Foreword 3

Acknowledgements 4

Executive summary 7

1. Mobilising finance for biodiversity: Synthesis and key messages 9

1.1. The biodiversity challenge 10

1.2. The financing challenge 10

1.3. Scope and purpose of this report 11

1.4. Key messages and good practice recommendations 11

References 17

2. The biodiversity finance landscape and policy context 18

2.1. The biodiversity crisis and the urgency of action 19

2.2. Finance as a central lever for biodiversity outcomes 19

2.3. The international policy response and finance commitments 20

2.4. The biodiversity finance shortfall and misaligned flows 22

2.5. Mobilising and aligning finance: a dual challenge 23

2.6. Actors, their roles and motivations in biodiversity finance 23

References 27

3. Biodiversity finance instruments and mechanisms 29

3.1. Real economy instruments and mechanisms – biodiversity-positive incentives and nature

markets 32

3.2. Financial sector instruments and mechanisms 56

References 86

Notes 105

4. From instruments to systems: Enabling conditions and scaling pathways 107

4.1. Complementarity of biodiversity finance instruments 108

4.2. Building and financing a pipeline of bankable projects for biodiversity 109

4.3. Enabling conditions for biodiversity finance 118

References 127

Notes 133