Biodiversity offsetting is emerging as an important tool to help bridge the gap between development and conservation. If implemented within an impact mitigation hierarchy, biodiversity offsets lay the foundations for 'no net loss' (or even net gain) of biodiversity. A flagship project under the Australian-Caribbean Coral Reef Collaboration is exploring the feasibility of biodiversity offsets for Belize. The Collaboration brought together experts from Australia, Belize, IUCN World Conservation Union and the Business and Biodiversity Offsets Program (BBOP) for a three-day workshop in Belize City. By focusing on marine biodiversity, the Belize project has the potential to make important contributions to global efforts to understand and apply the concept of biodiversity offsetting.