Insights

New Harvard Business School Papers Highlight Conservation Finance Solutions

Two Working Papers Explore Conservation Finance

The accelerating climate crisis heightens the urgency of investing in the protection and expansion of  forests, making conservation finance solutions increasingly important. 

Forest land is critically important to our survival and is disappearing at an alarming rate. Forest conservation presents a compelling opportunity to address the climate crisis and it can present an equally compelling investment opportunity.

At Highstead and throughout our Wildlands, Woodlands, Farmlands and Communities (WWFC) network, we seek new approaches to financing forest and farmland conservation, knowing its critical importance to our land conservation goals. We are partnering with NGOs, financiers, public agencies and academics to identify, research and pilot forest finance mechanisms. Out of this desire, came a fruitful collaboration with Josh Lerner, the Jacob H. Schiff Professor of Investment Banking at Harvard Business School. Professor Lerner’s growing interest and practice in impact investing and forest finance brings us important insights that bridge the finance and conservation spheres.

Along with his very capable MBA students, Andrew Baxter, Connor Cash and Ratnika Prasad, Professor Lerner dove into two fascinating case studies on how impact investors see forest investments as an opportunity to do well, while doing good.

In the first case study, the  authors investigate a novel green bond that has promise to accelerate the protection of working forestland. This case study is of particular interest to us at Highstead because The Conservation Fund is using some of the proceeds from its green bond to invest in timberland in southwestern Maine, the very same region where our Sebago Clean Waters partnership is focused. The Sebago Clean Waters initiative–which Highstead helped to establish–is a water fund and conservation partnership between the Portland Water District and eight environmental NGOs, with a mission to protect water quality, community well-being, a vibrant economy, and fish and wildlife habitat in the Sebago watershed through voluntary forestland conservation.

The second case study that Professor Lerner and colleagues investigate addresses how to achieve environmental and social impact at scale. Sonen Capital is a fund-of-funds, which effectively screens high-impact, market-rate impact investment funds, which they in turn offer to their investors. One constant lament of conservation finance practitioners, financiers, and conservationists alike is the dearth of access to investment-grade deals that have real conservation impact. The authors go into the details of how a fund-of-funds provides the connection between investor and impact through curated opportunities. And with the growth of sustainable impact funds [spoiler alert] growing at nearly 50%, it is critical to ensure that the intended conservation outcomes go past investor marketing materials and truly come to fruition.

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Webinar: Resilient Agriculture in Urban and Rural Communities

During the last of three webinars leading up to the full-day virtual RCP Network Gathering on November 19, a group of speakers from across New England shared how resilient agriculture is essential to food security in their communities. 

Moderated by Jamie Pottern, New England Program Manager, American Farmland Trust, and Brian Donahue, Associate Professor, Brandeis University and Senior Fellow, Highstead, the webinar consisted of three presentations touching on three approaches to building resilient agriculture: securing access to urban farmland, creating payments for ecosystem services for farmers who maintain soil health, and providing access to farmland for historically disadvantaged and immigrant farmers of color. Together, the speakers, moderators and participants helped define what RCPs can do to contribute to food security and farm viability across the region.

The first presentation was given by Latha Swamy, Director or Food System Policy in the city of New Haven, CT. Latha —  the first person to ever serve in this capacity — works to create an equitable and enabling policy environment for urban agriculture, especially in low-income communities and communities of color. She and her partners face a variety of obstacles including opaque city processes that can be difficult to navigate, non-existent and outdated zoning regulations and land-use policies (including the remnants of racist practices such as redlining), difficult-to-access knowledge and financial resources for urban agricultural initiatives, and the concern that their work could be a catalyst for displacement and gentrification. Latha shared her approach to overcoming these obstacles: building coalitions, changing city regulations, and providing resources to help urban agriculture thrive in New Haven, bringing health, economic, and environmental benefits for its residents. 

