How should The Nature Conservancy (TNC) prioritize and select future Nature Bonds projects, given limited conservation funding, variable environmental and financial returns, and high execution complexity?
How should The Nature Conservancy (TNC) prioritize and select future Nature Bonds projects, given limited conservation funding, variable environmental and financial returns, and high execution complexity?
In 2025, The Nature Conservancy (TNC), a global conservation NGO, is at the forefront of innovative financing solutions to combat biodiversity loss and climate change. Through its Nature Bonds Program, TNC has pioneered large-scale debt conversions for nature and climate, beginning with a landmark $364 million transaction in Belize that cut the country’s debt significantly while protecting ocean territory. The complex deals that TNC arranges combine restructuring of sovereign debt with binding conservation commitments. As global climate adaptation needs rise, and many lower income nations facing debt distress, TNC sees growing opportunity to scale its model. Yet, with limited philanthropic resources and high execution risk, TNC must assess the trade-offs among environmental impact, financial leverage and operational sustainability. In this case study, students examine how financial innovation can drive conservation at scale. They are also challenged to evaluate strategic priorities for climate finance in the developing world.
About the Author(s)
