Hopes and Fears for Incentivising Coexistence With Big Cats Through Innovative Market‐Based Financial Mechanisms

ABSTRACT There is increasing global interest in developing market‐based financial mechanisms to direct greater private capital funding into biodiversity conservation. Additional funding derived through credit or bond‐based products can offer hope to improve local cost:benefit ratios of wildlife presence and incentivize coexistence. However, conservation is complex, and we fear these mechanisms carry risks of unintended consequences, particularly where conservation metrics are insufficiently thought through, and locally affected communities are not equitably engaged. Here, we outline our perspective of these hopes and fears, with a particular focus on big cat conservation, conflict and coexistence. We encourage conservation scientists, practitioners, and community members not to cede the development of these mechanisms completely to financial experts or standard setters, but to take a more active role in learning, offering critique, and supporting the engagement of Indigenous Peoples and Local Communities. This engagement is vital to managing risk head on and maximizing the potential benefit of these mechanisms for human‐big cat coexistence.