Turning conservation into an investment: a student journey in Biodiversity Finance
How can global capital be used to protect some of the world’s most vulnerable ecosystems and the communities that depend on them? This question stood at the centre of a recent course project in the MSc Climate Finance & Investments course at Maastricht University School of Business and Economics (SBE). Under the guidance of Assistant Professor Juan Palacios, students explored how the conservation work of African Parks could become investable for a global asset manager such as BlackRock. The project challenged students not only to apply financial theory but also to confront the societal and environmental urgency surrounding biodiversity loss.
The assignment began with an investigation into the accelerating consequences of nature degradation. Students examined how biodiversity decline threatens livelihoods, destabilises regional economies and intensifies climate-related risks. Through the emerging Taskforce on Nature-related Financial Disclosures, they explored how investors are now being asked to address these societal risks in a rigorous and transparent way. African Parks provided insight into the daily realities of conservation across the African continent, from managing wildlife protection and safeguarding local communities to withstanding political and climatic uncertainty. What initially seemed like a financial puzzle quickly became a window into a broader set of societal challenges affecting people and nature.
Over the course of several weeks, students designed investment proposals that sought to connect capital markets with measurable improvements in ecosystem health. Their work included the creation of nature-linked financial instruments, blended finance models capable of attracting both public and private capital, and methods for monetising carbon and biodiversity outcomes. This required students to think beyond portfolio returns and consider the long-term societal implications of financing conservation. Many teams focused on how stable investment flows could strengthen park management, support surrounding communities and enhance resilience against climate impacts. The overarching goal was to show that conservation can be financed in ways that deliver meaningful benefits for ecosystems, local populations and global investors simultaneously.
The project concluded with a visit to BlackRock’s Amsterdam office, where students presented their proposals to a panel of experts from BlackRock, African Parks and Naturalis. The experience mirrored a real investment committee and allowed students to articulate not only the financial rationale behind their solutions but also their societal value. Building on this achievement, the winning teams presented their findings directly to PGGM at their Utrecht offices on 26 February. With dedicated coaching in the lead-up, the students delivered their proposals with confidence, marking a successful conclusion of the case project.
Questions centred on the credibility of biodiversity impact measurement, the fairness of risk distribution and the justification for including conservation in pension portfolios that serve millions of citizens. For many students, the opportunity to defend the societal benefits of their ideas was one of the most powerful learning moments of the semester.
Student Juliette Wulms (IB Sustainable Finance Master Student) described the experience as both demanding and inspiring:
“The field trip to Amsterdam was the highlight of the semester. During the period, my team and I worked hard on the APG and BlackRock cases. For the latter, we were even selected to present our solution in person to BlackRock, from whom we received constructive feedback and insights into different challenges. In the afternoon, a panel discussion with industry experts covered biodiversity and other sustainable finance topics. This was very interesting, as the experts shared a wide range of knowledge, experience, and perspectives. To top the day off, EDGE hosted a tour of the newly renovated Pulse. It was inspiring to see how sustainability is integrated at the core of EDGE’s business model. Overall, it was a fun and interesting day with great discussions and networking opportunities.”
The project underscores how nature-based finance is emerging as a crucial tool for addressing some of society’s most pressing environmental challenges. By working directly with leading organisations, students gained insight into how investment decisions influence biodiversity protection, climate resilience and community wellbeing. The project demonstrated that innovative financial design can serve not only markets but also the broader public interest.
“This case gave our students direct exposure to one of the most pressing challenges facing our planet today—the loss of biodiversity and ecosystems—while teaching them how to use financial instruments to create a bridge between the people on the ground in Africa working to protect nature and the international pension funds and investors with the capital to support these efforts.”
Dr. Juan Palacios, Assistant Professor at Maastricht University School of Business and Economics
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