The role of philanthropic capital in biodiversity conservation is rapidly changing. Philanthropists increasingly seek to bankroll solutions to the biodiversity crisis, scaling up the size of their ambitions and gifts to help close what scientists and policymakers call the “biodiversity financing gap.” This paper interrogates the rising prominence of philanthropic capital in conservation governance, focusing on a class of actors I call “philanthro-environmentalists.” Unlike big, international NGOs and philanthrocapitalists, philanthro-environmentalists do not engage market-based, for-profit approaches to finance conservation. Rather, they engage a “dollars for policy” approach that leverages the power of their philanthropy to improve public conservation outcomes. Taking Chile as a case, I trace how a transnational network of philanthro-environmentalists is using a novel mechanism known as Project Finance for Permanence to exact substantial political and fiscal commitments from the state in exchange for substantive philanthropic support for a mega conservation initiative in Chilean Patagonia. I argue that Project Finance for Permanence targets policymaking as the primary site of philanthropic intervention, affording philanthro-environmentalists greater control over state conservation governance. Yet, I also argue that this case raises serious questions about the limits and implications of leveraging philanthropic capital to solve public environmental problems. Bridging literatures on conservation governance and conservation finance, the paper contributes new conceptual insights into the evolving dynamics of philanthropy-state relations in an age of biodiversity crisis.
