The biodiversity credit market benefits from the considerable experience of the voluntary carbon market. The vast majority of actors in the VCM have been well-intentioned but governance principles were not established rapidly enough. This market is already able to learn from the introduction of safeguards, integrity principles, assessment frameworks and other measures such as grievance handling and redress procedures recently introduced to the VCM. Biodiversity credit markets are being built on the theory of change that price stability and scaling can only be realized by starting with market integrity: many actors are now working to put in place governance and transparency mechanisms. For example, the UN-backed Biodiversity Credit Alliance (BCA) exists to provide guidance for the establishment of a credible and scalable market that stands up to the scrutiny of multiple stakeholders. Key among them are Indigenous Peoples and Local Communities at the frontline of the biodiversity crisis. CAP (Communities Advisory Panel) currently helps to guide the work of BCA. BCA is working to ensure strong foundations and principles exist and can be applied by all market participants going forward. The Integrity Council for Voluntary Carbon Markets is a good approach that can be looked to and possibly emulated at some point.
