Mining companies throughout the world often face a high socio-political risk, in particular because of their impact on the environment. A key indicator of exposure to such risk is a company׳s Social License to Operate (SLO). If a company meets its consumer, shareholders and other stakeholders׳...

•Mitigation banking is a hybrid form halfway between a market and a hierarchy.•Its features are well-adapted to implement public policy dealing with biodiversity.•It is a useful decentralized regulation tool for biodiversity conservation.