Financial Mechanism and Resources

T15 (Business and Financial Institutions): How to Use GEF Funding

This page aims to provide information regarding the legal, administrative or policy measures to encourage and enable business, and in particular to ensure that large and transnational companies and financial institutions for recipient Parties and relevant stakeholders, including how to access funding of the Global Environment Facility in this regard. It is a work in progress and will be updated as necessary.

Financial support of the Global Environment Facility

GEF-financed projects related to business and financial institutions

• Food Systems
• Eliminating Hazardous Chemicals from Supply Chains
• Circular Solutions to Plastic Pollution
• BDFA: Objectives One and Two

Guidance to Parties

Planning and Policies

• Encourage involvement of businesses as stakeholders in any future revision and implementation of national biodiversity strategies and action plans, and integrating biodiversity concerns into relevant sectoral and cross-sectoral plans, programmes and policies; (X/21, para. 1(g); VI/26, annex, objective 4.4)
• Promote a public‑policy environment, such as through regulations and, as appropriate, economically and socially sound incentive measures, national biodiversity strategies and action plans, such that businesses, including publicly funded and local community businesses, can effectively implement the objectives of the Convention and its Protocols, taking into account the needs of small and medium enterprises, and designing appropriate frameworks to address these needs with respect to social and environmental responsibility; (X/21, para. 1(a), 1(b), 1(e); XI/7, para. 3(g); IX/26, para. 4; XII/10, para. 1(d); XIII/3, para. 86)
• Review and use existing tools, including policies oriented to business planning, design, supply and value chains, sustainable procurement and consumption and similar policies, to promote biodiversity-related sustainable production and consumption in the energy and mining, infrastructure, and manufacturing and processing sectors, to shift markets towards more sustainable consumption and production and innovation, as well as to continue collaborating, developing and implementing other corporate policies and measures; (14/3, para. 13(h))
• Develop an enabling environment to increase the availability of sustainably produced and sustainably-harvested substitutes, as appropriate, and provide incentives to encourage the development of self-sufficient private enterprise and private-public partnerships to supply substitutes, such as sustainably produced/­sustainably-harvested chicken, fish and other domestic livestock, in urban settlements which are sufficiently large (and have a large enough customer base); (14/7, annex, para. 28(d), 38(b)(i); XI/25, para. 13(f))
• Develop and implement demand-reduction strategies for unsustainably managed wildlife, focusing principally on consumers in provincial towns and metropolitan cities where a reduction in wild meat consumption can be achieved without impacting livelihoods or land rights, using a cross-sectoral approach involving government ministries responsible for health, food, agriculture, business, development, economy, finance, infrastructure, and education, as well as those responsible for the environment, and relevant experts in the fields of consumer behavior change, including social marketing and behavioral economics, and in conjunction with the private sector and experts in fields that go beyond conservation; (14/7, annex, para. 38(a))
• Support integrated and participatory policy development, planning and management for the conservation of important ecosystems and habitats, with the participation of a broad set of representatives from all major groups to build ownership and commitment, including indigenous peoples and local communities, subnational and local governments, the private sector and civil society; (IX/8, para. 8(m); VIII/1, annex, priority action 4.2.1.12, 1.1.1.2, 1.1.1.4; XIII/3, para. 82(a); XII/8, para. 4; NP-3/1, para. 11(c); IX/4B, para. 8)

Incentives

• Update national incentive measures and frameworks with a view to mainstreaming the sustainable use of biodiversity into production, private and financial sectors, and identifying and removing or mitigating incentives that encourage unsustainable exploitation or habitat destruction and unsustainable consumption of bushmeat; (IV/4, annex I, para. 9(f)(iii); V/24, para. 4; VII/18, para. 4; VII/27, annex, action 2.1.3; VIII/1, annex, priority action 4.2.2.4; X/32, para. 2(h); XII/18, para. 12; XII/23, annex, para. 9c; XIII/15, para. 7(q))
• Consider, where appropriate, economic and other forms of incentives that encourage the conservation of threatened endemic, or ecologically or culturally important species by private sector, NGOs, and indigenous and local communities, giving priority to in situ activities; (VIII/1, annex, priority action 2.1.1.6; VII/13, para. 6(f))
• Mainstream biodiversity conservation and sustainable use in socio-economic and business policies and planning, including through incentives for best practices in supply chains, sustainable production and consumption and measures at the scale of sites or production plants, requiring reporting by businesses on biodiversity dependencies and impacts, strengthening voluntary disclosures, and adopting or updating laws on sustainable procurement, and similar policies to shift markets towards more sustainable products and technologies; (XI/7, para. 3(c), 3(e)(iii); XIII/3, para. 18(d); 14/3, para. 13(f), 13(i); X/44, para. 11)

