This policy report examines the notion of safeguards in biodiversity financing mechanisms (BFMs) under the Convention on Biological Diversity, in order to inform discussions in CBD-COP12. It explores key elements in the process of scaling-up biodiversity financing for achieving the CBD objectives. It is a result of a lengthy and collaborative process which has benefited from inputs and comments from Parties and other relevant stakeholders and builds on lessons learned from existing legal and policy processes under various international and national frameworks.