Announcing the 2025 CFA Incubator Cohort!
The Conservation Finance Alliance (CFA) is proud to introduce the 10 outstanding projects selected for the third round of the CFA Incubator — a program that identifies, supports, and promotes innovative solutions to conservation finance challenges with high-impact potential.
After a rigorous three-stage review process involving expert judges from leading conservation and finance institutions, we are thrilled to welcome ten projects to our 2025 cohort. Five projects will receive grants of $25,000, while all projects will benefit from mentorship, technical assistance, and global exposure through CFA’s network. This third round of the CFA Incubator is being supported by the Nature Transformation Fund run by Milkywire, in collaboration with Klarna.
Introducing the 2025 CFA Incubator Cohort
Selected for Grant Funding and Incubation
The Salmon Impact Bond. A nature bond model supporting Indigenous-led salmon habitat restoration and community development in Wuikinuxv territory. Team: Eddy Adra, Tamara Isaak, Ross Dixon, Audrey Popa, Coast Funds, Canada; Danielle Shaw, Andra Forney, Wuikinuxv First Nation.
ABC BirdsPlus Index. Developing a business strategy for the BirdPlus Index, a biodiversity monitoring tool leveraging bird sound recognition and AI to measure biodiversity and ecosystem health. Team: Corey Martignetti, Holly Robertson, and Eliot Miller, American Bird Conservancy, USA.
Finance for incentive-based marine conservation in small-scale fisheries. Establishing and scaling sustainable finance to conserve marine megafauna (e.g., sharks, rays, turtles) through expanding a unique incentive-based program that delivers positive outcomes for biodiversity and people in coastal communities. Lead: Hollie Booth, University Of Oxford & Kebersamaan Untuk Lautanuk, Indonesia/UK.
Global Green Visa. Developing a national-level tourism levy linked to an impact bond to finance nature conservation. Team: Bhalin Singh and Peter Jipp, Prajna Ventures, Rwanda/Luxembourg.
Finance for Small Scale Fisheries in Africa. Innovative provision of technical assistance and microcredits to support positive outcomes for biodiversity and people in coastal communities in Africa. Team: Camille Richer, BlueMove; Thomas Binet, BlueSeeds, Tunisia & Senegal.
Selected for Incubation
Karukinka’s Impact Bond. Finance for peatland and forest protection in Karukinka Natural Park, Patagonia, through an outcome-based bond. Team: Melissa Carmody Lobo and Cristóbal Arredondo, WCS, Chile.
Caribbean Debt Conversion. Exploring a debt conversion to unlock sustainable conservation finance in Cuba. Team: Fernando Bretos & Jim Tolisano, Cresta Coastal Network; Mark J. Spalding, the Ocean Foundation; Ulises Fernandez, CITMA, Cuba.
Finance solutions for sustainable scallop fisheries. Developing metrics and an associated finance system to transform scallop fisheries. Lead. Tom Hooper, Fishtek Marine LTD, UK.
Mitsiry Biodiversity and Climate Trust Fund. Leveraging blended finance and technical assistance to grow biodiversity-focused small and medium-sized enterprises. Team: Koloina Ramaromandray, Lea Meleard & Emmanuel Cotsoyannis, Mirakap; Madagascar and Eastern & Southern Africa.
Transfrontier Conservation Areas (TFCA) Infrastructure Impact Bond – A scalable approach to fund infrastructure in TFCAs. Lead: Onkemetse Nteta, IUCN, South Africa.
These projects showcase bold thinking where finance meets nature. Through approaches such as bonds, trust funds, credits, AI applications, and blended finance, they’re working to deliver tangible conservation outcomes and long-term sustainability. Together, they reflect the growing momentum in conservation finance, and we look forward to championing their progress and sharing their insights with our broader global network in the year ahead.
The Incubation period will run from May through February 2026, offering tailored support and mentorship to advance these ideas towards implementation. The CFA Incubator will hold a series of webinars presenting these ideas over the course of the incubation and will host presentations at global conferences.
