PUBLIC SECTOR EXPENDITURES AS A MEASURE OF INVESTMENT IN BIODIVERSITY: A CASE STUDY OF THE REPUBLIC OF SRPSKA
Abstract: This paper explores public expenditures aimed at biodiversity preservation in the Republic of Srpska. The central research question addressed in this paper is: How much public funding is allocated to biodiversity protection in the Republika Srpska? Accordingly, the subject of the research is the analysis of public sector expenditures in the Republika Srpska, with a particular focus on budget allocations aimed at biodiversity conservation. The main hypothesis of the study is that allocations for biodiversity protection account for approximately 1% of total public expenditures in the Republika Srpska. However, the research is subject to several challenges and limitations. A key constraint is the absence of a unified database for tracking and identifying biodiversity-related investments, This lack of systematic data classification complicates the precise assessment of financial flows directed toward biodiversity. Furthermore, the introduction of a program-based budgeting system, accompanied by clearly defined monitoring and control mechanisms, would significantly improve the accuracy and transparency of data collection on public expenditures by purpose. Such reforms would enable a more reliable evaluation of biodiversity-related investments.
Keywords: sustainability, biodiversity, financial management, ecology, accounting