The Government is to conduct a review to establish how best to implement a new European Union action plan aimed at tackling the problem of bioversity loss.
Minister for the Environment Dick Roche said a joint statement with his Northern Ireland counterpart David Cairns that the EU directive was a welcome move.
"Biodiversity loss matters. It is a drain on our economies and it reduces the quality of our lives," Mr Roche said.
"Vulnerable species and habitats do not recognise land or sea boundaries, so it is up to us to cooperate on practical measures which benefit both administrations.
"We take so much for granted and only see how important things are when they are gone. We owe it to ourselves and future generations to halt biodiversity decline."
Last month, the European Court of Justice (ECJ) said the Government had breached an EU law on the protection of natural habitats and not being active enough in protecting listed species.
The European Commission had brought a complaint to the court, arguing that Ireland was not doing enough to establish a system of protection for a specific list of animals and plants.