This Brief considers how blended finance approaches have been deployed in conservation finance to date. According to the Convergence database, there have been 30 blended finance transactions focused on financing conservation projects, which represent aggregate financing of $3.1 billion. This includes solutions for a diverse set of conservation projects, from reforestation to ocean waste management. Blended finance transactions focused on conservation have largely been pooled vehicle structures and have been quite large in size, concentrated in the $50-250 million range, with a median size of $87.5 million.
The field of conservation finance is continuing to innovate and mature. Blended finance is one important tool to mobilize additional private investment in ecosystem conservation. This Brief seeks to benchmark the use of blended finance approaches in conservation, including where, how, and who is participating. The analysis here demonstrates that blended finance is not new to conservation finance and that there is a growing body of evidence that can be used to refine and scale solutions with demonstrated success. Anecdotally, Convergence sees strong momentum behind conservation finance – among members and the broader community – given its critical role in climate change mitigation and adaptation.