This report on biodiversity offsets is the fifth in a series published by the World Bank’s Inspection Panel drawing on the main lessons that have emerged from its caseload over 26 years. The Inspection Panel was created in 1993 by the World Bank’s Board of Executive Directors to receive and investigate complaints submitted by people actually or potentially suffering harm allegedly caused by Bank projects. With these reports, the Panel aims to contribute to institutional learning at the World Bank and in the larger development community by highlighting areas where improvements can enhance the social, environmental and overall sustainability of Bank-funded operations, further development effectiveness and enhance transparency.