This year’s open call for proposals attracted 73 applications from 37 countries, reflecting a global interest in conservation finance innovation. Proposals were received from every major region: Africa had the most submissions, followed by Asia, Latin America and the Caribbean, North America, Europe, the Pacific, and the Middle East. Approximately 25% of proposals were led by women, and over 40% of teams included women in key roles, signaling encouraging trends in inclusion and diversity across the sector.
More detail on selected projects:
Selected for Grant Funding and Incubation
The Salmon Impact Bond
Team: Eddy Adra, Tamara Isaak, Ross Dixon, Audrey Popa, Coast Funds, Canada; Danielle Shaw, Andra Forney, Wuikinuxv First Nation
For the Wuikinuxv Nation, salmon are central to culture, economy, and well-being, with their annual return sustaining healthy watersheds and wildlife while also supporting food security, cultural connection, and employment. In recent decades, overfishing, habitat destruction, and climate change have had devastating impacts on salmon returns, resulting in the collapse of salmon stocks in the 1990s. Since then, the Nation has been working hard to identify appropriate restoration strategies, however, inadequate long-term funding has challenged restoration efforts. An opportunity now exists to align the need for large-scale and long-term funding for habitat restoration and community development, with the appetite for innovation in Canada’s social finance, conservation finance, and philanthropic sectors. Our next step, in partnership with the Wuikinuxv Nation, is to determine the feasibility of a Salmon Impact Bond, assess bond design and structure, community defined outcome metrics, market interest, risk, regulatory challenges, and scalability in preparation for an intended pilot phase of the bond.
Website: https://coastfunds.ca/ | https://www.wuikinuxv.net
““Lands and waters can only be as strong and healthy as those who sustain them. New long-term financing options can help our community continue to protect and manage salmon for food, livelihoods, and future generations.” ”
““Our team is excited to partner with the Conservation Finance Alliance again. Through this program, Coast Funds will build on its experience and test innovative conservation finance tools to support First Nations’ goals for stewardship and conservation.” ”
ABC BirdsPlus Index
Team: Corey Martignetti, Holly Robertson, and Eliot Miller, American Bird Conservancy, USA.
Conservation finance needs an easy to use and scientifically-grounded tool to track and report outcomes, and the BirdsPlus Index has the potential to fill this need and provide significant benefits to nature impact measurement, reporting, and validation in impacting investing and conservation finance generally. The BirdsPlus Index works by utilizing sound data captured from autonomous recording units, passing the sound files through an advanced AI model to recognize the bird species, assigning a conservation value to each detected species, matching these observations with remote sensing layers to build models of expected biodiversity, and deriving a "score" and insight on the ecological integrity of the site being studied. The development and deployment of the BirdsPlus Index will provide an effective and scalable way to measure and report on site-level nature impact in conservation finance and impact investing, which will aid in mobilizing additional capital, improving credibility, and facilitating on-the-ground actions that value and ultimately result in benefits to biodiversity. ABC will be developing an effective business strategy and plan for the BirdsPlus Index for potential applications in impact investing and other areas of conservation finance.
““American Bird Conservancy is excited to be selected to the CFA Incubator to assist in the development of a business plan for the BirdsPlus Index, a unique and innovative approach to measuring biodiversity and nature impact. With the growing need for conservation finance to address the $900 billion nature funding gap, the BirdsPlus Index will provide stakeholders with a quantifiable, insightful, and scalable way to measure and validate nature impact by leveraging the power of artificial intelligence and clearly measuring site-level biodiversity using birds as effective indicators of ecosystem condition.” ”
Finance for incentive-based marine conservation in small-scale fisheries
Lead: Hollie Booth, University Of Oxford & Kebersamaan Untuk Lautanuk, Indonesia/UK.
Marine megafauna (e.g., sharks, rays, turtles) are amongst the world’s most threatened species, primarily due to overfishing. Yet mitigating overfishing of these species can lead to negative impacts on livelihoods of small-scale fishers and coastal communities. We have developed and piloted a unique incentive-based program, which seeks to deliver positive outcomes for biodiversity and people in coastal communities, and are now looking to establish and scale long-term sustainable financing for this program. The goal is to establish a scalable model for effective and socially-just marine conservation.
