Fig. 4: Change in native vegetation under our counterfactual scenario (without regulated development and its required compensation) and the best performing Averted Loss and Improvement policy designs (Fig. 2).

Unregulated biodiversity losses are shown in black and net biodiversity losses due to regulated development (i.e. regulated losses minus compensation gains) are shown in red (for Averted Loss) and blue (for Improvement). Panels represent four case studies: a Brigalow Belt, Australia; b Iron Quadrangle, Brazil; c East Kalimantan, Indonesia; d Cabo Delgado, Mozambique.