Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Protected area / relocation · Peru · 2019–2026

Peru's Natural Legacy (Patrimonio Natural del Perú): Project Finance for Permanence for Amazon protected areas, 2019

Nature's voice · report
Per a 2019 post on the announcement; about half from donors and half from the Government of Peru 140 million US dollars were pledged in my name. No one has measured what reached me.
Did nature suffer? Not measured. Accounts differ ↓
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 4 none on record · 1 insufficient · 2 not measured · 3 disputed See the gaps
Accounts of the harm differ
How much area the initiative covers
  • Communities and civil society WWF council member's 2019 post: Almost 17 million hectares of Amazon protected areas. Carmen Busquets, journal
  • International bodies Green Climate Fund project page (2026): Approximately 17 million hectares are protected within 38 national parks across the Peruvian Amazon (regional context, not a project target). Green Climate Fund
  • Communities and civil society WWF safeguards report form (2026): The project directly targets 25 protected areas and 4 buffer zones covering around 17.6 million hectares. World Wildlife Fund, Inc., Green Climate Fund

Announced in June 2019 as a US$140 million commitment, half of it new money from the Government of Peru over 10 years, to expand and manage almost 17 million hectares of Amazon protected areas. A 2021 mid-term evaluation of the linked GEF project, commissioned by WWF-US, found the Transition Fund about 30% executed and the impact not yet feasible to measure; in March 2026 the Green Climate Fund approved a US$37.5 million grant.

US$140 millionTotal commitment announced for Peru's Natural Legacy, 11 June 2019
Figure from a 2019 post by a WWF council member on the launch; about half from donors and US$70 million new funding from the Government of Peru over 10 years. The sources reviewed give no total raised or spent.

Status As of July 2026: GCF project under implementation (funding agreement effective 13 July 2026); the latest evaluation found is the September 2021 mid-term evaluation of the GEF project; no results on hectares or conservation outcomes found.

What?
A public-private funding arrangement for Peru's Amazon protected areas, with a Transition Fund managed by PROFONANPE and a linked GEF project and, from 2026, a GCF project. Deltanomics and Sustainable Forest Services (S-FOR-S)
Where?
Peruvian Amazon, 38 natural protected areas; the GCF project targets 25 areas and 4 buffer zones. World Wildlife Fund, Inc., Green Climate Fund
When?
Approved March 2019, announced 11 June 2019; mid-term evaluation September 2021; GCF approval 28 March 2026. Carmen Busquets, journal
Who?
Gained
Lost
None on record
Harmed
None on record
Why?
The evaluation records that public financing covered only 60% of SERNANP's operating costs; the initiative aims at long-term financial sustainability of the protected-area system. Deltanomics and Sustainable Forest Services (S-FOR-S)
How?
A Project Finance for Permanence in which donors and the Government of Peru commit funds against agreed milestones, with a Transition Fund managed by PROFONANPE and supporting GEF and GCF projects. Carmen Busquets, journal
6 of 6 questions answered from the record

What happened

The record, in order.

On 11 June 2019 a post by Carmen Busquets, a WWF council member, reported that the Government of Peru, WWF and partners had announced a commitment of US$140 million to expand and manage almost 17 million hectares of protected areas in the Peruvian Amazon. According to the post about half came from public and private donors including the Global Environment Facility, the Gordon and Betty Moore Foundation, the Andes Amazon Fund and WWF, and the Government of Peru would contribute US$70 million in new funding over 10 years. The initiative was described as the latest Project Finance for Permanence (PFP) under WWF's Earth for Life initiative, one of three Amazon PFPs that together would permanently protect about 12% of the Amazon Biome. Kurt Holle of WWF-Peru said it "aligns public and private sector investment around a unified vision"; Pedro Gamboa, head of the national protected areas service SERNANP, spoke of promoting sustainable development and the quality of life of populations living inside the areas.

