NbS Triple Win Toolkit: Biodiversity Indicators in Context 26 Biodiversity, or biological diversity, describes the variation in life and living organisms including the diversity within and between species, ecosystems and genes. Recognition of the global biodiversity crisis and subsequent ratification of multilateral environmental agreements (MEAs) has pushed biodiversity higher up on the development agenda. As such the importance and contribution of biodiversity objectives is increasingly realised, and for International Climate Finance (ICF) this has manifested in aiming for the ‘triple win’, putting biodiversity benefits on a par with climate and societal goals, and emphasis on nature-based solutions (NbS) as a mechanism for achieving the triple win. This ambition means that programmes should be actively delivering significant biodiversity gains – a far stronger call than no net loss. There is increasing understanding of what the scale of the biodiversity problems are, and measures required to reverse historic loss. The complexity and specificity of biodiversity issues makes it extremely difficult to assess against common objectives, particularly across scales. At the broadest level, biodiversity ambition should aim to (i) as a minimum maintain current biodiversity including preventing species extinction and wherever possible increase biodiversity, and (ii) reduce pressures on ecosystems. Guidance and frameworks are available to support planning of development alongside conservation actions, not only to help consider but also prioritise actions, such as the Mitigation and Conservation Hierarchy (MCH) which sets out sequential steps of biodiversity conservation actions and processes, as Retain, Reduce, Restore and Renew23. Introduction The challenge is translating this into actions on the ground. Funded programmes aim to achieve this ambition, but to do so requires monitoring to demonstrate, and preferably quantify, not only no net loss but tangible benefits to biodiversity across systems and scales. Here we set out recommendations for biodiversity indicators suitable for the ICF portfolio of investments, to complement the existing suite of Key Performance Indicators (KPIs). The accompanying draft KPI methodology notes set out the technical detail of the indicators that would be used to guide data collection and reporting by programme teams, delivery partners and analysts managing ICF programming, should these indicators be developed into full KPIs.The recommendations included here, and the related methodology notes, are informed by a review of existing biodiversity frameworks28 and biodiversity indicators29. Recommendations also include the considerations which should be given to additional project or programme level indicators, and how planning for monitoring can help achieve greater biodiversity benefits overall. While the focus has been on ICF, we also consider wider benefits including ODA more broadly, and to the recipient countriesin their own national assessments, and put the indicator considerations in context of the principles of the NbS triple win.