PREPRINT: Biodiversity credits: learning lessons from other approaches to incentivize conservation

Biodiversity credits are an emerging vehicle for pro-environmental financing. Here we define and delimit biodiversity credits and explore the pathways through which credits can be issued. We scrutinize early evidence from pilots and suggest lessons from other market-based incentives for conservation and climate mitigation, including biodiversity offsets and forest carbon credits that have attracted large private funding flows, but have been questioned regarding their additionality, permanence, and leakage.