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Biodiversity offsetting is often presented as a way to manage competing demands of environmental protection and economic development. It is premised on the transparent demonstration of how aims of no net loss of biodiversity (NNL) or similar are met in practice. This is complicated in marine systems where ecological predictions are commonly highly uncertain, knowledge of ecological restoration is low and administrative governance is complex. Drawing on a case study of marine biodiversity offsetting in Australia, this paper shows how these uncertainties pose practical challenges for both producers and consumers of marine biodiversity offsets, needing to progress with decision-making while meeting increasing societal pressure for demonstrable NNL. These competing needs are met through the centrality of an auditable decision-making process that contributes to establishing an organisation's social licence to operate. The need for auditability drives the use of an imprecise measure of NNL through financial equivalency and the use of strategic offsetting projects. The coarse-grained interpretation of biodiversity offsetting best practice reduces the risks posed by explicit acknowledgement of biodiversity loss, offset failure or prohibitively large offset liabilities. Strategic relationship management across government, industry, academia and non-governmental organisations has raised the profile of biodiversity and its importance, but whether the auditing process has delivered on environmental protection is an open question. What is 'good enough' to meet governance standards may have become the over-riding goal. We conclude by acknowledging that the seemingly unattainable yet expected aim of NNL for marine systems prioritises auditability above discussions of 'acceptable' risk.

Funding: This work was supported by the United Kingdom Research and Innovation (UKRI), Global Challenges Research Fund (GCRF), One Ocean Hub (Grant Ref: NE/S008950/1). ; The blue economy has roots in the international arena of sustainable development and sets out to unlock opportunities for economy and society whilst protecting and enhancing marine environments. To date there has been no analysis of how this overarching intention for sustainability has influenced the rapid development of blue economy policies at national and regional scales. In this article, we analyse the synergies and conflicts between blue economy policies from a diversity of national and regional policies and the UN Sustainable Development Goals. We show that to maintain critical alignment with targets for sustainability, place-based contextual development of blue economies that meet the needs of all actors is necessary. These needs relate to ensuring resilience against future environmental and political shocks, the maintenance of the ecological basis for thriving blue economies, and capacity development at all levels to support effective and equitable governance. Results indicate that co-production will be important to achieve sustainable blue economies. ; Publisher PDF ; Peer reviewed