A mid-term evaluation of the GEF project that supported the initiative, Securing the Future of Peru's Natural Protected Areas (2018–2024, GEF child project 9374), was carried out by Deltanomics and Sustainable Forest Services for WWF-US and dated 20 September 2021. It records that the Patrimonio Natural del Perú (PdP) Initiative, phase I for the Amazon, was approved in March 2019 under Decreto Supremo 003-2019-MINAM, which declared it a national priority; that it covers 38 Amazonian protected areas for an initial 11 years; and that it "catalysed an initial US$ 70 million" from WWF, the Andes Amazon Fund and the Gordon and Betty Moore Foundation. The GEF project had a GEF-approved budget of USD 9,007,528 and approved co-financing of USD 54,460,781, including a US$5 million grant to a Transition Fund run by PROFONANPE for four pilot protected areas. The evaluators noted that public financing covered only 60% of SERNANP's operating costs.

The evaluation rated the project satisfactory on relevance, effectiveness, efficiency, impact and adaptive capacity (rating 5), and marginally satisfactory on coherence and sustainability (rating 4). It stated that "it is not (yet) feasible to measure the impact generated to date" because the impacts are long-term social processes, and reported that, according to interviewed staff, the execution rate of the Transition Fund was approximately 30% in August 2021. It found limited coordination with other ministries and agencies, no clear participation strategy and no clear performance assessment framework. In a management response, the WWF GEF Agency, working with the project management unit at SERNANP, said the evaluation contained inaccuracies, including an outdated description of the PdP financial model and a rating of the agency's performance that did not consider the full range of its supervision roles, and agreed with the evaluation's first recommendation on a participatory methodology.

On 28 March 2026 the Green Climate Fund Board approved FP300, Peru's Natural Legacy – Amazon & Climate, with a GCF grant of USD 37,519,371 and co-financing of USD 36,995,298, for a total of about USD 74.5 million. The accredited entity is World Wildlife Fund, Inc. The safeguards report states that it targets 25 protected areas and 4 buffer zones covering around 17.6 million hectares, and 30 Indigenous communities in five prioritised protected areas. The fund's page lists anticipated results of 1.8 million tCO2e avoided and 639,000 people with increased resilience, the funding agreement as effective on 13 July 2026 and an estimated completion of 13 July 2033.

  1. 2018GEF project Securing the Future of Peru's Natural Protected Areas begins (1 July 2018)
  2. 2019PdP Initiative phase I approved (March), declared a national priority by Decreto Supremo 003-2019-MINAM; US$140 million commitment announced (11 June)
  3. 2021Mid-term evaluation dated 20 September; Transition Fund execution about 30% in August; WWF GEF Agency management response (November)
  4. 2026GCF Board approves FP300 with a USD 37,519,371 grant (28 March); funding agreement effective 13 July
  5. 2033Estimated completion of the GCF project (13 July)

What was said

Claims, in the words of those who made them.

“Nature is a critical part of Peru's identity, the people's heritage”

“aligns public and private sector investment around a unified vision”

“it is not (yet) feasible to measure the impact generated to date”

“catalysed an initial US$ 70 million in funding”

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Accuracy of the mid-term evaluation of the GEF project and the rating of the WWF GEF Agency
Researchers
Deltanomics and Sustainable Forest Services (evaluation team, 2021)

Rated the WWF-GEF agency's performance marginally satisfactory; found the project did not develop its own participation strategy and had limited inter-sector contact.

Deltanomics and Sustainable Forest Services (S-FOR-S)
Communities and civil society
WWF GEF Agency (management response, November 2021)

The evaluation included an outdated analysis of the PdP financial model, did not consider the full range of the agency's supervision roles, and some stakeholders reported not being contacted.

WWF GEF Agency
How much area the initiative covers
Communities and civil society
WWF council member's 2019 post

Almost 17 million hectares of Amazon protected areas.

Carmen Busquets, journal
International bodies
Green Climate Fund project page (2026)

Approximately 17 million hectares are protected within 38 national parks across the Peruvian Amazon (regional context, not a project target).

Green Climate Fund
Communities and civil society
WWF safeguards report form (2026)

The project directly targets 25 protected areas and 4 buffer zones covering around 17.6 million hectares.

World Wildlife Fund, Inc., Green Climate Fund

How it looked

What was shown, beside what was recorded.

