This report from the International Institute for Environment and Development explores the potential to use “biocredits” to protect biodiversity. Biocredits are an economic instrument that allows the creation and trade of “biodiversity units”. Biocredits would be bought by people or institutions that want to invest in protecting biodiversity, and the money from their initial sale would fund conservation activities that increase biodiversity above a baseline level. The report distinguishes between biocredits and biodiversity offsets, which are used to compensate for habitats that have been destroyed, e.g. because of construction projects.