Feasibility of pay for success applied to environmental conservation
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Pay for Success is a financing mechanism, developed in 2010, that has helped governments create more innovative and effective programs to improve social outcomes. Funded by investor capital, Pay for Success projects use new and more risky interventions to prevent negative outcomes before they arise. This paper applies the Pay for Success model to improving environmental outcomes, specifically applied to wildfires in California. This paper starts by describing how the Pay for Success model works, including both its benefits and disadvantages as well as the main criteria that help make a project successful. After discussing environmental Pay for Success projects in general, the paper then outlines a specific environmental Pay for Success project to reduce the incidence and severity of wildfires in southern California. This paper concludes by outlining next steps to scale and improve environmental Pay for Success projects in the future.