Strengthening Biodiversity: New Measures for Biological Diversity Act, 2002

The National Biodiversity Authority (NBA) has approved new measures to bolster the Biological Diversity Act of 2002. This strategic move includes streamlined procedures for the utilization of Access and Benefit Sharing (ABS) funds and revised guidelines for designated repositories.

ABS funds are generated when entities utilize biological resources, including plants, microorganisms, and traditional knowledge, for commercial purposes. These funds are channelled back to the rightful beneficiaries. In instances where beneficiaries are unidentifiable, the funds are directed towards the socio-economic development of the regions where these biological resources originate.

An official stated, "When adequate information is lacking, a sharing formula of 30% to institutions and repositories, and 70% to the NBA has been prescribed." The NBA's share is distributed to State Biodiversity Boards and Union Territory Biodiversity Councils for biodiversity conservation activities. Moreover, revised guidelines for repositories emphasize robust documentation, provenance record maintenance, and adherence to standard operating procedures.