Ryan Patch, Deputy Director of the Water Quality Division at the Vermont Agency of Agriculture, Food, and Markets gave the second presentation. He focused on finding ways to pay farmers for the ecosystem services they provide. Farms in Vermont provide a wide array of services to their surrounding communities beyond the food they produce, including water purification, erosion prevention, bringing beauty to landscape, and much more. Ryan described how the Vermont Payment for Ecosystem Services Working Group has devised a system to pay farmers for these services, supporting both the environmental resilience of their surrounding communities and also the economic resilience of small farms. Learn more about this program here

The third presentation was given by Mark Wamsley, Conservation & Stewardship Manager, Kestrel Land Trust; Gabriella della Croce, Lead Organizer, Pioneer Valley Workers Center; and Lorena Moreno, Worker, Owner, and Sales Manager at Riquezas Del Campo. Gabriella shared information about the Pioneer Valley Workers Center, a small grass-roots organization that supports undocumented Central American immigrant workers and farmers. They provide power to these workers, who often face difficult working conditions, through collective action and developing economic alternatives, such as the immigrant-run cooperative farm, Riquezas Del Campo. Mark then described how Kestrel Land Trust helped the Workers Center acquire the land that became Riquezas Del Campo, and Lorena, with her perspective as a former healthcare worker, spoke about the ways Riquezas Del Campo is addressing healthcare problems in immigrant communities, and shared her experience running the farm for the past two years.

The presentations were followed by a lively Q&A session with webinar attendees.

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Conservation Finance 101 – Understanding Key Concepts

Introduction: Conservation Finance 101 Webinar – pre-recorded 

The Conservation Finance 101 webinar offers viewers the opportunity to familiarize themselves with some basic conservation finance concepts and types of funding and financing.

Highstead and Conservation Finance Network will be hosting a series of webinars: Conservation Finance Learning Lab to explore these concepts in greater detail.

Conservation Finance 101 was a joint project between Highstead and the Conservation Finance Network.

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Bill Labich Named to Norcross Wildlife Foundation Board of Directors

The Norcross Wildlife Foundation (Norcross) has announced that Highstead Senior Conservationist Bill Labich has been named to its Board of Directors.

The Foundation is led by a volunteer Board of Directors that oversees its operations and ensures its financial and legal health.  Board Chair, Liz Austin, of South Hadley, Massachusetts, said, “We are very pleased to welcome someone to the Norcross Board who brings such depth and breadth of experience in conservation work.  Bill Labich’s election is a big step forward in Norcross’s mission to protect and conserve natural land and protect wildlife.”

Bill leads Highstead’s Regional Conservation Program with the goal of advancing the pace and practice of collaborative landscape conservation.  His work there has raised $23 million for regional conservation since 2009, and Bill is recognized as a national expert in collaborative landscape conservation.  He received a Master’s Degree in Regional Planning from The University of Massachusetts, Amherst; worked for seven years for the New England Forestry Foundation and for eight years as a regional planner for the Franklin Regional Council of Governments (Franklin County, Massachusetts), before joining Highstead.

Bill is the author of several articles relevant to land conservation, including the 2015 Regional Conservation Partnership Handbook and he is a co-author of the influential 2017 publication Wildlands and Woodlands, Farmlands and Communities: Broadening the Vision for New England.

Bill is a long-time member of the volunteer leadership team at the Eagle Eye Institute, based in Peru, Massachusetts, a nonprofit organization dedicated to empowering youth from underserved communities, especially youth of color, to play an active role in caring for our environment.

Norcross has been engaged in protecting rare and endangered species of wildlife for more than 50 years with a focus on its 8,000 acres of conserved land, most of which is centered around its core wildlife sanctuary in Wales, Massachusetts. 

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How Can Land Conservation Create More Resilient Municipalities?

More resilient municipalities can result from partnerships between conservation organizations, community leaders, and government officials, a topic that was central to the second of three webinars leading up to the full-day virtual RCP Network Gathering on November 19.

Helping Municipalities Create Resilient Communities

The webinar explored three approaches to building more resilient municipalities: establishing community forests, mitigation of the impacts of climate change through regional planning, and repurposing vacant lots in ways that increase the economic, social, and ecological resilience of the community. The goal for the 85 participants was to help define what Regional Conservation Partnerships can do to contribute to the resilience of communities beyond the protection of the environment.

