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How much of a market is involved in a biodiversity offset? A typology of biodiversity offset policies

Biodiversity offsets (BO) are increasingly promoted and adopted by governments and companies worldwide as a policy instrument to compensate for biodiversity losses from infrastructure development projects. To provide a framing for understanding the empirical diversity of BO policy designs, we present an ideal-typical typology based on the institutions from which BO is organised: Public Agency, Mandatory Market and Voluntary Offset.