2024) : Impedimen s o biodi e si y
inance implemen a ion sys em: A hema ic analysis, Pakis an Jou nal o Comme ce and Social
Sciences (PJCSS), ISSN 2309-8619, Joha Educa ion Socie y, Pakis an (JESPK), Laho e, Vol. 18, Iss. 4,
pp. 925-960
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Pakis an Jou nal o Comme ce and Social Sciences
2024, Vol. 18(4), 925-960
Pak J Comme Soc Sci
Impedimen s o Biodi e si y Finance
Implemen a ion Sys em: A Thema ic Analysis
Ayesha Shehzad
Ins i u e o Business & Managemen , Uni e si y o Enginee ing and Technology, Laho e, Pakis an
Email: ayesha.shahzad[email p o ec ed]
Kanwal Iqbal Khan (Co esponding au ho )
Depa men o Managemen Sciences, Uni e si y o Enginee ing and Technology
New Campus, Kala Shah Kaku, Pakis an
Email: d kanwaliq[email p o ec ed]
A icle His o y
Recei ed: 04 Sep 2024
Re ised: 17 Dec 2024
Accep ed: 21 Dec 2024
Published: 31 Dec 2024
Abs ac
The global conce n o biodi e si y loss highligh s he signi icance o sus ainable p ac ices
p o ec ing na u al esou ces, which equi e massi e in es men . Howe e , sca ce esou ces
o en hinde his, pa icula ly in eme ging economies. Biodi e si y inance can be an
an icipa ed solu ion o his bu ning issue ha can ensu e he sus ainable managemen o
he ecosys em. S ill, due o he e ol ing na u e o he concep , i s applica ion is es ic ed
o di e en s ages. The cu en s udy explo es he impedimen s o biodi e si y inance
implemen a ion in eme ging economies like Pakis an. I is based on a quali a i e esea ch
design and is conduc ed in wo s ages. Ini ially, an ex ensi e li e a u e e iew was
conduc ed o cla i y he concep o biodi e si y inance and iden i y he impedimen s
epo ed by p io esea che s. La e , wen y- i e semi-s uc u ed in e iews we e
conduc ed wi h he membe s o inancial ins i u ions, NGOs, agencies, policymake s,
in es o s, and subjec expe s. Finally, he in e iews we e ansc ibed and analyzed using
NVi o-14. The iden i ied impedimen s we e ca ego ized in o se en majo hemes:
concep ual, social, en i onmen al, inance, economic, amewo k- ela ed, and e i o ial,
and also sugges he u u e pe spec i e o he concep . The indings sugges ha he majo
hind ances in biodi e si y inance adop ion a e lack o concep ualiza ion, economic and
poli ical ins abili y, inadequa e unds, social injus ice, en i onmen al de egula ion, and
excess usage o na u al esou ces. The indings will be help ul o inancial ins i u ions,
NGOs, and agencies in policy-making and amewo k o mula ion o success ully
applying he biodi e si y inance sys em.
Keywo ds: Biodi e si y inance, sus ainable de elopmen goals, biodi e si y loss,
sus ainable managemen , Pakis an.
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
926
1. In oduc ion
Indus ial e olu ion and globaliza ion imp o ed he economic well-being o e e y na ion.
I bene i s he coun y h ough added esou ces, cheap labo , and low cos o p oduc ion,
wi h he p ospec o expanding he economic ac i i ies. Bu a he same ime, i ha ms he
na u al p ocess o he ecosys em ins ead o all global e o s o p o ec he na u al
en i onmen (Dempsey & Sua ez, 2016). Ca bon emissions, bu ning ossil uel,
de o es a ion, clima e change, disposal o chemicals, and was e ma e ials c ea e pollu ion
and a e di ec ly causing biodi e si y loss (And es e al., 2023). Na u al disas e s, including
loods, cyclones, o es i es, ea hquakes, and o nadoes, lead o con inuous na u al
disas e s. Resou ce deple ion nega i ely impac s economic g ow h, whe e conside able
alue gene a ion depends on na u al ese es and ag icul u al p oduc i i y (Bo ah e al.,
2020). Biodi e si y es o a ion and p o ec ion a e equi ed immedia ely o hal his global
c isis (Shehzad & Khan, 2024a). The applica ion o essen ial p ecau ions and measu es
needs inancial suppo o p e en biodi e si y loss and achie e SDGs.
Biodi e si y inance can be a speci ic solu ion o p o ec ing na u al esou ces om
ex eme clima ic changes and des uc i e human ac ions. I ocuses on aising and
managing o ensu e he sus ainable managemen o biodi e si y (Ka olyi & Tobin‐de la
Puen e, 2023). I is s ill in i s eme ging phase and equi es in-dep h in es iga ion. I s’
execu ion is g adually becoming common, bu i s di e se na u e is linked wi h a ious
subjec a eas, including social sciences, en i onmen al sciences, inance, and economies,
making i complica ed o unde s and o di e en s akeholde s. Social sciences highligh
pe cep ions abou sus ainable de elopmen , social peace and jus ice, and social psychology
(Li e al., 2021). En i onmen al sciences inco po a e ecosys em conse a ion concep s,
including ecological economics and ag i-business p ocesses. Fo gene a ing capi al and
using inancial incen i es o sus ainable managemen , biodi e si y inance is p omp ly
linked wi h inance. I ocuses on aising and u ilizing inancial esou ces (Khan e al.,
2023). Economic expe s ocused on he g een economy, SDGs, and sca ci y o esou ces
in de ail (La u e e al., 2016).