Engagement and Participation

• Develop or explore mechanisms to involve the private sector and indigenous and local communities in initiatives on the sustainable use of biological diversity, and in mechanisms to ensure that indigenous and local communities benefit from such sustainable use; (X/32, para. 3(c); V/24, para. 6; 14/6, para. 6(a))
• Support integrated local, national, and transboundary action to build partnerships among relevant organizations, institutions and other relevant stakeholders to address poaching and illegal wildlife trade hand-in-hand with the equally important issues of food security, livelihoods and the sustainable use of wildlife, including cross-sectoral dialogues and joint trainings on sustainable wildlife management and sustainable use of biodiversity, among relevant sectors, including the forestry, agriculture, veterinary and public health, natural resources, finance, rural development, education, legal and private sectors, food processing and trade, as well as indigenous peoples and local communities, and other relevant stakeholders; (14/7, para. 6 and annex, para. 45(a); X/28, para. 10(j) ; VII/27, annex, action 1.3.4 ; V/23, annex I, activity 7(m); VII/4, annex, para. 1.1.4; VII/3, para. 13; VI/22, para. 33; VIII/23B, annex, activity 3.2; VI/5, annex II, para. 2.3)
• Enhance cooperation with the authorities responsible for customs, border controls, and sanitary and phytosanitary measures and other relevant competent bodies at the national and regional levels, , including the private sector that might provide pathways or vectors for the unintended transfer of invasive alien species, to prevent unintentional introductions of invasive alien species associated with trade in live organisms, using the supplementary voluntary guidance for avoiding unintentional introductions of invasive alien species associated with trade in live organisms; (VI/23, para. 10(d); 14/11, para. 3 and 10
• Explore, develop and apply ways and means to promote changes in the behavior of individuals, in particular, consumers and businesses engaged in the wildlife trade, so as to reduce the risks to biodiversity associated with legal trade, and prevent instances of illegal trade, in wildlife, including through engagement with the social sciences and the use of social media in targeted awareness campaigns, and through cooperation with wildlife trade organizations; (XIII/13, para. 4
• Engage broadly with indigenous and local communities, civil society organizations, the private sector and other key actors when undertaking the design, implementation and monitoring of ecosystem-based approaches to climate change adaptation and mitigation and disaster risk reduction; (14/5, para. 3(a), 3(f); VIII/30, para. 3; IX/16A, para. 4(g))
• Engage with the public and private sectors and community economy to promote behavioral changes that help to achieve sustainable production and consumption patterns, and to reduce resource waste at all stages of production and consumption in food systems, including through educational and public awareness campaigns; (XIII/3, para. 90)
• Enable participation at all levels to foster the full and effective contributions of women, indigenous and local communities, civil-society organizations, the private sector and stakeholders from all other sectors in the full implementation of the objectives of the Convention; (X/2, para. 3(a))
• Engage with businesses and enterprises on ways and means to contribute to the national implementation of the Convention, including through the design and implementation, with their participation, of direct and indirect positive incentive measures for the conservation and sustainable use of biodiversity, acknowledging the crucial role of communication between the public and private sectors in developing incentive measures that are supportive of the national implementation of the Convention; (X/44, para. 11; XII/23, para. 3(l))
• Ensure participation by the forest sector, private sector, indigenous and local communities and non-governmental organizations in the conservation and sustainable use of forest ecosystems; (V/4, para. 9)
• Develop and strengthen participatory processes in formulating and implementing the sustainable management and harvesting of wildlife, including wild meat species, with the participation of indigenous peoples and local communities, non-governmental organizations, the private sector and other relevant stakeholders; (14/7, annex, para. 28(c))
• Engage with the public and private sectors and community economy to promote behavioral changes that help to achieve sustainable production and consumption patterns, and to reduce resource waste at all stages of production and consumption in food systems, including through educational and public awareness campaigns; (XI/7, para. 3(d); XIII/3, para. 89, 90, 93; 14/3, para. 13(g))

