Table 1 Process for developing a biodiversity offset (adapted from [4])

(1) Determine the baseline conditions with respect to biodiversity at the company's site

(2) Assess the likely impacts of the project

(3) Identify potential offset options consistent with conservation priorities

(4) Assess the baseline conditions at the offset site(s) and determine if they are commensurate with the predicted losses caused by the company's impacts

(5) Determine an appropriate offset replacement ratio (i.e., offset units per unit of impact)

(6) Develop a plan for managing and monitoring the offset and the company's project (to ensure project impacts do not diverge from estimates and expectations)

(7) Obtain legal and financial assurances to secure tenure of the offset site, support long-term management and monitoring, and cover remedial actions in the event of failure

(8) Implement the offset in accordance with plans and "best practices."