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Are biodiversity credits expected to be traded locally? Internationally?

Currently there are no secondary markets established for biodiversity credits. So far, the frontrunner biodiversity crediting programs are focused on mainly domestic markets. As there is no formal framework for international trading of biodiversity credits today and many countries maintain concerns about introducing this approach for biodiversity given the different values of biodiversity worldwide are not substitutable. 

However, if the major source of demand (finance) for biodiversity credits is expected to come from the global north, and the major biodiversity resources are in the global south, there would need to be a significant international market for biodiversity credits for the market to scale globally.