Website: https://kebersamaan-lautan.org/ https://www.instagram.com/kebersamaan_untuk_lautan
““I am absolutely delighted that we have been accepted into the CFA incubator program. After spending several years designing, piloting, evaluating and adapting our community-based conservation program, securing long-term sustainable finance is the critical next step for scaling and securing a legacy. My team and I can’t wait to collaborate with CFA to deliver meaningful, lasting impact for marine biodiversity and coastal communities in Indonesia” ”
Global Green Visa
Lead: Bhalin Singh and Peter Jipp, Prajna Ventures, Rwanda/Luxembourg.
Global Green Visa® is a mandatory levy program designed to be paid by international tourists. This revenue can be collateralized in collaboration with the partner country to fund an impact bond. The bond will finance social and community-based projects, climate security, carbon reduction initiatives and wildlife conservation.
Website: www.prajnaventures.com
““We are honored and grateful to receive this exclusive grant from the Conservation Finance Alliance. We look forward to collaborating on systemic solutions that fund and protect our planet for generations to come.” ”
Finance for Small Scale Fisheries in Africa
Team: Camille Richer, BlueMove; Thomas Binet, BlueSeeds, Tunisia & Senegal.
Small-scale fishers are the backbone of coastal communities but face critical challenges and many barriers to adopting sustainable practices. The BlueMove Fund provides them with technical assistance and microcredits to enable investments in responsible fishing gear and practices and promoting sustainability, economic resilience and ecosystem protection. Following a successful pilot in 2022 and deployment in 4 European countries (Croatia, Cyprus, Greece and Portugal) in 2023-2025. The next step is to expand the BlueMove Fund concept, with strategic partners, to develop support for small-scale fisheries and the sustainable transition of coastal communities in Africa, starting with Tunisia and Senegal. The BlueMove Fund will provide working capital for investments by local microfinance organisations.
“‘Small-scale fishers face significant barriers when it comes to accessing the financial resources they need, to sustain their livelihoods and protect marine ecosystems. Through the CFA Incubator Programme, BlueMove has a unique opportunity to co-create practical, sustainable solutions and expand its support to Africa – starting with Tunisia and Senegal. It’s a chance to recognise and support the essential role these fisheries play. I’m truly grateful to be part of this journey.’ ”
Selected for Incubation
Karukinka’s Impact Bond
Team: Melissa Carmody Lobo and Cristobal Arredondo, WCS, Chile.
WCS Chile’s Karukinka Impact Bond is an innovative model to secure long-term financing and address wildfire and invasive species threats in Karukinka Natural Park, a globally significant 300,000-hectare reserve of old-growth forests and peatlands in Tierra del Fuego. Holding deep cultural value for the Selknam people and storing over 123 million tons of carbon, Karukinka faces escalating risks from climate change and human activity. The proposed five-year, $5 million outcome-based bond would finance fire-fighting infrastructure, invasive beaver control, and sustainable tourism development, generating measurable climate and biodiversity benefits. With strong national momentum for climate and biodiversity finance—including Chile’s leadership in green and sustainability-linked bonds and the creation of the Natural Capital Committee—this initiative offers a timely opportunity to pilot a replicable financing mechanism for protected areas across Patagonia and contribute to Chile’s national climate and biodiversity targets.
Website: https://chile.wcs.org/Karukinka.aspx
Caribbean Debt Conversion
Team: Fernando Bretos & Jim Tolisano, Cresta Coastal Network; Mark J. Spalding, the Ocean Foundation; Ulises Fernandez, CITMA, Cuba.
Cresta Coastal Network (CCN) and its fiscal sponsor, The Ocean Foundation, are collaborating with the Government of Cuba in a pioneering proposal to develop Cuba’s first debt conversion for nature (DCFN). The proposed DCFN will channel fiscal savings into energy production, climate adaptation and biodiversity conservation, including support for over 200 protected areas, coastal ecosystem restoration, and sustainable fisheries management. This effort will also include the establishment of a private, independent Conservation Trust Fund—backed by the Caribbean Biodiversity Fund and the German Development Bank (KfW)—to ensure long-term financial sustainability. Building on CCN’s experience in Barbados and The Bahamas, and supported by the Cuban Ministry of Science, Technology, and the Environment (CITMA), the project will launch with an inaugural multi-agency planning workshop in July 2025. This initiative aims to deliver innovative, nature-based solutions that address Cuba’s fiscal vulnerabilities while enhancing coastal resilience and food security.
