A framework based on payments for ecosystem services to support the delivery of high integrity carbon and biodiversity credits

• Carbon and biodiversity credits can mobilise funding for action on biodiversity and climate change. • Payments for ecosystem services (PES) share common grounds with carbon and biodiversity credit schemes. • The PES literature is used to identify principles supporting high integrity carbon and biodiversity credits. • This paper presents a framework for practitioners to support the design of high integrity credit schemes. There is an urgent need to address the gap in funding between existing governmental commitments to combat the twin global crises of climate change and biodiversity loss and the finances required to meet globally agreed targets in these areas. Carbon and biodiversity credit schemes are increasingly recognised as a means to mobilise private sector contributions towards this shortfall whilst enabling innovative mitigation and adaptation to the impacts of climate change and biodiversity decline. Furthermore, it is widely recognised that natural resource management programmes must achieve the active support of local communities if they are to realise their intended outcomes. However, there are no guiding principles relating to how carbon and biodiversity credit schemes can address this requirement. This paper contributes towards this objective through providing the first framework to inform the design of carbon and biodiversity credit schemes which incorporate the rights, needs and preferences of local individuals and communities. Adoption of this framework will help to facilitate the flow of ‘high integrity’ credits in the carbon and biodiversity markets which are essential if these schemes are to meet their full potential.