Likewise, he e is no heo e ical suppo o biodi e si y inance. The concep s ill has i s
heo e ical unde pinning, and he heo ies o di e en subjec a eas a e linked. The social
esponsibili ies and obliga ions o he o ganiza ions a e highligh ed by he heo ies o social
sciences (F iedman & Miles, 2002; Ta ighi e al., 2022). These heo ies ocus on he
gene a ion o posi i e social e u ns along wi h inancial e u ns. The associa ion o li ing
c ea u es and hei na u al en i onmen al condi ions is p esen ed h ough he heo ies o
ecological sciences (Rosindell e al., 2011). Simila ly, he inancial e u ns gene a ed om
social in es men s, wi h hei cos and bene i ela ions, a e exp essed by inance heo ies
(Ka sikopoulos e al., 2022). Finally, he managemen and balanced usage o esou ces o
mee he supply and demand condi ions a e exp essed by economic heo ies (Daugaa d &
Ding, 2022). Schola s belie e biodi e si y inance is a mul ilaye ed concep , and due o i s
Shehzad & Khan
927
complex na u e, i is essen ial o analyze i keenly. The mul idimensional na u e o
biodi e si y inance o en becomes a hu dle in i s adop ion a a ious s ages.
P io li e a u e has highligh ed ce ain impedimen s o he biodi e si y inance sys em
(CCICED, 2021; I ine‐B oque & Dempsey, 2023). The lack o concep ualiza ion and
heo e ical in e en ion in biodi e si y inance is causing i s misin e p e a ions. Limi ed
s udies ha e ocused on i s basic concep ualiza ion and he p ima y measu es o
biodi e si y inance. Some p ac i ione s ela e i o ESG unds, g een bonds, social impac
bonds, e c. (Khan e al., 2022). Resea che s belie e limi ed inancial esou ces in eme ging
economies hinde he implica ion o sus ainabili y p ojec s and p ac ices (Ellio , 2005).
Some in es o s hink ha socially esponsible in es men s gene a e low inancial e u ns,
which causes in es o s o be unconce ned. Simila ly, he ins abili y o poli ical and
economic condi ions hinde biodi e si y inance applica ions. Gene ally, he inadequa e
budge alloca ion impedes he p o ec ion o he na u al ecosys em (Khan e al., 2024).
Financial ins i u ions o en ace di icul y suppo ing biodi e si y inance due o imp ope
egula o y amewo ks ha nega i ely impac hei policy-making (Sala e al., 2015). The
hu dles in he implemen a ion a e no limi ed ill he e. The una ailabili y o comple e
biodi e si y da a causes p oblems in i s calcula ions. The e is no p ope mechanism o
examining biodi e si y inance lows, which is essen ial o accu a e es ima ion (Nies en
e al., 2017). Howe e , se e al ac o s s ill es ic he applica ion o biodi e si y inance,
pa icula ly in de eloping economies like Pakis an (Ansa i e al., 2023). Tha is why i is
essen ial o iden i y such obs acles impeding he implemen a ion sys em. This s udy
a emp s o explo e and highligh he issues behind he applica ion o biodi e si y inance.
I is in ended o add alue o he exis ing body o knowledge by answe ing he ollowing
esea ch ques ion: Wha a e he mos impo an ac o s ha in luence biodi e si y inance
implemen a ion?
The s udy will con ibu e o he eme ging concep o biodi e si y inance by iden i ying i s
impedimen s in he ollowing way: i s , i discusses he concep o biodi e si y inance
along wi h he linked s udy a eas (social sciences, en i onmen al sciences, inance, and
economies) in de ail, which will help in highligh ing he mul i-disciplina y signi icance o
biodi e si y inance. Second, i highligh s he heo e ical ele ance o biodi e si y inance,
which will help iden i y he bes -suppo ing heo y. Thi d, i is one o he ini ial s udies o
iden i y he impedimen s o he biodi e si y inance implemen a ion sys em, which will
assis in handling he challenges occu ing in he u u e.
The ollowing sec ions o he pape a e o ganized as ollows: sec ion 2 p esen s he
li e a u e e iew and heo e ical pe spec i es o biodi e si y inance; sec ion 3 ocuses on
ma e ials and me hods used o conduc ing he p esen esea ch; sec ion 4 discusses he
key inancings and discussion; and sec ion 5 is p esen ing he conclusion, implica ions,
limi a ions, and di ec ions o he po en ial esea che s.
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
928
2. Li e a u e Re iew and Theo e ical Pe spec i e
2.1 Concep ualiza ion o Biodi e si y Finance
Biodi e si y is signi ican o he e icien unc ioning o an ecosys em. I is essen ial o
he na u al p ocesses o he en i onmen (Johansson e al., 2013). Humans, animals, plan s,
aqua ic li e, and mic oo ganisms wo k oge he o suppo li e, ensu ing he heal hy p ocess
o his ecosys em (Gam eld e al., 2008). Li ing o ganisms depend on each o he and hei
en i onmen o ood, ai , wa e , medicine, clo hing, shel e , e c., o o m an ecosys em
(Cos ello e al., 2018). The e icien ly ope a ing biological communi y plays a i al ole in
he economic well-being o a s a e. A ound $44 illion o he global inancial alue
c ea ion is highly o mode a ely dependen on na u e (Hanley & Pe ings, 2019).