The event was moderated by Karen Strong, Principal, Strong Outcomes LLC. She is a conservation professional who is deeply committed to science-based decision-making and believes that conservation will have limited success unless we consider social and cultural concerns.

The first presentation was hosted by Shelby Semmes who serves as the Northern New England Area Director of The Trust for Public Land (TPL), overseeing the organization’s mission delivery across Vermont, New Hampshire and Maine. She discussed how a wide diversity of communities are rising to meet the known and unknown challenges and mandates of the future.

Shelby focused on the small town of West Windsor, VT, population of 1,000, a town that faced economic catastrophe following the closing of the local ski area, which was a major driver of revenue for the town and its residents. The town rallied together to look for a way to conserve the ski resort property as a multi-use recreation area with the assistance of the Trust for Public Land (TPL). The result was a reinvigoration of the town businesses, engagement of the community and a new lease on life for a once-struggling hamlet.

Shelby followed this success story with an assessment of the issue of green spaces becoming increasingly developed and fragmented, decreasing access for many in the New England region, particularly low-income people and Black, Indigenous and People of Color. TPL sees community forests as an important option for increasing access to natural spaces and creating more resilient communities. TPL will be releasing a report in April 2021 that highlights the community impacts of 10 community forests.

Their presentation focused on “Prioritizing Nature for Climate Resilience and Economic Value through Regional Planning and Collaboration” in the Taunton River Watershed in Massachusetts. Paige focused on communications materials that helped advocate for nature-based solutions to climate challenges, including the value of urban green spaces. She also highlighted the free tool i-Tree, which helps quantify the value of green spaces to communities. Eric discussed how regional planning was used to highlight the opportunities in the Taunton Watershed to build and plan communities and open spaces that are more resilient to the effects of climate change.

The final presentation featured Leon David and David Meshoulam who discussed how their organizations worked together to build an urban community garden. Leon leads the Farmer’s collaborative in Dorchester, MA and is a bi-cultural Haitian native raised in the Greater Boston area. He is the Legislative Director in the office of State Representative Dan Cullinane. David is Executive Director of Speak for the Trees Boston and a lifelong environmentalist and science educator.

Their organizations joined forces to create the HERO Hope garden, a unique, functioning food forest, with green house, apiary and commitment to sustainability.

More resilient municipalities can result from partnerships between conservation organizations, community leaders, and government officials, a topic that was central to the second of three webinars leading up to the full-day virtual RCP Network Gathering on November 19.

Helping Municipalities Create Resilient Communities

The webinar explored three approaches to building more resilient municipalities: establishing community forests, mitigation of the impacts of climate change through regional planning, and repurposing vacant lots in ways that increase the economic, social, and ecological resilience of the community. The goal for the 85 participants was to help define what Regional Conservation Partnerships can do to contribute to the resilience of communities beyond the protection of the environment.

The event was moderated by Karen Strong, Principal, Strong Outcomes LLC. She is a conservation professional who is deeply committed to science-based decision-making and believes that conservation will have limited success unless we consider social and cultural concerns.

The first presentation was hosted by Shelby Semmes who serves as the Northern New England Area Director of The Trust for Public Land (TPL), overseeing the organization’s mission delivery across Vermont, New Hampshire and Maine. She discussed how a wide diversity of communities are rising to meet the known and unknown challenges and mandates of the future.

Shelby focused on the small town of West Windsor, VT, population of 1,000, a town that faced economic catastrophe following the closing of the local ski area, which was a major driver of revenue for the town and its residents. The town rallied together to look for a way to conserve the ski resort property as a multi-use recreation area with the assistance of the Trust for Public Land (TPL). The result was a reinvigoration of the town businesses, engagement of the community and a new lease on life for a once-struggling hamlet.

