This article analyzes the international development of voluntary biodiversity offsets, a conservation instrument that permits developers to pursue their activities if conservation actions are undertaken elsewhere to compensate for the environmental impacts of their projects. Largely undertaken by extractive industries that operate in the global South where no offsetting regulations exist, this tool is currently attracting growing interest from policy makers, private companies, financial institutions, and conservation experts. Building upon the concept of market framing developed by Callon (1998), I explore in what contexts and through what processes this idea has gathered momentum, as well as the disturbing gap between the way it has been framed and its practical implementation. It is suggested that once immersed in the outside world, the market framing of offsets appears as a fragile result dependent upon substantial investments, which casts serious doubts about offsets' ability to reduce biodiversity loss on technical, governance, and social grounds.
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