Biodi e si y is c ucial o ag icul u e o ensu e ood secu i y, heal h, and well-being o
li ing o ganisms. Al hough biodi e si y suppo s ag ibusinesses and con ibu es o
economic g ow h, i s p o ec ion, and es o a ion a e s ill no conside ed (Meng e al., 2024).
En i onmen al de egula ion is leading o a decline in biodi e si y as e han a any poin
in ime. The causes o biodi e si y loss, including in asi e species, clima e change,
pollu ion, global wa ming, habi a loss, ex ensi e chemical usage, e c., di ec ly ha m
na u e. The con inuous biodi e si y deple ion is pulling land and wa e species owa d
ex inc ion (Rubino, 2000).
The cu en si ua ion o biodi e si y loss equi es he immedia e p o ec ion and es o a ion
o biodi e si y, and p ope inancing is equi ed o his p ac ice. The need o unds
alloca ion is highligh ed by di e en s udies p esen in he li e a u e (Flamme e al., 2023).
Ka olyi & Tobin-de la Puen e (2023) in e p e ed biodi e si y inance as aising and
managing capi al and aking ad an age o he inancial incen i es o ensu e and suppo he
sus ainable managemen o biodi e si y. Hence, i is he bes possible and po en ial solu ion
o p o ec biodi e si y (Medina & Scales, 2023), emphasizing he gene a ion and
managemen o capi al and using mone a y bene i s o well-being. The equi ed unds a e
gene a ed om di e si ied means: go e nmen budge s, u ili ies, agencies, and minis ies
a e he public sou ces and bodies wo king on biodi e si y inance implemen a ion.
Al e na i ely, co po a e and household e enues, NGOs, comme cial banks, and non-
public companies a e p i a e means o biodi e si y inance.
Shehzad & Khan
929
Table 1: Subjec A ea o Biodi e si y Finance
S udy A ea
Rele an Key Te ms
Re e ence(s)
Social
Sciences
Social esponsibili y in es men ,
sus ainable de elopmen , biodi e si y
conse a ion, social jus ice, cul u al
pe spec i es, social an h opology,
poli ical aspec s, sociology, social
psychology
(Dempsey & Sua ez, 2016;
Li e al., 2021; Shehzad &
Khan, 2024a)
En i onmen al
Sciences
Clima e change, en i onmen al
economics, en i onmen al p o ec ion,
ag icul u e p oduc ion, en i onmen al
inance, ag ibusinesses, ma ine
conse a ion, ecosys em se ices,
ecological go e nance, ca bon inance,
enewable ene gy
(Khan e al., 2024; Sha na
e al., 2022; Spie z &
Ewe , 2009)
Finance
Conse a ion inance, ag icul u e
inance, g een inance, impac
in es men , capi al low, inancial
managemen , c edi p o ision, isk
assessmen , g een inance, in e na ional
unding, clima e inance, biodi e si y
in es men , inance solu ions o
biodi e si y, di e si ied po olio,
g an s and subsidies, g een a i s
(And es e al., 2023; Khan
e al., 2023; Nedopil,
2023)
Economics
En i onmen al economics, ag icul u e
economics, g een economy, sus ainable
de elopmen goals, in as uc u e
in es men , esou ce sca ci y, economic
incen i es, cos and bene i s, supply and
demand
(Băndoi e al., 2020;
La u e e al., 2016;
Schumache e al., 2020)
Biodi e si y inance is discussed in di e si ied subjec domains (social sciences,
en i onmen al sciences, inance, economics) explained in Table 1. P io s udies claimed
ha he mos ele an e ms o social sciences include social esponsibili y in es men ,
which ocuses on gene a ing inancial and social e u ns o e e y business s akeholde
(Shehzad & Khan, 2024a). The o he c i ical social sciences e ms include sus ainable
de elopmen , biodi e si y conse a ion, social jus ice, e c. En i onmen al economics is an
a ea o s udy wi h he maximum in e es o esea che s p esen ing e ms like clima e
change, en i onmen al economics, en i onmen al p o ec ion, e c. (Khan e al., 2024) . The
inance s udy a ea includes e ms ha ocus on he unds equi emen and gene a ion o
p o ec ing, conse ing, and es o ing biodi e si y and he na u al en i onmen .
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
930
En i onmen al economics, ag icul u al economics, g een economy, economic incen i es,
e c., a e he mos ele an e ms o he s udy a ea o economics. Concep ual de elopmen
and he associa ion o subjec ele ance play an essen ial ole in de ining he cu en
concep o biodi e si y inance, which helps in i s applica ion in di e si ied ields.
2.2 Theo e ical Pe spec i e o Biodi e si y Finance
Biodi e si y inance is a mul i ace ed and c oss-disciplina y concep ha lacks heo e ical
and empi ical g ounding. Di e en heo ies om social sciences, en i onmen al sciences,
inance, and economics a e applied by p io esea che s (Naseem e al., 2023). The
highligh ed heo ies only co e one o wo componen s o biodi e si y inance, bu no
single heo y p ope ly na a es he concep o biodi e si y inance. The p esen s udy
a emp s o na a e he ele an heo ies o explain he concep o biodi e si y inance (see
Table 2). These heo ies belong o social sciences (symbolic in e ac ionism, s akeholde ,
CSR, co po a e ci izenship, social iden i y, engaged, and social exchange heo ies). The
symbolic in e ac ionism heo y is he mos ele an in social sciences, explaining he na u e
o he in e ac ions among indi iduals and he a ia ions in human na u e occu ing due o
hei su oundings (Ndhlo u, 2011).