Shelby followed this success story with an assessment of the issue of green spaces becoming increasingly developed and fragmented, decreasing access for many in the New England region, particularly low-income people and Black, Indigenous and People of Color. TPL sees community forests as an important option for increasing access to natural spaces and creating more resilient communities. TPL will be releasing a report in April 2021 that highlights the community impacts of 10 community forests.

Their presentation focused on “Prioritizing Nature for Climate Resilience and Economic Value through Regional Planning and Collaboration” in the Taunton River Watershed in Massachusetts. Paige focused on communications materials that helped advocate for nature-based solutions to climate challenges, including the value of urban green spaces. She also highlighted the free tool i-Tree, which helps quantify the value of green spaces to communities. Eric discussed how regional planning was used to highlight the opportunities in the Taunton Watershed to build and plan communities and open spaces that are more resilient to the effects of climate change.

The final presentation featured Leon David and David Meshoulam who discussed how their organizations worked together to build an urban community garden. Leon leads the Farmer’s Collaborative in Dorchester, MA and is a bi-cultural Haitian native raised in the Greater Boston area. He is the Legislative Director in the office of State Representative Dan Cullinane. David is Executive Director of Speak for the Trees Boston and a lifelong environmentalist and science educator.

Their organizations joined forces to create the HERO Hope garden, a unique, functioning food forest, with green house, apiary and commitment to sustainability. They shared their experiences in building trust and support between their organizations, community members, and local government officials, relationships that made their vision for a resilient community garden possible.

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Webinar Inspires New Ways to Connect with Landowners

At the end of October, the annual RCP Network Gathering moved online with “Working with Landowners to Build Resilience Across the Landscape,” the first in a series of webinars focused on “Resilient Regions and Communities.” About 90 people participated in the session which identified strategies to connect with landowners.

The webinar featured three, fifteen-minute presentations moderated by Nancy Patch, County Forester, VT Department of Forest, Parks, and Recreation. Each was followed by a short Q&A. (Note that the webinar conversation begins at about 2:15 in the recording.)

The first presentation focused on outreach strategies to engage landowners. Lisa Hayden, Outreach Manager, New England Forestry Foundation and Christopher Riely, Forester and Conservationist, Sweet Birch Consulting and Co-Coordinator, Rhode Island Woodland Partnership discussed a range of approaches. Lisa looked for new opportunities to engage landowners in the MassConn region in light of the pandemic, including increasing informational materials and forming new groups to connect within social distancing guidelines.

Riely focused on a case study of how Sweet Birch Consulting engaged landowners in peer-to-peer learning about oak forest resiliency against Gypsy Moth infestations. He offered land owners new tools and useful, in-depth information that also opened lines of communications between his organization and the landowners.

Next up was a discussion of how carbon offsets can be used to both educate and engage landowners. Caitlin Guthrie and Dylan Jenkins from Finite Carbon discussed how carbon offsets can be a valuable asset to landowners that might encourage them to permanently conserve their property. Land trusts and other conservation organizations can educate land owners on the possibility of creating carbon offsets with their forested land, encouraging a partnership focused on conservation.

The final presentation focused on the success of the Pollinator Pathway program in engaging local landowners in effective stewardship of their land. Louise Washer, President of the Norwalk River Watershed Association, shared how towns across the region have begun to form groups focused on increasing pollinator habitat by planting native, pollinator-friendly plants and identifying new ways to conserve and steward the landscape.

Learn more about future webinars and the virtual Regional Conservation Partnership Network Gathering on November 19, here.

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Three Case Studies Show Value of Conserving Land

The stories of three New England communities demonstrate how conserving land can save jobs, draw visitors and bring communities together.

What do Stamford, CT; Bethel, ME; and Grand Lake Stream, ME have in common? They were able to bring communities together to invest in conserving land by focusing on – and delivering on – the economic value to the community.

Photo by Spencer Meyer

Land conservation requires a significant investment by communities – and finding the support for the investment can be challenging. But these three communities succeeded by making a clear case and having a solid understanding that while land conservation can often be seen as just a nice-to-have, it can actually add solid economic benefits to the community.  