Cooperation and Partnership

• Cooperate with the business sector in order to address the issue of invasive alien species, particularly in the areas of financial support and technical cooperation, and communication, education and public awareness on invasive alien species, and support the development and implementation of voluntary schemes, certification systems and codes of conduct for relevant industries and stakeholder groups including specific guidelines to prevent the introduction of, and manage potentially invasive commercially important species (including plants, pets, invertebrates, fish, and aquarium / terrarium species); (14/11, para. 8; IX/4B, para. 23; XIII/13, para. 24)
• Encourage the development of self-sufficient private enterprise and private-public partnerships to supply substitutes, such as sustainably produced/­sustainably-harvested chicken, fish and other domestic livestock, in urban settlements which are sufficiently large (and have a large enough customer base); (14/7, annex, para. 38(b); VIII/1, annex, priority action 5.1.1.5)
• Develop and strengthen participatory processes in formulating and implementing the sustainable management and harvesting of wildlife, including wild meat species, with the participation of indigenous peoples and local communities, non-governmental organizations, the private sector and other relevant stakeholders; (14/7, annex, para. 28(c))
• Foster collaboration with the private sector to mainstream biodiversity in their work to develop specific capacity-building programmes; (XIII/23, para. 8)
• Engage in networking activities among different actors involved in relevant productive sectors, including the private and public sectors, in order to further mainstream biodiversity across relevant sectors; (XIII/3, para. 17(d), 17(e); 14/3, para. 13(o))
• Foster public and private partnerships for enhancing the engagement of the business community, including small and medium-sized enterprises, in particular through the development of public-private partnerships, in consultation with civil society, to promote the development and implementation of biodiversity strategies within the business sector, including on resource mobilization, and to strengthen related capacity-building; (IX/26, para. 1; XII/10, para. 1(c); X/21, para. 1(c), 1(d), 1(f); XII/10, para. 1(a), 1(b), 1(e); XIII/3, para. 84; XI/30, para. 8)
• Promote dialogue, enhanced cooperation and partnerships, including the private sector, on sustainable tourism management for the conservation and sustainable use of biodiversity, for added economic value, job creation and poverty reduction, and for the benefit of sustainable regional development; (XI/6E, para. 46; VII/14, para. 6; V/25, para. 7(a))
• Build partnerships of national and subnational park and protected area agencies, or other appropriate bodies, with the tourism industry to contribute financially and technically to the establishment, operations and maintenance of protected areas through appropriate tools such as concessions, public-private partnerships, payback mechanisms and other forms of payments for ecosystem services, in complement to public budgetary allocations and without prejudice to public mandates and obligations; (XII/11, para. 1(d))

Conservation

• Promote an enabling environment (legislation, policies, capacities, and resources) for the involvement of indigenous and local communities and relevant stakeholders in decision making, and the development of their capacities and opportunities to establish and manage protected areas, including community-conserved and private protected areas; (VII/28, annex, goal 2.2)
• Assess needs for relevant technologies for protected area management involving indigenous and local communities and stakeholders such as the, research institutions, non-governmental organizations and the private sector, encourage development and use of appropriate technology, including technologies of indigenous and local communities with their participation, approval and involvement in accordance with Article 8(j) and Related Provisions, for habitat rehabilitation and restoration, resource mapping, biological inventory, and rapid assessment of biodiversity, monitoring, in situ and ex situ conservation, sustainable use, etc., promote an enabling environment for the transfer of technology to improve protected area management, and increase technology transfer and cooperation to improve protected area management; (VII/28, annex, goal 3.3; IX/18A, para. 7)
• Implement sustainable consumption and production patterns for the conservation and sustainable use of biodiversity, both in the public and the private sector, including through business and biodiversity initiatives, procurement policies that are in line with the objectives of the Convention, and develop methods to promote science-based information on biodiversity in consumer and producer decisions, consistent and in harmony with the Convention and other relevant international obligations, towards the achievement of more sustainable production and consumption systems; (X/44, para. 12; 14/6, para. 6(a))