S akeholde s’ heo y s a es ha he pu pose o he o ma ion o any o ganiza ion should
no be limi ed o i s’ s ockholde s only (Laplume e al., 2008). A i m should wo k o he
be e men and use ulness o e e y linked s akeholde , jus like biodi e si y inance, which
ensu es he p o ec ion o e e y li ing o ganism and i s in e ac ing en i onmen (Ramoglou
e al., 2023). CSR heo y also emphasizes social and en i onmen al p o ec ions a he han
ha ming and pollu ing he na u al en i onmen . Ecological, me abolic, niche,
en i onmen al load and a ousal heo ies a e essen ial en i onmen al sciences heo ies.
Ecological heo y can be he mos sui able heo y o exp ess he concep o biodi e si y
inance, which emphasizes biodi e si y conse a ion and es o a ion (Ng e al., 2023). The
me abolic heo y explains ha li ing o ganisms depend on he esou ces abso bed and
ex ac ed om he na u al en i onmen . The ood quali y hey consume a ec s he
me abolic a es o li ing o ganisms, including hei ep oduc ion, su i al, and g ow h
(Sch amski e al., 2015). Acco ding o niche heo y, he ecological and habi a
equi emen s a e signi ican , allowing o o sp ing g ow h. These essen ial equi emen s
a e no ul illed h ough biodi e si y loss and can be co e ed h ough he sus ainable
managemen o biodi e si y ensu ed by biodi e si y inance (Takola & Schielze h, 2022).
Shehzad & Khan
931
Table 2: Theo e ical Unde pinning o Biodi e si y Finance
S udy A ea
Rele an Theo ies
Re e ence(s)
Social Sciences
Symbolic in e ac ionism heo y,
S akeholde s heo y, CSR heo y,
Co po a e ci izenship heo y, Social
iden i y heo y, Engaged heo y,
Social exchange heo y
(Benlemlih & Bi a , 2018;
Ca e & Fulle , 2016;
F iedman & Miles, 2002;
Ta ighi e al., 2022)
En i onmen al
Sciences
Ecological heo y, Me abolic heo y,
Niche heo y, Neu al heo y,
En i onmen al load heo y, A ousal
heo y
(Cha e, 2004; Leigh, 2007;
Palme e al., 1997;
Rosindell e al., 2011)
Finance
Po olio heo y, Capi al s uc u e
heo y, U ili y heo y, Non- a ional
choice heo y
(Ka sikopoulos e al., 2022;
Shehzad & Khan, 2024a)
Economics
ESG heo y, Economic heo y, Supply
and demand heo y, Keynesian
economic heo y
(Daugaa d & Ding, 2022;
Dolde e e al., 2021)
Po olio, capi al s uc u e, u ili y, a io analysis, and equilib ium heo ies a e ela ed o
inance. Po olio heo y acili a es isk mi iga ion o s akeholde s’ conce ns and ocuses
on maximizing e u ns o minimizing isks h ough di e si ica ion (Ando & Shah, 2016).
Biodi e si y inance ocuses on collec ing unds om bo h public and p i a e sou ces.
Hence, po olio heo y can be linked wi h biodi e si y inance o selec unds om bo h
sou ces, conside ing hei isks and e u ns (Cosma e al., 2023). Likewise, capi al s uc u e
heo y emphasizes und aising om a me ge o deb and equi y. U ili y heo y explains
he sa is ac ion le els o indi iduals gained by u ilizing goods and se ices. Biodi e si y
inance emphasizes he use o inancial incen i es o he sus ainable managemen o
biodi e si y, and i can di ec ly be linked wi h u ili y heo y.
Simila ly, ESG, economics, supply-demand, and Keynesian economic heo ies a e majo ly
used in biodi e si y inance. ESG heo y assis s s akeholde s in lea ning abou he
managemen o isks and oppo uni ies ela ed o en i onmen al, social, and go e nance
ac o s (Mo ison, 2021). The p ope managemen o hese ac o s is possible h ough he
adop ion o biodi e si y inance p ac ices. Neoclassical economic heo y s a es ha
esou ce alloca ion, consump ion, p oduc ion, and cos s a e linked wi h he supply and
demand o esou ces (Pe ick, 2005). Biodi e si y inance ocuses on he balanced
consump ion and usage o na u al esou ces, p ese ing hem o u u e gene a ions
(Hu chinson & Lucey, 2024). The mul idimensional na u e o biodi e si y inance has
encou aged esea che s o link i wi h mani old heo ies. I s complex and eme ging na u e
has shown ha mul idimensional heo ies can explain he concep mo e clea ly and in-
dep h, p o iding a solid heo e ical basis o concep ualiza ion.
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
932
2.3 Impedimen s o Biodi e si y Finance
Biodi e si y inance is acknowledged in e na ionally, bu mul iple ac o s hinde i s
applica ion (Medina & Scales, 2023). P e ious li e a u e has highligh ed some ac o s
hinde ing he implemen a ion o biodi e si y inance. The iden i ied impedimen s a e
concisely p esen ed in Table 3. The p esen en i onmen al condi ions a e compelling
people owa ds sus ainabili y, and he adop ion o biodi e si y inance is g adually
becoming common. Biodi e si y inance ensu es he conse a ion and es o a ion o
biodi e si y and he na u al en i onmen . The knowledge gap is he o emos ac o
hinde ing i s adop ion. The p ac i ione s a e unawa e o he signi icance o sus ainable
p ac ices (Ka olyi & Tobin-de la Puen e, 2023). The e is an immedia e need o awa eness
and mo i a ion o ensu e he concep ual cla i y o he concep . Long- e m isky in es men s
gi e less inancial e u ns and keep p i a e in es o s a a ms’ leng h (Filippini e al., 2024).