A recent study entitled “Assessing The Local Economic Impacts Of Land Protection,” published in the journal Conservation Biology and co-authored by Spencer Meyer, found compelling connections between permanent land protection and positive impacts on local economies throughout New England. Specifically, higher levels of land protection led to greater numbers of people employed.  

Highstead has developed three case studies to ground these findings in the stories and experiences of real towns and cities across New England. The case study summary and the individual case studies can be printed and downloaded.

Stamford, CT saw real estate values increase, community health improve and new businesses drawn to the city by a new multi-use park that conserved 30 acres of city land, providing a much-needed downtown greenspace and shrinking the city’s flood plain at the same time. A recent case study details the community efforts and the results that have accrued to Connecticut’s second largest city.

Bethel, ME has seen its economic fortunes shift, as the once-thriving saw mills closed, jobs were harder to find.  But the community has worked to build a year-round recreational hub, with hundreds of acres of conserved forest linked to town-owned lands and the local ski resort, creating more jobs, new recreational opportunities and a welcoming community for new residents.  

Grand Lake Stream, ME saw longtime landowners selling off their land, threatening access for recreational users and businesses. Concerned about the future of regional employment and recreation opportunities, the communities around Grand Lake Stream banded together to purchase and conserve hundreds of acres, saving between 600-900 jobs in the process.

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Stand Up For Forests: Share How Forests Make You Healthier

Forests lead to healthy people, strong economies, clean air and water and a livable climate

Highstead and the Northeast Forest Network have launched a shared messaging campaign: Stand Up For Forests to help spread the word about the value of forest conservation. The centerpiece of the campaign is the first of four planned communications toolkits designed to assist myriad environmental organizations like land trusts and Regional Conservation Partnerships in spreading the word about how forests make us healthier.

The Forests Make Us Healthier messaging toolkit campaign is the first phase of a planned long-term #StandUpForForests campaign that is also expected to highlight the economic benefits of forests, their impact on air and water quality, and their role in a livable climate.

“RCPs and other partners have been telling us they need high-quality tools to help them reach out to their constituents,” says Bill Labich, Highstead Senior Conservation and RCP Network leader. “The Northeast Forest Network task force, after hearing the same things from their partners, took this idea and ran with it – bringing on Latshaw Content and Marketing as a partner and creating a whole suite of tools – from graphics to emails to a fact sheet and infographics explaining the links between forests and health.”

Studies have shown that access and exposure to forests and greenspaces encourage healthier lifestyles and can boost immune function.|Photo courtesy of Eagle Eye Institute

The campaign is designed for flexibility so that organizations, associations, and agencies can use what they feel will resonate with their members and audiences. Anyone can join in the campaign by posting a photo of themselves in nature on Twitter or Instagram with the hashtag #StandUpForForests

Among the research-based facts being shared:

Spending time in nature helps you:
  • Strengthen your immune system
  • Speed up recovery from medical treatment
  • Lessen feelings of depression
  • Lower glucose levels in diabetics
  • Improve mental focus and concentration

Since the Forests Make us Healthier toolkit is a pilot project, the task force will evaluate campaign analytics and feedback to assess its effectiveness and value to the conservation community. “Many conservation organizations, especially local land trusts, have limited resources to engage their communities,” says Labich. “We hope they find these tools useful and effective in raising awareness of forests’ value to communities, urban to rural.”

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Major Grant Will Protect Water Quality in Maine

Sebago Clean Waters

Sebago Clean Waters (SCW) reached a significant milestone along its path to protect the Sebago Lake watershed this week when the coalition received an $8 million U.S. Department of Agriculture Natural Resources Conservation Service (NRCS) Regional Conservation Partnership Program (RCPP) grant.

“This extraordinary $18.5 million combined investment from USDA and our partners gives a major boost to our efforts to protect Greater Portland’s water source,” said Spencer Meyer of the Highstead Foundation and co-chair of Sebago Clean Waters. “This project protects both the environment and the economy by linking the upstream landowners that steward the woods and waters and the downstream businesses and residents who rely on this pristine resource.”

