Biodiversity is complex, and includes the diversity of ecosystems, species and genetic diversity. Biodiversity indicators are a valuable and powerful tool for understanding the state of the environment, and the impacts of interventions and activities such as nature-based solutions (NbS). Official Development Assistance (ODA) and International Climate Finance (ICF) investments can help tackle the biodiversity crisis through the triple-win of NbS, which addresses biodiversity, climate and poverty challenges simultaneously. However, an acknowledged gap is well-understood indicators to measure the outcome of investment on biodiversity. This is particularly important given that more general environmental management interventions (e.g. sustainable land management) do not always have tangible and direct biodiversity benefits, and given the need to properly recognise projects that do provide such benefits. Here we set out potential options for biodiversity indicators monitoring the contribution of funding activities such as the ICF portfolio of investments. Consideration and context are given to the biodiversity components which they report against, balanced with the applicability of the indicator across a range of ecosystems and programme activities. 24 Biodiversity Indicators in Context Biodiversity Indicators in Context Biodiversity Indicators in Context