The limi ed g an s, subsidies, and ax elaxa ions p o ided by he s a e compel cul i a o s,
businesses, and o ganiza ions o use un ai and unheal hy means o p oduc ion, di ec ly
hinde ing he p ac ice o biodi e si y inance (Shehzad & Khan, 2024b). Mos inancial
ins i u ions a e no willing o implemen biodi e si y inance p ac ices. The und aising
sou ces and in e media ies o de eloping economies ha e weak inancial s uc u es ha
o m he mechanisms o sus ainabili y managemen p ojec s (Webe , 2017). The
una ailabili y o unds and inancial esou ce sca ci y a e also signi ican impedimen s o
biodi e si y inance adop ion, including limi s o he gene a ing and managing capi al and
he usage o economic and inancial incen i es assis ing en i onmen al sus ainabili y
(Nikolaou e al., 2014). The poli ical and economic ins abili y, ising in la ion a es, and
unemploymen may limi in es o s om implemen ing biodi e si y inance (Hamil on e
al., 2000). Insu icien budge alloca ion and inancial plans also hinde he p o ec ion and
es o a ion o biodi e si y (Cuad ado-Balles e os & Bisogno, 2022).
The lack o echnical expe ise and skilled pe sonnel also hinde s he implemen a ion o
sus ainabili y p ojec s. In pa allel, he absence o sus ainabili y expe s and hei aluable
ad ice hinde s o mula ing s a egies o p ac icing biodi e si y inance. Ad anced AI
echniques and ools may acili a e biodi e si y and ecosys em conse a ion (Shi ap akash
e al., 2022). The nex majo hind ance is he una ailabili y o global s anda ds and c i e ia.
In e na ional ules and egula ions will ensu e he p o ec ion and well-being o li ing
o ganisms (Kopnina e al., 2024). The lack o p essu es imposed by in e na ional and
egional bodies allows he negligence o sus ainabili y pa ame e s h ough he applica ion
o ha m ul ac i i ies. The impedimen s o biodi e si y inance a e no limi ed o his poin ;
he con lic ing in e es s in he alue chain o social in es men s and he in es men s
owa ds he na u al en i onmen di ec ly hinde i s adop ion (Shehzad & Khan, 2024a).
Shehzad & Khan
939
Figu e 4. Comp ehensi e P ojec Map
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
940
En i onmen al ac o s ha e he highes e e ences om he s udy pa icipan s, wi h a
maximum numbe o codes p esen ed in Figu e 5. Land p oduc i i y depends on
en i onmen al ac o s and is posi i ely o nega i ely a ec ed by bene icial and ha m ul
ag icul u al p ac ices. Cul u al a ming p ac ices, lack o a me s’ awa eness and
educa ion, excess usage o chemical e ilize s, co po a e a ming, and ex inc ion o
o ganic e ilize s a e ha m ul ag icul u al p ac ices ha lead o biodi e si y loss. Simila ly,
he e a e mul iple needs o a me s ha should be ul illed o enhance ag icul u al
p oduc i i y, which equi es biodi e si y inance and will ul ima ely lead o he p o ec ion
and well-being o li ing o ganisms. The acili ies equi ed by a me s include laws and
policies o en i onmen - iendly a ming, s abili y in he a es o ag icul u al p oduc s,
echnically educa ed expe s and o ganiza ions o suppo a me s, a ailabili y o o ganic
e ilize s and subsidies, expo o ag icul u al goods, coope a i e a ming, land en policy,
and many o he s. The una ailabili y o hese acili ies o he negligence o a me s’ needs
will hinde biodi e si y inance adop ion.
Shehzad & Khan
941
Figu e 5: Cogni i e Map o En i onmen al Fac o s
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
942
3.6 Hie a chy Cha Scanning
The main ac o s in luencing he applica ion o biodi e si y inance a e p esen ed h ough
hie a chy cha analysis (see Figu e 6). The isual ep esen a ion o he ac o s clea ly
shows ha lack o concep ual cla i y and di e en en i onmen al ac o s majo ly lead o
biodi e si y loss and hinde he adop ion o biodi e si y inance. The s udy pa icipan s
highligh ed di e en ha m ul human ac i i ies, including he excess usage o na u al
esou ces, global wa ming, de o es a ion, pollu ion, and ca bon emissions. The comple e
lis o ha m ul human ac i i ies is p esen ed in Figu e 7. The go e nance and economic
ac o s ha e equal p opo ions and in luence he applica ion o biodi e si y inance. The
de i ed hie a chy ca also p esen ed esponden s' conce ns ela ed o he applica ion o
biodi e si y inance in he u u e, which will lead o accomplishing SDGs. Fu he mo e,
social, cul u al, and geog aphic ac o s a e he leas dominan ac o s ha may obs uc
biodi e si y inance in eme ging economies like Pakis an.
Shehzad & Khan
943
Figu e 6: Visualiza ion o Dominan Fac o s
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
944
The excess bu ning o esou ces, including oil, coal, and gas, is di ec ly aising he a io o
ca bon dioxide in he a mosphe e and is leading o ca bon emissions. Clima e change, he
bu ning o ossil uels, and poo indus ial manu ac u ing a e causing global wa ming.
