The future of funding for conservation finance in Africa is being reimagined. From carbon and nature credits to community tourism and enabling tax benefits for protected areas – there are more ways to fund conservation than traditional donor funding.

In this Reader, we speak with the team at the Sustainable Finance Coalition, who share insights on emerging funding models and practical finance solutions that are reshaping how organizations support and fund their conservation work. They reflect on how the landscape is changing and where new opportunities are emerging.

This is the first in a two-part Reader series. This edition unpacks the key ideas and shifts. In the next edition, we’ll share practical frameworks, tools, and a step-by-step Guide to help you evaluate your own conservation finance options, building on the insights shared here. We’ll also include examples of how these ideas can be applied.

Before we dive in, here are a few definitions to make “conservation finance” feel a little less abstract and out of reach.

• Conservation finance – Refers to the mechanisms and strategies used to generate, manage, and deploy money to support the protection, sustainable management, and restoration of nature, including forests, wildlife, oceans, and other ecosystems.

• Sustainable finance – Finance that integrates environmental, social, and governance (ESG) considerations into investment decisions, aiming to generate long-term positive outcomes for nature and people. In the Coalition’s context, it refers specifically to financial mechanisms that are durable, replicable, and impact-oriented for conservation.

• Grants and philanthropy – Traditional donor or government support.

• Market-based approaches – Market-based approaches use the power of markets – buying and selling – to support conservation and sustainable development, like carbon credits, eco-tourism revenues, or sustainable agriculture premiums.

• Impact investing – Private capital seeking both financial returns and positive environmental impacts.

• Blended finance – Combining public, private, and philanthropic funds to reduce risk and attract investment. For example, a grant might cover early project costs; a guarantee might promise to repay part of an investor’s loss if things go wrong; or a concessional loan might offer lower interest rates or more flexible terms.

• Green bonds or debt-for-nature swaps – Innovative tools that link financial instruments to conservation outcomes.

  🔄 What is changing?

  How have you seen the landscape of conservation finance in Africa evolve over the past 5 or so years?

  Today, sustainable finance is not only about mobilizing resources but also reducing dependency on aid and tourism →

  In recent years, conservation finance in Africa has been undergoing a quiet revolution. At the heart of this transformation lies a growing recognition that finance is not only about getting more money but also about reducing dependency on development aid or tourism, very traditional sources of conservation funding. It’s about redesigning how systems serve people and nature together. As the Coalition, we work with partners across the continent to FIND, DESIGN and MOBILISE finance solutions that unlock long-term, community-led conservation outcomes.

  We’re seeing an increasing emphasis on resilience →

  Another pivotal shift that we’ve seen is that conservation finance is no longer just about securing donor grants. We’re seeing an increasing emphasis on resilience and longer-term, more strategic thinking, as evidenced by land and seascape-level models, cross-border approaches in Transfrontier Conservation Areas (TFCAs), and co-investment strategies that blend public, private, and philanthropic capital. Overall, these diverse approaches are helping organizations become increasingly resilient to changing global contexts.

  There is also a clear mindset shift →

  What’s changed most profoundly is the mindset. There’s a growing appetite among African conservation leaders to move beyond dependency on short-term aid and into a space where conservation efforts are locally owned, financially viable, and scalable. But the journey isn’t easy.

  ✅ Beyond traditional philanthropy: new pathways

  Attracting diverse investment means reaching people outside the traditional conservation space, which can feel intimidating, and many of us may not even know where to start. How is the Coalition helping shift the mindset that conservation and profit don’t mix, and what practical things are you doing to support that shift? 

  Blending profit with conservation should go hand-in-hand, and in Africa, this is vital →

  In Africa, we need both thriving businesses and strong conservation impact. But for a long time, a ‘false dichotomy’ between profit and conservation was created, where these two things are perceived to compete. One of our main goals is to show that conservation and finance don’t have to be at odds, but in fact, they can and should support each other.

  With the right technical support and approach, nature-based businesses can deliver both profit and positive impact.

