This report aims to investigate how the biodiversity conservation and climate change mitigation agendas can be linked in ways compatible with current and forthcoming markets for ecosystem services. Is there a business case for high-biodiversity REDD projects and schemes? The main analytical focus here is on carbon markets, considering that these are by far the most sophisticated markets for environmental services and also, at present, comprise the vast majority of related financial transactions. In addition, however, it is important to consider how synergies can be promoted where they exist and promoted where they have a significant potential to develop