Dumping was e ma e ials in na u al wa e bodies and on land inc eases he numbe o
pollu an s. Along wi h his, he lack o echnological ad ancemen s and ai il e s is
a ec ing ai quali y s anda ds, which a e ha m ul o he heal h o li ing o ganisms.
O e hun ing and o e ishing a e educing some species' a ie ies. Simila ly, he un ai and
excess usage o na u al esou ces is educing hei abili y o ep oduce and hei
p ese a ion o he nex gene a ions. All hese ha m ul human p ac ices ad e sely a ec
ou na u al en i onmen and he ep oduc ion o li ing c ea u es. The con ol and
es o a ion o biodi e si y loss equi es p ope unding mechanisms h ough biodi e si y
inance.
Figu e 7: Human Ac i i ies Ha ming Na u e
Shehzad & Khan
945
4. Findings and Discussion
The p oblem o biodi e si y loss is cu en ly a global conce n ha equi es he uni e sal
sus ainable managemen and p o ec ion o biodi e si y. E e y coun y en o ces laws and
egula ions o p o ec and conse e na u al esou ces o i s cu en and u u e gene a ions.
P io s udies epo ed di e en ba ie s ini ially aced when implemen ing a biodi e si y
inance sys em. Howe e , hese ba ie s a y globally, pa icula ly om a de elopmen al
con ex . The p esen s udy is conduc ed o enlis he ac o s ha impede he biodi e si y
inance sys em. I ollowed he quali a i e s udy design and conduc ed wen y- i e in e iews
wi h he membe s o di e en inancial ins i u ions, NGOs, subjec expe s, agencies, in es o s,
and policymake s o highligh he hu dle s in adop ing biodi e si y inance in he ag icul u al,
o es y, and ishe ies sec o s. The iden i ied ac o s e lec di e en issues, p ac ices, and
ac o s ha we e neglec ed o ensu e i s smoo h u u e implemen a ion.
The li e a u e s a ed ha sus ainable p ac ices a e o u mos impo ance bu we e hinde ed
globally due o he ad e se in luence o u baniza ion, o e popula ion, excess usage and
was age o na u al esou ces, inc easing po e y, economic and go e nmen ins abili y,
wa and e o , e c. (Gomie o e al., 2011; Liu e al., 2020). The s udy pa icipan s ha e
also highligh ed and discussed hei p oblems in his p ac ice, like inc easing pollu ion
a ios, o e hun ing, ishing, ca bon emissions, imp ope ecycling p ocesses, and many
o he human ac o s ha ming he na u al en i onmen . The concep ual cla i y is he p ima y
cons ain in i s adop ion. Biodi e si y inance is an eme ging concep ha is s ill in he
concep ual cla i ica ion phase. People who ha e limi ed knowledge o he concep a e
misin e p e ing he concep .
The misconcep ions o people a e compelling hem o unde s and biodi e si y inance as
he p ac ice o p o ec ing human beings. Some esponden s conside i o be spending o
expendi u e made o p o ec human beings only. They do no conside i a p ac ice o
aising and managing capi al and using inancial incen i es o ensu e he sus ainable
managemen o biodi e si y. I includes he p o ec ion o li e on ea h, including plan s,
animals, and all o he o ms o li e p esen on land and below wa e , along wi h he
undamen al in e ac ions among hem. Fu he , esponden s ela ed i wi h o he concep s,
including en i onmen al loans, g een inance, and sus ainable inance. A esponden s a ed
ha ,
“…I hink biodi e si y inance is he spending o he cos we bea o p o ec human
beings o he in es men s in he ag icul u e sec o o g ow c ops o human ood.”
One o he o he s udy esponden s sha ed,
“… o be hones , we don’ know wha i is; mos o us a e un amilia wi h his
echnique. I I am un amilia wi h his concep , how will I implemen i , and how will
I u he in luence my iends and colleagues owa d his p ac ice? Who is he e o
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
946
guide us? No one. We a e s ill hun ing, and we a e pollu ing his land. We don’ know
how o p o ec na u e… ”
One o he o he s udy pa icipan s ga e a unique answe and highligh ed capi alism as he
main issue hinde ing biodi e si y inance adop ion. He added,
“… he bigges p oblem is capi alism, and he solu ion doesn' lie wi h he scien is s.
We mus u n owa ds he philosophe s…”
The lack o social jus ice and peace di ec ly ha ms all li e o ms and he na u al
en i onmen . In alignmen wi h he a gumen , a s udy esponden said ha people a e
unawa e o hei social esponsibili ies owa ds na u e. Sel -cen aliza ion is a signi ican
hu dle in he applica ion o biodi e si y inance. He u he said,
“…chemical and biological a acks a e al eady ha ming human li e and na u e.