“This extraordinary $18.5 million combined investment from USDA and our partners gives a major boost to our efforts to protect Greater Portland’s water source,”

Spencer Meyer, Highstead Foundation

The major grant, managed by lead partner Portland Water District, will allow the nine-member partnership to work with private landowners, municipalities, and businesses to conserve 10,000 acres of forestland and implement other watershed protection projects.

Portland Water District will manage the funds and work closely with other SCW partners. The five-year grant will support forest conservation, land stewardship, aquatic invasives control, stream connectivity, and landowner outreach in the Sebago Lake watershed.

A father and daughter hiking near a stream in Maine.
A father and daughter near a stream in the Sebago Lake watershed.| Photo by Cait Bourgault.

SCW partners will use the grant to leverage another $10.5 million from public and private sources needed to reach the initiative’s five-year goal of protecting 10,000 acres of high-priority forestland in the region and implement other watershed protection measures.

This major new initiative will greatly enhance SCW’s ability to meet its goal of protecting 25 percent of the land in the Sebago watershed in the next 15 years. Currently, only 11 percent of the forests in the 234,000-acre watershed are conserved.

These forests act as a natural filter for the water that feeds into Sebago Lake. As the drinking water supply for more than 200,000 people in Greater Portland—Maine’s largest urban area—the lake is a unique and critical resource for the state. The increasing pace of development in the region threatens the quality of this pristine water supply.

Sebago Clean Waters is a partnership between the Portland Water District and eight local, regional, and national conservation organizations working collaboratively to protect water quality, community well-being, a vibrant economy, and fish and wildlife habitat in the Sebago region through voluntary forest conservation and stewardship.

Sebago Clean Waters partners are Loon Echo Land Trust, Western Foothills Land Trust, Casco Bay Estuary Partnership, Highstead Foundation, Lakes Environmental Association, Open Space Institute, Portland Water District, The Nature Conservancy, and The Trust for Public Land.

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Learn More about the 2020 Virtual RCP Network Gathering

Registration is now open for the 2020 RCP Network Gathering, the annual event that brings a wide range of conservation professionals together with people from other sectors to learn, network, brainstorm and plan.

RCP Network Gathering: Resilient Regions & Communities
Illustration by Rick Powell, from Lambert et al. 2018. Voices from the Land: Listening to New Englanders’ Views of the Future.

With a focus on resilient regions and communities, the 2020 Gathering now features three, 90-minute Webinars followed by a one-day Gathering. New features this year include a special Conservation Finance Workshop and the first-ever Wildlands & Woodlands, Farmlands & Communities Implementation Day.

The Webinars – Oct. 28, Nov. 5, and Nov. 13

The webinars on Oct. 28, Nov. 5, and Nov. 13 from 1:00-2:30 pm will feature small, moderated panels who will share how they’ve helped landowners and municipalities strengthen their lands’ and communities’ resilience in the face of economic insecurities and uncertainty, social divisiveness and injustice, and the impacts of climate change. Plus, you can learn about ways RCPs and others can support farmland and food security in urban to rural communities.

The Conservation Finance webinar in February 2021 will provide a review of the most applicable conservation finance strategies and mechanisms for RCPs, the RCP Network, and regional partners to consider using in the coming years to advance their broadened landscape conservation visions.

The Gathering – Nov. 19, 2020

The Nov. 19, 2020, RCP Network Gathering will feature in-depth discussions among speakers, moderators, and audience members.

Two keynote panels will focus on solutions at multiple scales from federal, state, region, and municipal, to parcels of land owned by individuals and families. 

The speakers and moderators will provide framing for the issues and serve as catalysts for breakout groups that will further explore viable solutions and contribute to the dialogue.

A “final word” speaker and next steps will point people to the future, including the February 2021 Conservation Finance webinar, which will lay out the most useful methods and sources of funding.

Implementation Day – March 3, 2021

The Implementation Day on March 3, 2021, will bring RCP Network Gathering participants back together to build on the ideas generated at the webinars and the Gathering and translate them into action. The program will focus on prioritizing the actions networks will take in the next three years to help improve the resilience of their communities and regions.

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