Shown

  • The initiative presented as a US$140 million commitment to expand and manage almost 17 million hectares of Amazon protected areas, eventually covering all of Peru's protected-area network.
    WWF and the Government of Peru, as reported by Carmen Busquets, WWF council member · Carmen Busquets, journal
  • The GCF project presented as directly targeting 25 protected areas and 4 buffer zones covering around 17.6 million hectares.
    WWF as accredited entity, safeguards report form · World Wildlife Fund, Inc., Green Climate Fund

Recorded

  • The September 2021 mid-term evaluation rated effectiveness, efficiency and impact of the GEF project satisfactory (5) but found it not yet feasible to measure impact, and recorded Transition Fund execution of about 30% in August 2021.
    Deltanomics and Sustainable Forest Services (S-FOR-S)
  • The WWF GEF Agency disputed parts of the evaluation in a management response dated November 2021.
    WWF GEF Agency
  • No results on hectares added or managed, funds raised in total, or conservation outcomes for the initiative after 2021 were found in the sources reviewed.

In nature's name

What was promised in nature's name, the money that moved, and what was measured.

Promised

  • “to promote long-term financial sustainability for the effective management of the National System of Natural Protected Areas of Peru (SINANPE) for the protection of biodiversity and ecosystem services of global importance in the Peruvian Amazon” — Objective of the GEF project that supported the initiative, as quoted in the mid-term evaluation (2018) Deltanomics and Sustainable Forest Services (S-FOR-S)
  • “Nature is a critical part of Peru's identity, the people's heritage” — Kurt Holle, WWF-Peru Country Representative (11 June 2019) Carmen Busquets, journal

Money moved in nature's name

WhatKindAmountPeriod
Total commitment announced for Peru's Natural Legacy
Government of Peru, WWF and partners
Carmen Busquets, journal		Pledged$140mannounced June 2019; government part over 10 years
New funding committed by the Government of Peru
Government of Peru
Carmen Busquets, journal		Pledged$70m2019–2029
Initial funding catalysed by the wider PdP Initiative
WWF, Andes Amazon Fund, Gordon and Betty Moore Foundation
Deltanomics and Sustainable Forest Services (S-FOR-S)		Raised$70mto 2021
GEF-approved budget of the linked GEF project
Global Environment Facility
Deltanomics and Sustainable Forest Services (S-FOR-S)		Budget$9.01m2018–2024
GEF grant released to the Transition Fund
WWF-GEF
Deltanomics and Sustainable Forest Services (S-FOR-S)		Paid out$5mto July 2021
GCF grant for Peru's Natural Legacy – Amazon & Climate (FP300)
Green Climate Fund
Green Climate Fund		Pledged$38m2026–2033
Co-financing for FP300
Co-financiers listed on the GCF project page
Green Climate Fund		Pledged$37m2026–2033

What was measured

Not measured

No measurement of benefit to nature was found. The only evaluation found, of the linked GEF project and commissioned by WWF-US, states that impact is not yet feasible to measure. The programme's hectare figures are targets, not measured results.

Impact of the GEF project, July 2021
Not yet feasible to measure
Mid-term evaluation Deltanomics and Sustainable Forest Services (S-FOR-S)
Transition Fund execution, August 2021
approximately 30%
Estimate by interviewed staff Deltanomics and Sustainable Forest Services (S-FOR-S)

Operation Ongoing · Phase I (Amazon) approved March 2019 for 10 years; GCF project under implementation to 2033. Green Climate Fund

Findings on record

  • Official audit External evaluators Deltanomics and S-FOR-S (mid-term evaluation commissioned by WWF-US under its contractual procedures for WWF and GEF projects) (2021-09-20) · Mid-Term Evaluation of the WWF-GEF Project: Securing the Future of Peru's Natural Protected Areas: “it is not (yet) feasible to measure the impact generated to date” Deltanomics and Sustainable Forest Services (S-FOR-S)

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: USD · Window: Mixed — see each line. Figures cover different periods and are not compared as a ratio. * Estimate built from cited figures.