Simila ly, now people a e ocusing on hemsel es o gene a ing mo e and mo e
inancial e u ns, a he han gene a ing any social e u n…”
The cu en nuclea wa scena io is causing he mos signi ican ha m o he li e o his
ecosys em. This si ua ion di ec ly des oys biodi e si y and i s abili y o ep oduce and
gene a e o sp ing. An en i onmen alis s a ed ha ,
“We a e en e ing he e a o hi d wo ld wa , in his cu en scena io whe e na ions
a e al eady e y ha sh agains each o he . So i can be conside ed an obs acle which
is emo ing he goal o p o ec ing his biodi e si y…”
The una ailabili y o biodi e si y inance will limi he cul i a ion o c ops and p e en
a me s om adop ing he la es a ming ools and echniques. The e is a lack o ules and
egula ions o suppo and assis he a me s, he e is no expo o ag icul u al and o es y
p oduc s, and ul ima ely, a me s don’ ge enough e u ns agains hei e o s. The same
is ue o ish expo s; a signi ican ly smalle po ion o ishe ies' gene a ion bene i s om
expo s. Acco ding o an in e iewee,
“Those wi h subs an ial land holdings a e aking hei economic g ow h, which is
mo e owa ds he accumula ion o inance. Once you ha e unds o gi e he a me s,
i will make a di e ence…”
Majo hemes we e iden i ied by in eg a ing sub-nodes and hei child nodes and mul iple
sibling nodes. All hese we e inco po a ed by he ema ks and commen s sha ed by he
esponden s o he p esen s udy (see Table 4). The i s iden i ied majo heme is
concep ual ac o s including se e al sub-nodes. The e a e mul iple human ac i i ies
including de o es a ion, nuclea bombing, was e disposal sys ems, habi a des uc ion e c.
Indi iduals a e s ill no awa e o he ha ms hey a e di ec ly o indi ec ly c ea ing o
na u al en i onmen and biodi e si y. Fu he , hey a e no amilia wi h he equi ed
sus ainable ac s and in es men echniques which a e essen ial o p o ec ecosys em. Lack
o knowledge ela ed o biodi e si y inance is majo ly impeding i s’ success ul
implica ion. Acco ding o he majo i y o he s udy esponden s hey we e un amilia wi h
Shehzad & Khan
947
he signi icance o biodi e si y inance. Social ac o s we e highligh ed as second majo
heme, highligh ing he social and cul u al p ac ices which a e gene ally ollowed. Majo i y
o he indi idual in es o s and o ganiza ions a e un amilia wi h CSR and o he socially
esponsible in es men echniques. Social psychologies also play a majo ole and amend
he in es men p ac ices, and hinde biodi e si y inance.
En i onmen al ac o s di ec ly ha m and educe land p oduc i i y, c ea ing p oblems o
li ing o ganisms and economic g ow h. Inadequa e unds and esou ces alloca ed o
a ming sec o is he majo p oblem o ag icul u e sec o . This p oblem c ea ing conce ns
o a me s and ag icul u alis s and is compelling hem o adop ha m ul p ac ices. The
educ ion in ag icul u e ou pu s is dec easing he expo o ag icul u al p oduc s, limi ing
he economic g ow h o ag icul u al coun ies like Pakis an. Economic ins abili y impac
he isk appe i e o indi idual in es o s and limi he in es men s in sus ainable p ac ices
including biodi e si y inance. Financial ac o s a e he mos impo an ac o s in luencing
he sus ainable in es men p ac ices. Un amilia i y wi h g een and sus ainable in es men
mechanisms imped he adop ion o biodi e si y inance. Fu he mo e, he posi i e ole o
s a e and inancial ins i u ions is also signi ican o eco- iendly p ac ices.
Eme ging coun ies wi h weak economic sys ems wi h esou ce sca ci y, hea y deb
bu dens, limi ed in es men oppo uni ies, and low inancial e u ns limi he in es men
p ac ices o local and o eign in es o s. Simila ly, poli ical s abili y and go e nance is
essen ial o p o ec ing s akeholde s’ in e es s. The e is an u gen need o global laws and
ules o p o ec en i onmen o all li ing c ea u es in a sus ainable way. SDGs a e a
signi ican con ibu ion in his si ua ion, and he success ul accomplishmen o hese goals
is highly depending on he adop ion o biodi e si y inance. Some unique indings we e
also ex ac ed om he commen s o he s udy pa icipan s. One o he pa io pa icipan s, who
has wo ked on sus ainabili y p ojec s o he las 14 yea s, sha ed his philosophy o li e as,
“…don' le wha you can' do s op you om wha you can do.”
He says inancial suppo comes second, and en i onmen al p o ec ion and sel -awa eness
come i s . Knowledgeable and conce ned ci izens p io i ize na u al esou ces and land
i s . Based on his pa io ic hough s, he said,
“…I'll be hones : why do we need he UN o ell us wha o do in a coun y like
Pakis an? Why is he e a need o sus ainable de elopmen goals be o e ou ac ? Why
do we no know ha we a e plane Ea h's cus odians and mus p o ec he
en i onmen ?”
P io li e a u e has highligh ed ha weak economic si ua ions may hinde he adop ion o
socially esponsible and sus ainable in es men p ac ices (Spie z & Ewe , 2009).
Ag icul u e signi ican ly con ibu es o suppo ing li e h ough ood and he economy by
ade. The e o e, economic ac o s play a signi ican ole in p omo ing and managing
ag icul u e, o es y, and ishe ies. Acco ding o he pa icipan s' iewpoin s o he p esen
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
948
s udy, he pu chasing powe o people and weak economic si ua ions a e he o emos
economic ac o s ha hinde sus ainable p ac ices. Indi iduals wi h less addi ional capi al
will no in es in social pe spec i es, which will esul in less inancial e u ns and mo e
social e u ns. One o he s udy pa icipan s highligh ed ha people will always p e e hei
hunge o e he p o ec ion o he en i onmen . He also said ha .
