Global biodiversity offsetting doesn’t work – keep schemes local, say experts

Voluntary standards proposed at Cop16 focus on local like-for-like habitat projects, while critics call the issue a distraction'

International biodiversity offsetting doesn't work", according to experts aiming to create a nature market that avoids the pitfalls of carbon offsets.

The biodiversity sector has been circling the idea of a credits market that would allow companies to finance restoration and preservation of biodiversity, deliver net-positive" gains for nature, and help plug the $700bn (540bn) funding gap.