Responses on record

  • WWF GEF Agency (November 2021): Said the mid-term evaluation contained inaccuracies, including an outdated PdP financial model description and a performance rating that did not consider its supervision roles; agreed with the recommendation to develop a participatory methodology. · WWF GEF Agency
  • SERNANP (11 June 2019; November 2021): Its head said at the 2019 announcement that the initiative would promote sustainable development and improve the quality of life of the populations living inside the areas; its project management unit helped prepare the 2021 management response. · Carmen Busquets, journal
  • Government of Peru (March–June 2019): Declared the PdP Initiative a national priority by Decreto Supremo 003-2019-MINAM and committed US$70 million in new funding over 10 years, according to the 2019 post and the evaluation. · Deltanomics and Sustainable Forest Services (S-FOR-S)

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

No court case on record. No court has ruled on this case.

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Impact of the GEF project on protected areas, July 2021
Not yet feasible to measure
Mid-term evaluation, commissioned by WWF-US
Transition Fund execution rate, August 2021
approximately 30%
Estimate by interviewed staff recorded in the mid-term evaluation; USD 5 million released to the fund
Hectares targeted by the GCF project
around 17.6 million
25 protected areas and 4 buffer zones; WWF safeguards report form, 2026

What we don't know

Undisclosed, unproven, untried: recorded as data.
Official audit findingBenefit not measuredUnder standard-setter review

Nature

  • Not measured Harm to nature: The record holds no measurement of harm to nature.
  • Disputed How much area the initiative covers

Accounts

  • Disputed Accuracy of the mid-term evaluation of the GEF project and the rating of the WWF GEF Agency

Record

  • None on record None on record: hectares added to, or brought under better management in, Peru's protected areas under the PdP initiative since 2019, as reported in a source that could be opened.
  • None on record None on record: a total of the US$140 million raised or spent; the mid-term evaluation records US$41 million pledged at the start of the GEF project and an initial US$70 million catalysed, and the sources reviewed do not reconcile these with the US$140 million.
  • None on record None on record: an evaluation of the PdP initiative itself; the only evaluation found is a mid-term evaluation of the linked GEF project, commissioned by WWF-US.
  • Not measured Not measured: the impact of the project on biodiversity or deforestation; the evaluators state it is not yet feasible to measure.
  • Disputed Conflicting: the area. The 2019 post and the GCF project page give almost or approximately 17 million hectares; the GCF safeguards report gives around 17.6 million hectares for the 25 targeted areas and 4 buffer zones; the evaluation gives approximately 19 million hectares for the whole national system of 76 areas.
  • Insufficient Unconfirmed: a reports of a WWF project page gave 15.8 million hectares for the GCF project; the page returned HTTP 403 and the figure appears on no page that could be opened.
  • None on record None on record: whether Peru's government delivered the US$70 million of new funding over 10 years announced in 2019.

Did the harm stop?

The sources reviewed do not report a measured effect of the initiative on deforestation or habitat loss in Peru's protected areas.

Who paid?

Donors including the Global Environment Facility, the Gordon and Betty Moore Foundation, the Andes Amazon Fund and WWF are reported to have provided about half of the US$140 million announced in 2019, and the Government of Peru US$70 million over 10 years. For the GCF project, the fund's grant is USD 37,519,371 with co-financing of USD 36,995,298. Amounts actually paid are not on record beyond a US$5 million GEF grant released to the Transition Fund.

Sources

Voices on record: — Company or project— Government and regulators— Courts✓ Press and investigations✓ Communities and civil society✓ Researchers✓ International bodies

Press and investigations

Communities and civil society

  1. FP300 environmental and social safeguards report form
    World Wildlife Fund, Inc., Green Climate Fund · 2026-02-17

Researchers

International bodies

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Science and environment

Hectare (ha)
A unit of area equal to 10,000 square metres, about 2.5 acres. 100 hectares make one square kilometre.

Carbon and conservation finance

REDD+
Reducing Emissions from Deforestation and forest Degradation. A UN framework under which forest projects earn carbon credits for deforestation they say they prevented, measured against a projected baseline.