1992 Convention on Biological Diversity

The 1992 Convention on Biological Diversity is a pivotal treaty on sustainable development, with the avowed objective of conservation of biological diversity, the sustainable use of its component, and the fair and equitable sharing of the benefits arising out of the utilization of genetic resources. For the first time in international law, the conservation of biodiversity was characterized as a "common concern of mankind," relating it to economic and social development. It further recognizes the close and traditional dependence of many indigenous and local communities on biological resources, and the desirability of the equitable sharing of benefits from the use of traditional knowledge, innovation and practices. It codifies the principle of transboundary harm or the responsibility of states to ensure that activities within their jurisdiction or control do not cause damage to the environment of other states or areas beyond its national jurisdiction. It contains provisions for new and additional financial resources, and access to technologies for developing countries, in recognition that economic and social development have overriding importance for developing countries.