ABSTRACT Corporate biodiversity engagement is rising on the international agenda because companies not only face increasingly apparent biodiversity‐related risks and dependencies, but also contribute to, and have the potential to mitigate biodiversity loss through their practices and investments. This scoping review maps the current literature on the determinants of business engagement with biodiversity, outlining motivations, barriers, actions, and financial instruments from 100 studies based on 26,096 records published between 2000 and 2023, following Preferred Reporting Items for Systematic Reviews and Meta‐Analyses extension for scoping reviews guidelines. Findings reveal that companies are driven by multifaceted factors, with economic motivations including operational management and profitability frequently recorded. Regulatory frameworks motivate corporate engagement through legislation compliance while posing challenges due to regulatory uncertainty and inconsistent policies. While various financial mechanisms exist, further research is needed to explore innovative funding structures to upscale business investment. We call for empirical, context‐specific studies on biodiversity monetization mechanisms.