Resourcing

• Identify and seek funding support from diverse sources including regional and international donor agencies, foundations and, as appropriate, through private‑sector involvement; (BS-VI/5, para. 4(a))
• Create the enabling environment to mobilize private and public-sector investments in biological diversity and ecosystem services, such as national ranking and/or top‑runner lists of those private and public sector companies that dedicate resources to the conservation and sustainable use of biodiversity or to reducing impacts on biodiversity, including market and non-market based instruments and biodiversity financing mechanisms; (XII/3, para. 14 and annex IV, para. 14(a)-(b), 38(a), 38(b), 38(f), 38(g); XI/4, para. 16; IX/11A, para. 4; VII/21, para. 8; IX/11A, para. 6; XI/4, para. 14)
• Design and implement, as appropriate, measures to encourage investments by the business and financial sectors to mainstream biodiversity in all sectors, including measures to promote public disclosure of corporate activities related to biodiversity and encourage the financial sector to develop approaches to mainstream the values of biodiversity and ecosystems in financing and investment; (14/3, para. 13(j))
• Promote the integration of biodiversity and ecosystem services values into private sector activities, including large and publicly listed companies, and taking into consideration the needs and circumstances of small and medium-sized enterprises; (XI/7, para. 3(a); XIII/3, para. 87)
• Design and implement, as appropriate, measures to encourage investments by the business and financial sectors to mainstream biodiversity in all sectors, including measures to promote public disclosure of corporate activities related to biodiversity and encourage the financial sector to develop approaches to mainstream the values of biodiversity and ecosystems in financing and investment; (14/3, para. 13(j))
• Develop and implement financial instruments, such as entrance and tourism service fees, concessions and licenses, as appropriate, to complement and support public/private investment in the establishment and maintenance of protected area systems and support sustainable tourism; (XIII/3, para. 82(c))
• Introduce or scale up the use of environmental economic accounting and natural capital accounting, as well as diverse methods and methodologies to assess the multiple values of biodiversity, as appropriate, including the contributions of collective actions from indigenous peoples and local communities, of protected and other effective area-based conservation measures, and of living in harmony with nature, and promote the integration of biodiversity and ecosystem services values into private sector activities, including large and publicly listed companies, taking into consideration the needs and circumstances of small and medium-sized enterprises; (XI/7, para. 3(a); XIII/3, para. 87, 18(b))

Certification

• Encourages enterprises and business owners to integrate the sustainable use, conservation and restoration of biodiversity into the development and use of resources management plans, voluntary sustainability standards and/or of voluntary certification schemes, tools and guidelines or other voluntary mechanisms; (XIII/3, para. 53 and 85)
• Promote responsible consumption of certified sustainably-sourced products, recognizing the potential role of consistent and appropriate voluntary market-based certification schemes, and tracking and chain-of-custody systems, and public and private procurement policies; (14/7, annex, para. 38(d); IX/5, para. 1(o)(p))
• Encourages forest enterprises and forest owners to integrate the sustainable use, conservation and restoration of biodiversity into the development and use of forest management plans, voluntary sustainability standards and/or of voluntary certification schemes, tools and guidelines or other voluntary mechanisms, and facilitate and support a responsible private sector committed to sustainable harvesting practices and compliance with domestic laws through effective development and enforcement of laws on sustainable harvesting of timber and non-timber resources; (IX/5, para. 1(f); XIII/3, para. 53; VI/22, annex, programme element 1, goal 4, objective 1(h))
• Develop codes of conduct for sustainable forest practices in logging companies and the wood-processing sector to improve biodiversity conservation, and encourage implementation of voluntary third-party credible forest certification schemes that take into consideration relevant forest biodiversity criteria and that would be audited, taking into consideration indigenous and local community rights and interests; (VI/22, annex, programme element 1, goal 4, objective 1(f) and programme element 2, goal 1, objective 4(d); IX/5, para. 1(o), 1(p))

Disclosure and Reporting

• Encourage businesses to generate and assess information on the impacts of their activities and operations, including in their supply chains and facilities, that have impacts on biodiversity and associated ecosystem functions and services, as well as preventive, restorative and remedial measures taken, and the expenditures associated therewith; (XIII/3, para. 85)
• Provide incentives for best practices in supply chains, sustainable production and consumption and measures at the scale of sites or production plants, requiring reporting by businesses on biodiversity dependencies and impacts, strengthening voluntary disclosures, and adopting or updating laws on sustainable procurement, and similar policies to shift markets towards more sustainable products and technologies; (14/3, para. 13(f), 13(i))

