The currency of conservation

As investors and policymakers scramble to quantify what Donald Trump’s administration is doing – and will do next – on the global stage of uncertainty and insecurity, a strand of natural capital is quietly moving forward, a beacon of consistency and hope. Biodiversity, long treated as an externality in economic planning, is becoming a currency in its own right. 

The World Economic Forum estimates that 44% of global GDP is moderately or highly dependent on nature. Globally, ecosystem services are valued at $125-trillion-$140-trillion annually, roughly one and a half times global GDP.

Yet the planet’s biodiversity continues to decline at alarming rates – and the current biodiversity finance gap is around $700bn a year, the United Nations Environment Programme warns.

The decline in biodiversity creates financial risk. But savvy investors will know that risk comes with opportunity. And a recent wave of biodiversity credit pilots, nature-linked bonds and corporate disclosure mandates suggests this is an asset class on the cusp of institutionalisation. 

For Africa, where about 30% of global biodiversity is found, the stakes are especially high. Natural capital underpins tourism, agriculture, water security and climate resilience. Yet the continent captures just 3% of global biodiversity finance.  

South Africa, one of the world’s most biologically diverse nations, has an opportunity to lead. The question is: what kind of models will ensure that conservation is not only effective, but financially resilient and investable? 

One example is BirdLife South Africa (a relatively small conservation NGO), whose latest annual report offers a case study in how modern conservation can, and arguably must, operate as a well-run business in the context of Africa. 

Biodiversity as economic infrastructure 

The economic value of biodiversity is already evident in South Africa. The Cape Floristic Region, for example, generated at least R10bn a year in economic benefits, according to a seminal study by Jane Turpie, Barry Heydenrych and Stephan Lamberth (2003), with avitourism contributing an estimated R2bn to the national economy as of 2010, according to the then department of trade and industry.

Biodiversity benefits include nature-based tourism, harvesting of natural products, pollination services and water supply regulation. Ecosystem services across the country, from wetlands to grasslands to marine ecosystems, underpin critical sectors of the real economy. 

Yet such value is often unpriced and underfunded. As BirdLifeSouth Africa CEO Mark Anderson says: “As custodians of birds and their habitats in our country, we need all the awareness and support we can muster to achieve our mission for the benefit of all who live here.”

Anderson, recipient of multiple awards for his contributions to conservation, measures success in various conservation currencies: hectares of land and species protected, as well as numbers of people provided employment opportunities through the wildlife sector. 

That mission is becoming more challenging. The costs of effective conservation are rising as environmental pressures intensify. Corporate donors are increasingly seeking sophisticated, outcomes-driven models. Governments face fiscal constraints. And competition for philanthropic funding is fierce.

This is why BirdLife South Africa has worked strategically to diversify its income base, with lessons that could inform conservation efforts across the continent. 

A business model for biodiversity 

According to its most recent annual report, BirdLife South Africa in 2024 posted its 15^th consecutive financial surplus, transferring R829,000 to its national trust, which now holds assets of R41.2m. It again received a clean audit from KPMG and maintained an unusually broad mix of income sources.

This resilience is not an accident. The organisation generates revenue through traditional income streams, including major donors and foundations, but it also invests heavily in engagement-driven income. Its annual raffle, a birding trip for two to Brazil, valued at R150,000, sold out this year. Its photography competition produced both revenue (R110,000) and valuable visual assets. Events such as the South African Bird Fair and large-scale avitourism experiences, notably the “Flock to Marion AGAIN!” voyage, which took 1,900 birders to the southern Indian Ocean, are not only conservation showcases, but material contributors to income and supporter acquisition.

Fundraising events in the coming months will take people to Pafuri in northern Kruger and St Helena Island. Essentially, fundraising leverages the entertainment arising from birding and travel opportunities. 

Membership programmes, merchandise sales, investment income and corporate partnerships round out a balanced portfolio. This is vital. “We have diverse income streams, which means that we are not reliant on a few sources of income to support our core activities,” states Fanie du Plessis, BirdLife South Africa’s CFO. 

For example, legacy giving is actively cultivated: R790,385 in bequests were secured during 2024, supported by the unveiling of a dedicated Legacy Board at the organisation’s headquarters. In parallel, the BirdLife South Africa team is investing in digital engagement and philanthropy stewardship to drive future donor growth. Donors who contribute annually enjoy a closer connection to BirdLife South Africa through a range of exclusive benefits.

“As a donor-funded organisation, the commitment of our annual donors is essential to sustaining our conservation work,” says Tarryn McKechnie, philanthropy officer at BirdLife South Africa. 

Governance and professionalism 

BirdLife South Africa’s success rests not only on fundraising innovation, but on disciplined governance and operational excellence, qualities that private investors increasingly demand when funding conservation.

The organisation’s board of directors, chaired by Yvonne Pennington, meets quarterly and oversees a set of active subcommittees covering audit and risk, nominations, fundraising and remuneration. Financial management is meticulous; project funding is strictly separated from operational expenses; and reporting to funders is detailed and transparent. 

This professionalism has helped attract major partners, both local and international, and has allowed BirdLife South Africa to take on complex, multi-stakeholder projects such as the Mouse-Free Marion Project, which aims to eradicate invasive bird-eating mice from one of the world’s most important seabird breeding islands. With a project budget of $32.3m, of which about a quarter is already secured, this initiative underscores both the scale of ambition and the importance of financial credibility. 

Lessons for Africa’s conservation economy 

As Africa seeks to attract a larger share of global biodiversity finance, the BirdLife South Africa model offers important lessons. Diversification is critical; organisations cannot rely solely on traditional grants. Professional governance and financial transparency are non-negotiable. And public engagement, through events, media and citizen science, is not a sideshow, but a strategic pillar for building both income and social capital. 

Above all, conservation must be positioned as an investment, not a cost. Healthy ecosystems deliver returns to society in the form of water security, tourism revenue, agricultural productivity and climate resilience.

It is rare in Africa to have government invest in these assets, a model Trump appears to be following, and so NGOs fill the gap as brokers and biodiversity asset managers. Yet the returns depend on stable, well-funded conservation organisations. 

As Anderson tells it, BirdLife South Africa’s work relies on private as well as corporate donors. It’s a reminder that the currency of conservation is becoming part of the economic mainstream. 

Alan Lee is the science and innovation programme manager at BirdLife South Africa and a leading ornithologist specialising in the ecology and conservation of South Africa’s bird communities.

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