“The cu en scena io o pu chasing powe is conside ed o be e y impo an ;
in la ion is conside ed o be hype, and he p ices o e e y hing a e highe han e e
be o e. So, people a e le wi h less disposable money o spend on biodi e si y
p o ec ion. G een inance o any o he o m o in es men , like sus ainable inance,
en i onmen al inance, o social esponsibili y in es men s, should be made o p o ide
en i onmen al and inancial bene i s.”
The lack o p ope amewo k and go e nance is a signi ican obs acle o he smoo h
applica ion o biodi e si y inance. The go e nmen is c ucial in accomplishing
biodi e si y inance, leading o SDGs. As SDGs a e o be accomplished on all le els,
indi idual oles will lead o coun y-le el achie emen , ensu ing global ans o ma ion.
Almos e e y s udy esponden highligh ed ha go e nmen suppo is he key o p o ec ing
and es o ing biodi e si y. A policymake said ha ,
“The und a ailabili y o biodi e si y conse a ion is no widely a ailable. We ha e
o sea ch and ind ha he olume is s ill low. The eason is ha he cen al banks
wo ldwide ha e no added biodi e si y main enance in hei unde lying policies; he e
is no speci ic amewo k…”
He u he discussed ha ,
“Once unding pe cen age o biodi e si y is compulso y, e e y hing will be ine,
na u e will be p o ec ed, li e will be secu ed, animals will be p o ec ed, and ou
en i onmen will be sa e o li e. I will no only p o ec us, bu i will also b ing
economic g ow h h ough ou ism and he expo o c ops, ui s, and many mo e.”
The go e nmen should make people awa e o he use ulness and signi icance o
biodi e si y p o ec ion. P e ious esea che s highligh ed a lack o awa eness and educa ion
as he leading hind ances o adop ing sus ainabili y p ac ices (Singh, 2009). Many o he
s udy esponden s called a en ion o he need o s ic laws o limi he ha m c ea ed by
human ac i i ies. Acco ding o hem, hea y ines, du ies, and axes should be imposed o
es ic ac o ies ha emi pollu an s and chemicals ha cause land, ai , and wa e pollu ion.
Membe o an en i onmen conse a ion agency a gued ha ,
“The p o ec ion o biodi e si y including land and below wa e li e is no possible
wi hou he in ol emen and suppo o go e nmen .”
The s udy pa icipan s deba ed whe he in es men s should be made oday o in he u u e.
Indi idual in es o s should con ibu e equally o he go e nmen o p o ec and es o e
na u e and biodi e si y. Acco ding o hem, oday's in es men s will bene i he nex
gene a ions. Some esponden s we e e y de o ed and a gued ha a he han depending
Shehzad & Khan
955
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Appendix A: Demog aphic P o iles o S udy Responden s
S .
No
.
Anonymo
us ID
NVi
o ID
In e iew
Mode
Gende
Ma i al
S a us
Quali ica
ion
Expe ienc
e (yea s)
Na u e o
Responden
1
ZI***
R1
Telephonic
Female
Ma ied
MS
11
Subjec
Expe
Impedimen s o Biodi e si y Finance Implemen a ion Sys em
960
2
KJ***
R2
Face- o-
Face
Male
Unma ied
MS
13
Membe o
Financial
Ins i u ion
3
RI***
R3
Telephonic
Female
Ma ied
MS
10
Subjec
Expe
4
RE***
R4
Face- o-
Face
Male
Ma ied
BS
29
Membe o
Financial
Ins i u ion
5
AK***
R5
Telephonic
Male
Ma ied
MS
29
Policymake s
6
DW***
R6
Zoom
Male
Ma ied
PhD
15
Subjec
Expe
7
RA***
R7
Face- o-
Face
Male
Ma ied
MS
25
Policymake s
8
DU***
R8
Telephonic
Male
Ma ied
PhD
13
Subjec
Expe
9
MA***
R9
Telephonic
Male
Ma ied
MS
32
Policymake s
10
AR***
R10
Zoom
Male
Unma ied
BS
6
Membe o
Financial
Ins i u ion
11
DA***
R11
Zoom
Male
Ma ied
MS
14
Subjec
Expe
12
SS***
R12
Telephonic
Male
Ma ied
BS
5
Subjec
Expe
13
SF***
R13
Telephonic
Male
Unma ied
BS
8
Membe o
Agency/NGO
14
FM***
R14
Face- o-
Face
Male
Ma ied
MS
20
Membe o
Financial
Ins i u ion
15
IB***
R15
Telephonic
Male
Unma ie
d
MS
12
Membe o
Financial
Ins i u ion
16
MK***
R16
Telephonic
Male
Unma ied
BS
6
Membe o
Financial
Ins i u ion
17
MN***
R17
Telephonic
Female
Unma ied
BS
5
Membe o
Agency/NGO
18
HJ***
R18
Telephonic
Male
Unma ied
BS
6
In es o
19
US***
R19
Telephonic
Male
Unma ied
BS
11
Membe o
Financial
Ins i u ion
20
KK***
R20
Telephonic
Female
Ma ied
MS
6
Subjec
Expe
21
RF***
R21
Face- o-
Face
Female
Ma ied
MS
17
Membe o
Financial
Ins i u ion
22
MT***
R22
Telephonic
Male
Unma ied
BS
8
In es o
23
MU***
R23
Zoom
Male
Unma ied
MS
5
In es o
24
AA***
R24
Zoom
Male
Ma ied
PhD
30
Subjec Expe
25
MH***
R25
Face- o-
Face
Male
Ma ied
MS
10
Membe o
Agency/NGO