Research and Technologies

• Review and use existing tools and best practices, including policies oriented to business planning, design, supply and value chains, sustainable procurement and consumption and similar policies, to promote biodiversity-related sustainable production and consumption in the energy and mining, infrastructure, and manufacturing and processing sectors, to shift markets towards more sustainable consumption and production and innovation, as well as to continue collaborating, developing and implementing other corporate policies and measures; (14/3, para. 13(g), 13(h))
• Develop and use environmentally-sound technologies, support the development of research programmes and undertake impact assessments, in order to promote the positive and minimize or avoid the negative impacts of sectoral production and use on biodiversity and impacts on biodiversity that affect related socio-economic conditions; (XI/27, para. 6; X/37, para. 10; IX/2, para. 5; 14/3, para. 13(k))
• Encourage space agencies and private entities to maintain deployment of relevant sensors and to initiate design and deployment of specialized technology for shallow-oceans monitoring, develop and transfer quieter technologies to minimize the significant adverse impacts of anthropogenic underwater noise on marine biodiversity, and promote the use of the traditional, scientific, technical and technological knowledge of indigenous and local communities at the national level, with their full and effective participation, in support of marine and coastal biological diversity; (IV/5, annex, programme element 4; IX/20, para. 27; V/3, annex, A; XI/18A, para. 18(c); XII/22, para. 15; XII/23, para. 3(c))

Impact, Liability and Redress

• Implement environmental impact assessments and strategic environmental assessments to assess not only the impact of individual projects, but also their cumulative and global effects, incorporating biological diversity considerations at the decision-making and/or environmental planning level, and apply the mitigation hierarchy when planning and designing new projects and plans, including those of public and privatee financial institutions, related to the approval of projects and investments; (XIII/3, para. 18(c); 14/3, para. 13(b)-(d); VIII/28, para. 2-5 and 10; VII/7; V/18I, para.1(b)-(e), 2(a)-2(b); IV/10C, para. 1)
• Develop or adjust national policy, legislation, guidelines or administrative measures concerning liability and redress for damage to biological diversity, including restoration and compensation for damage to biological diversity, taking into account the relevant provisions and approaches of the Nagoya – Kuala Lumpur Supplementary Protocol on Liability and Redress; (14/21, para. 2; XII/14, para. 2; IX/23, para. 3; VIII/29, para. 4; VI/11, para. 3)

Monitoring

• Enhance monitoring of the use of natural resources, such as land, soil and water in all sectors, including agriculture, forests, fisheries and aquaculture, and tourism, among others, including their potential impacts and dependencies on biodiversity, and improve data collection, management and public access to monitoring data; (XIII/3, para. 17(g); 14/3, para. 13(a); XI/7, para. 3(e)(ii))
• Monitor and review recreation, visits and other tourism activities in protected areas, as well as impacts and relevant management processes in ecologically sensitive areas; (VII/14, para. 7; XII/11, para. 1(c))

Knowledge and Awareness

• Establish knowledge platforms to bring together government agencies at different levels, the business sector, indigenous peoples and local communities and stakeholders to address the technical issues with respect to mainstreaming biodiversity, taking into account matters related to environmental stewardship and corporate social responsibility; (14/3, para. 13(p))
• Raise awareness of the business case for mainstreaming biodiversity in business-related decision-making, promote mainstreaming biodiversity in business-related decision-making, and enhance transparency and public awareness of such actions by businesses, taking into account their interests and aspirations, such as those expressed through their corporate social responsibility programmes; (IX/26, para. 2; XI/7, para. 3(f); XIII/3, para. 94, 18(a))
• Promote communication, education and public awareness activities for the general public, tourists and tourism professionals on sustainable travel choices, and on the use of eco-labels, standards and certification schemes, as appropriate; (XIII/3, para. 82(d), 82(f); XII/11, para. 1(a); XI/6E, para. 45)
• Promote awareness about the value of pollinator diversity and the multiple goods and services it provides for sustainable productivity, amongst producer organizations, agricultural cooperatives and enterprises, and consumers, with a view to promoting responsible practices, and include considerations of pollinator diversity, and related dimensions of agricultural biodiversity, including host plant diversity, at species, ecosystem and landscape levels, consistent with the ecosystem approach, in formal educational programmes at all levels, including in agricultural, biological and environmental science courses and curricula and in primary and secondary schools; (VI/5, annex II, para. 3.1, 4.4)
• Encourage local authorities to reach out to major groups such as children and youth, women, local parliamentarians and/or legislators, NGOs and businesses, to raise awareness about the importance of biodiversity and promote partnerships on local action for biodiversity; (X/22, annex, D, para. (p))
• Assess the benefits of pollinators and pollination, taking into account the economic value to agriculture and food production and the value to conservation and sustainable use of biodiversity, as well as cultural and other values, and promote awareness about the value of pollinator diversity and the multiple goods and services it provides for sustainable productivity, amongst producer organizations, agricultural cooperatives and enterprises, and consumers, with a view to promoting responsible practices; (XIII/15, para. 7(o), 7(v); VI/5, annex II, para. 1.2, 2.2, 3.1)
• Explore, develop and apply ways and means to promote changes in the behavior of individuals, in particular, consumers and businesses engaged in the wildlife trade, so as to reduce the risks to biodiversity associated with legal trade, and prevent instances of illegal trade, in wildlife, including through engagement with the social sciences and the use of social media in targeted awareness campaigns, and through cooperation with wildlife trade organizations; (XIII/13, para. 4)