Website: www.crestacoasts.org and www.oceanfdn.org
“‘Cresta Coastal Network and The Ocean Foundation are honored to be selected for this prestigious program which will assist Cuba, the largest island of the Caribbean, create marine conservation outcomes in a novel and creative way that reduces debt while protecting nature.’ ”
Finance solutions for sustainable scallop fisheries
Team: Tom Hooper, Fishtek Marine LTD, UK.
Fishtek Marine is a small conservation technology company based in Devon, UK, specializing in supporting sustainable fisheries and reducing bycatch. In 2019, they pioneered a novel method for harvesting scallops using pots, and have since spent five years designing and refining this system. Currently, 95% of scallops in the UK are caught using dredges—a method associated with high emissions and significant seabed damage. There is considerable potential for investment to drive the shift from high-impact to low-impact scallop fisheries. However, realizing this transformation requires developing a robust tool grounded in reliable scientific data, enabling investors, and perhaps regulators, to accurately assess the environmental benefits of this approach. This initiative would mark the first time a model has been created to quantify both carbon and biodiversity costs in the context of low-impact fisheries transformation, with promising applications for fisheries worldwide.
Website: Scallop Potting Discovery - Sustainable Fishing Products to Prevent Bycatch
““Fishtek Marine are thrilled to have been selected to join the CFA Incubator Program to help with a transition in scallop fishing in the UK. A combination of smart technology and finance has the potential to be one of the primary drivers of change for sustainable fisheries’”
Mitsiry Biodiversity and Climate Trust Fund
Team: Koloina Ramaromandray, Lea Meleard & Emmanuel Cotsoyannis, Mirakap; Madagascar and Eastern & Southern Africa.
The Mitsiry Biodiversity and Climate Fund (MBCF) is a $50 million blended finance vehicle currently in the fundraising phase, leveraging blended finance and technical assistance to grow biodiversity-focused small and medium-sized enterprises in Madagascar and Eastern & Southern Africa (Comoros, Mozambique, Tanzania). Complementing the investment fund is a pilot $10 million trust fund that seeks to provide grant-based technical assistance (TA). The trust fund aims to test and refine a model where targeted TA—covering financial structuring, impact measurement, and governance—enables businesses to scale while enhancing their conservation outcomes. The trust fund will be designed to align with global best practices in conservation finance, boosting its credibility and appeal to donors and investors. Ultimately, this will empower companies to better protect ecosystems, adopt sustainable practices, and attract further investment.
Website: https://miarakap.com/
Transfrontier Conservation Areas (TFCA) Infrastructure Impact Bond
Team: Onkemetse Nteta, IUCN, South Africa.
An often-understated part of the global biodiversity finance gap is the requirement to support infrastructure development needs in conservation areas. Transfrontier Conservation Areas (TFCA) are vital not only for biodiversity preservation but also for driving local and regional economic growth across the Southern African Development Community (SADC) region. This critical need has been well-captured in funding applications received by the SADC TFCA Financing Facility, which include requests for park road construction, upgrades, and maintenance; development of tourism infrastructure such as lodges and visitor facilities; park fencing; staff housing, operational centers and offices; as well as water and green energy systems. The Facility already manages a portfolio of infrastructure projects—both active and in the pipeline—and is well-positioned to develop an innovative financing model that leverages existing funds to attract additional public and private sector investments. This project aims to pilot a blended finance approach to support the launch of a TFCA Infrastructure Impact Bond.
Websites: IUCN: https://iucn.org/ | SADC TFCA Portal - https://tfcaportal.org/
““As part of on-going efforts to secure sustainable finance for Transfrontier Conservation Areas in southern Africa, the SADC TFCA Financing Facility aims to explore innovative financing models to mobilise resources to respond to the current and future funding needs. Through the CFA Incubator, we hope to catalyse a new financing mechanism that can help address the priority infrastructure development and maintenance needs in TFCAs. These efforts will also contribute to the Facility’s resource mobilisation target which aims to raise EUR 100 million by 2026.””