  Blended finance as a solution →

  Blended finance is a smart way to use donor funding to reduce potential risks of investing in nature-based industries, making it easier to attract private investors and for them to invest in conservation-friendly businesses. It helps unlock capital by combining public or philanthropic funds with private investment, so both can work together to grow enterprises that benefit people and the planet.

  Bringing all players together, speaking the same language, is absolutely key! This is where the magic of co-creation happens →

  One of our roles, and one that is vital if we want to change how conservation is financed, is to bring these different players around the same table, often for the first time, and help them speak a shared language. We often hear (and it’s true!) that conservationists and finance professionals operate in separate silos. Conservationists speak the language of ecosystems, biodiversity, and community impact; investors speak in terms of risk, returns, and deal structures. Bridging that gap is essential by helping to translate and demystify each other’s work. When both sides understand each other, they can co-create solutions that are both financially viable and deeply rooted in conservation impact.

  One way of driving this support for the green and blue economy has been the Coalition’s Bootcamps that bring together corporate and development stakeholders with emerging enterprises within particular land and seascapes, and look to create fund structures to grow their enterprises and generate nature-positive impact.

  Through the Coalition’s Finance Solutions Inventory, we’re curating a practical set of finance solutions – from trust funds to community tourism co-ownership schemes – that help partners understand what’s possible based on their enabling environments.

  💰 African philanthropy and local capital

  It’s encouraging to see the rise of African and locally rooted philanthropy as a powerful complement, or even alternative, to traditional, often Western-based funding, especially in today’s increasingly volatile political landscape. How is this growth in African philanthropy shifting the funding dynamics for conservation on the continent?

  We welcome this new wave of locally rooted philanthropy that is reshaping how conservation is funded, with deeper relevance and solutions grounded in African realities →

  We’re excited by the rise of African philanthropy in this space. Foundations and individuals rooted in the continent are not only providing funding but also bringing a deep understanding of local dynamics. This brings both relevance and accountability.

  We’ve played a crucial role in this shift, providing African philanthropists and local funders with a platform to co-develop finance strategies that align with their values. Through tailored bootcamps, workshops and our Finance Solutions Inventory, we’re helping local actors channel their resources toward community-led, equity-driven, and financially viable conservation models.

  If you’re a philanthropic partner, real impact starts with trust, trust in the conservation NGOs you’re working with. Invest in their overall growth and capacity, not just in isolated projects, and you’ll help unlock long-term, systemic change.

  Some quick tips to attract and retain local investment: think beyond the cheque! →

  We always advise: Think beyond the money.

  • Invest in the systems that will make your organization worth investing in and carry the work forward, such as innovative partnerships with like-minded partners, effective governance, local leadership, and robust planning.

  • Build a strong and resilient financial model. One that’s diversified, adaptable, and able to sustain your work through funding shifts or external shocks. This means not relying on a single donor or income stream, but instead combining different sources.

  • Focus on longterm capital, technical strengthening, and incentives that reward long-term efforts, not short-term gains.

  🌱 Empowering leaders and teams to be bolder in exploring various conservation finance models

  Let’s say I’m leading a local conservation organization with a tight budget, and I want to think more creatively about how we fund our work. What practical tools or approaches can help empower me, my team and the communities we work with to explore new financing opportunities?

  The solutions and tools that empower communities and local organizations aren’t always flashy →

  • Sometimes, it’s very simple. For example, MJUMITA in Tanzania has used budget tracking tools to plan and manage forest governance investments. These practical tools are a great example of simple but powerful financial instruments that can empower local actors.

  • Other times, it’s a participatory process for identifying income streams from sustainable resource use. We’ve used the Coalition’s Finance Model to guide communities through these steps: FIND finance solutions that align with their assets and needs, DESIGN them in such a way that reflects their priorities and MOBILISE support that respects their leadership.

  • Equally powerful is peer learning: when a community leader in Zimbabwe learns from a counterpart in Malawi how they have restructured their trust fund to benefit local households better, that knowledge sticks.

  The model is complemented by our Finance Solution Inventory, which offers a living repository of tested finance solutions, including examples of conservation trust fund enhancement, etc.