Indigenous Matters

• Support the active participation of indigenous peoples and local communities and all relevant stakeholders in business, including tourism, policy-making, development planning, product development and management, effectively addressing business impact upon biodiversity and on indigenous and local communities, recognizing the rights of indigenous peoples and local communities to their lands and resources; (X/37, para. 4; XI/7, para. 3(e)(i); XIII/3, para. 17(c), 17(f), 18(f); 14/3, para. 13(n); VII/14, para. 8)

References

2023. Principles for Responsible Banking (PRB) Nature Target Setting Guidance, Executive Summary; Full Guidance; 15+ case studies from 10 banks in relation to nature-related finance, policies, strategy and client engagement; nature sector mappings

Preserving the fabric of life: Why biodiversity loss is as urgent as climate change, 2023. The Capgemini Research Institute surveyed 1,812 executives from 15 different industries and employed at organizations with more than $1 billion in annual revenue across 12 countries in North America, Europe, and Asia-Pacific.

• Biodiversity integral to supply chains: of the executives surveyed, 58% say their organization has updated their supplier code of conduct to include biodiversity considerations, while about half mention that their organizations are investing in deforestation-free supply chains and require sustainable forest management practices from their suppliers. The consumer goods sector emerges with the highest percentage (26%) of organizations that have already evaluated the impact of their operations on biodiversity, whereas the public/government sector exhibits the lowest percentage (14%) in this regard. In the context of supply chains, the retail sector claims the highest completion rate (26%) for impact assessments, whereas the agriculture and forestry sectors indicate the lowest completion rate (10%).
• Circular economy practices prove most popular: almost two thirds of executives say their organization has implemented circular economy practices, such as recycling and reusing and over half of organizations are taking steps to mitigate negative impacts on land and water.
• Technology will play a critical role in tackling biodiversity challenges: A key part of the future of biodiversity conservation and restoration will include the integration of artificial intelligence (AI) solutions alongside blockchain technology and sensors to simplify the monitoring and tracing of diverse populations, encompassing animals, birds, and plants. Leveraging AI and robotics can aid in species tracking while minimizing disruptions to the surrounding biodiversity. Synthetic biology will also be part of the solution to some of the most severe threats to the environment including reducing chemical and plastic pollution. In fact, almost three quarters of executives agree that digital technologies will also be key to their organization's biodiversity efforts.

Top 10 biodiversity-impact ranking of company industries, by Finance for Biodiversity Foundation (2023): Food Products (18%), Oil, Gas & Consumable Fuels (13%), Chemicals (8%), Consumer Staples Distribution & Retail (7%), Metals & Mining (5%), Pharmaceuticals (4%), Health Care Providers & Services (4%), Automobiles (3%), Electric Utilities (3%), Trading Companies & Distributor (3%)

Survey results: Incentives and barriers to private finance for forest and landscape restoration

2023 Assessing biodiversity-related financial risks: Navigating the landscape of existing approaches, including existing and emerging definitions, key metrics and indicators, measurement approaches, tools and practices for central banks, financial supervisors, and financial market participants to measure biodiversity-related financial risks.

2023 Biodiversity Credit Markets: The role of law, regulation and policy. This paper examines developments in biodiversity credit markets across the public and private sectors, explores the requirements for scalable, high-integrity biodiversity credit markets, and sets out high-level principles and recommendations to achieve these outcomes.