CFA Publications

Finance Tools for Coral Reef Conservation: A Guide

Coral reefs are critical ecosystems that are home to more than 25% of all known marine species, while occupying less than one quarter of 1% of the Earth’s marine environment (IUCN, 2013). In June 2018, the 50 Reefs initiative culminated with the publication of a scientific study on coral reefs that are least vulnerable to climate change and have the greatest capacity to repopulate other reefs over time. To contibute to 50 Reefs, the Wildlife Conservation Society (WCS) worked in conjunction with the Conservation Finance Alliance (CFA) to create a working guide on the financial tools available for coral reef conservation. Financial tools are a means of securing reliable funding for conservation activities such as creating new protected areas, restoring ecosystems, and promoting sustainable tourism or aligning incentives of actors to improve conservation outcomes. This guide is intended to serve as a reference and resource for protected area managers and other professionals charged with achieving conservation and protection of coral reefs, and ensuring adequate financial means to do so.

Author(s): Venkat Iyer, Katy Mathias, David Meyers, Ray Victurine, & Melissa Walsh
December 2018

Supporting biodiversity conservation ventures: Assessing the Impact Investing sector for an investment strategy to support environmental entrepreneurism

The purpose of this report is twofold. First, we assess the current state of the impact investment sector with respect to its focus on the environment. We do so by assessing environmentally focused investment funds. We review their financial and legal structures, along with the foci of their investments. We also analyze the standards and ratings currently present in the sector, and identify broad levels of risk to those investment funds. Our main purpose is to provide snapshot of the impact investment space as it relates broadly to environmental conservation.

Building on this assessment, the second purpose of this report is to scope a preliminary strategy around the creation of an investment vehicle that supports ventures that have the potential for high biodiversity impacts, while also being financially profitable. We refer to this potential vehicle as a biodiversity conservation venture fund (BCVF), since its goal would be to support high risk-high return investments with respect to biodiversity benefits. We refer to the types of investments the fund would support as biodiversity conservation ventures (BCV): for-profit organizations that are necessarily entrepreneurial in spirit, and exist explicitly to produce high-impact biodiversity conservation benefits while being financially sustainable. Our assessment hopes to provide a viable roadmap to inform the next steps in developing an investment vehicle that supports BCVs.

Author(s): Conservation Finance Alliance
February 2014

Sustainable Financing of Protected Areas: Conservation Trust Funds and Projects Comparative Advantages

In order to address the concerns of the debate between endowment CTF funding that delivers moderate longterm funding versus traditional donor projects which generally provide substantial short-term funding, and to provide donors and partners with the information needed to inform and assess the benefi ts of channeling funds specifi cally into one or the other fi nancial mechanism, the Conservation Finance Alliance (CFA), with support from Instituto Semeia, Linden Trust for Conservation, Fondation Internationale du Banc d’Arguin (FIBA), the French Agency for Development (AFD) and the French Global Environment Facility (FFEM), commissioned a two-phase comparative review of the advantages and disadvantages of financing PA and PA systems through CTFs versus traditional short-term donor project support. The comparative review was based on an overall scoping exercise, interviews, a web survey and case studies. It focused on African and Latin American countries and CTF’s with endowments. Overall, the review provides good evidence that using a combination of approaches off ers the best investment option.




A report commissioned by CFA and based on the work of Aequilibrium Consulting (2012) and LeGroupe-conseil baastel s.p.r.l. (2013)

October 2014

Collection of CTIS Publications

Yearly CTIS publications from 2006 to 2016.

White Paper: Options and Financial Mechanisms for the Financing of Biodiversity Offsets

Increasingly the Conservation Finance Alliance (CFA), the Business and Biodiversity Offset Program (BBOP) and Wildlife Conservation Society (WCS) observe efforts by companies to employ the mitigation hierarchy and attempt to offset their residual impacts. Many of these projects are still in the design phase but more and more companies are moving towards implementation of offset initiatives. Although the number of offset projects under implementation is still relatively modest, lessons drawn from these experiences have highlighted the fragility of certain offset projects stemming from inadequate financing and frailties within their underlying funding structures. The lack of adequate finance is a major risk in achieving the permanence of offset schemes around the world, especially where regulations do not require them and where compliance regimes are lax. This report explores these ideas and potential options to explore when tackling these issues.

Author(s): Francois Bernard, Giles Davies, Matthew McLuckie, & Ray Victurine 
February 2018

CTF Practice Standards

These Practice Standards for Conservation Trust Funds (CTF‘s) are the result of a nearly one-year collaborative initiative aimed at developing evidenced-based norms for use by CTF‘s and those institutions and individuals who provide financial and technical support to them.




Rapid Review of Conservation Trust Funds - May 2008

These Practice Standards for Conservation Trust Funds (CTF‘s) are the result of a nearly one-year collaborative initiative aimed at developing evidenced-based norms for use by CTF‘s and those institutions and individuals who provide financial and technical support to them.

Executive Summary