  We’ve heard from some of our Maliasili partners that investors are often hesitant to engage, and those early conversations rarely go very far. From your experience and what you’re hearing from the investors themselves, what’s holding them back from getting involved in community-led conservation? And how can we begin to break down those barriers?

  Let’s be honest: many commercial investors still see community-led conservation as “high-risk, low-return.” Why? →

  • They haven’t seen the proof yet. Many of these models are still emerging, and don’t have long financial or impact track records to reassure investors. Even well-established conservation organizations haven’t always focused on building the kind of financial track record or metrics, such as audited financial statements over multiple years, that the investment world looks for.

  • It feels complicated. These initiatives often involve local communities, shifting power dynamics, political and policy considerations, and non-traditional structures, all of which can seem messy or unfamiliar to the more rigorously structured financial world.

  • The value isn’t always in dollars. The ‘returns’ –  healthier ecosystems, improved livelihoods, increase in endangered species – don’t always fit neatly into the spreadsheets investors are used to.

  How can we fix this?

  The barriers aren’t always real, but the perceptions are. What changes that? Trusted partners, evidence, governance, and storytelling →

  • When a community conservation organization shows years of clean audits, robust benefit-sharing agreements, and clear ecological outcomes, it speaks volumes.

  • But they must also tell that story powerfully. Package your impact in ways that resonate with funders – from short films to investment decks that translate conservation wins into social return on investment (ROI).

  • Having monitoring, evaluation and learning processes in place is key to be able to show the impact of their work, but funders/financiers also need to co-develop simple impact metrics with the organizations that they support.

  🚀 Looking ahead

  What financial instruments or markets hold the most promise, and what will it take to turn these ideas into reality? There’s often no shortage of bold concepts, but progress can be slow. What can organizations do differently to actually move things forward?

  This is true. Exciting options exist, but co-ownership is key, and appropriate finance solutions for a particular land, seascape or conservation approach →

  Looking forward, we see enormous promise in biodiversity credits, for example carbon markets that properly embed community rights. Tourism revenues, when structured transparently, can also be transformational. But the key is co-ownership and looking at a combination of finance solutions to be implemented appropriate for a particular land or seascape.

  Partnerships across sectors are foundational, and trust is key in scaling impact. That’s why we need honest, values-driven intermediaries, middle organizations that can build bridges, hold space for all actors, and ensure integrity and accountability across the system →

  Multilateral institutions/philanthropists can provide capital, but they must work hand-in-hand with government policy and community voices. The private sector can innovate, but it must invest in trust, not just infrastructure. We need institutions – like ours – that act as bridges: translating between actors, staying grounded in community needs, and unlocking finance that flows to where it matters most.

  We need to make innovation actionable →

  As new markets emerge, we are actively mapping these innovations through our Inventory, ensuring they’re not just visionary but actionable, particularly for community-led actors seeking entry points into complex instruments like carbon and biodiversity markets.

  This is where the Coalition comes in: our Finance Model guides partners through a structured approach to FIND the right finance solutions, DESIGN them appropriately, and MOBILISE resources tailored to the context. This model, together with our growing Inventory of Finance Solutions, and a Finance for Nature ecosystem of partners, helps conservation actors choose pathways that match their goals, governance structures, and readiness levels.

  At the Coalition, we believe the future of conservation finance is collaborative, local, blended, and tailored, unlocking solutions that work for people and nature alike.

About the Sustainable Finance Coalition

Who We Are: The Sustainable Finance Coalition is a non-profit, pan-African collaborative initiative working to reshape the financing of conservation and nature-based solutions across Africa. We bring together practitioners, investors, community leaders, and policy advocates committed to unlocking equitable and scalable finance for people and the planet.

What We Do:We support conservation actors to:

• FIND the right finance pathways through participatory assessment.
• DESIGN solutions that are financially sound and socially inclusive.
• MOBILISE capital and partnerships to bring those solutions to life.

We also curate an evolving Inventory of Finance Solutions and offer hands-on technical support through workshops, clinics, and peer learning events — all grounded in local realities. Learn more: https://inventory.sfcoalition.org.za/