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Over the past 15 years Australia has been trialling conservation tenders and other market based instrument approaches to generate environmental outcomes, particularly on private lands.
Declines in global biodiversity due to land conversion and habitat loss are driving a "Sixth Mass Extinction" and many countries currently fall short of meeting even nominal land protection targets to mitigate this crisis.
Environmental services of biodiversity, clean water, etc., have been considered byproducts of farming and grazing, but population pressures and a move from rural to peri-urban areas are changing land use practices, reducing these services and increasing land degradation.
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