Nature Transformation Fund

Support pioneering initiatives around the world benefiting people and biodiversity

Our solution

Financing nature-positive action

The Nature Transformation Fund (NTF) is a curated portfolio aimed at driving significant environmental change and meeting Global Biodiversity Targets. Supported by leading experts and built on a comprehensive impact-first framework, the NTF is dedicated to creating tangible benefits for the planet.

Our projects cover key areas such as policy advocacy and legal representation for indigenous communities, forest protection and restoration, marine ecosystem conservation, and conservation finance. The NTF strategically supports projects under three essential pillars, balancing immediate needs with long-term goals:

Ecosystem health
Policy & accountability
Innovative finance

Three cranes in flight against a cloudy sky, wings outstretched as they soar through the air.

Ecosystem Health

Indigenous guides leading a trek through dense rainforest, carrying traditional tools and supplies amid lush vegetation.

Policy & Accountability

Andean women in traditional colorful dress working on a grassy hillside, using tools to tend the land against a blue sky backdrop.

Innovative Finance

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Framework

Nature Transformation Fund pillars

The Nature Transformation Fund encompasses a wide array of projects, each addressing different themes and approaches. We focus on three main pillars, which support the fund's overall framework. Within each pillar, various projects pursue similar goals through different methods.

Ecosystem Health

Projects in this pillar support the protection and restoration of freshwater, land, and ocean realms, crucial for meeting the '30x30' targets of the Kunming-Montreal Global Biodiversity Framework. This ambitious goal seeks to effectively protect and manage 30% of the world’s terrestrial, inland water, and coastal and marine areas by 2030. Achieving this is vital as currently, only about 17% of land and 8% of marine areas are under some form of protection. These efforts are essential to address the intertwined crises of biodiversity loss and climate change, ensuring the survival of natural systems that protect human well-being and support all life on Earth.

Example project

The Atelopus Survival Initiative (ASI) unites over 40 organizations from 13 countries to protect harlequin toads, one of the most endangered groups of amphibians. This project strengthens the ASI’s coordination by funding a dedicated role to facilitate collaboration, mobilize resources, and implement conservation strategies. Additionally, field efforts targeting three critically threatened species will improve knowledge, mitigate threats, and implement site-based conservation actions to prevent further declines.

Saving Harlequin Toads

Policy & Accountability

Projects in this pillar emphasize the role of local communities as part of the solution through championing science-backed policies, strategic litigation, and strong accountability mechanisms. Recognizing that the insights and experiences from affected communities are invaluable in crafting effective and just policies that not only protect the environment but also pave the way for a socially just transition.

Example project

ICCI works to elevate the global urgency of ice loss and its impact on climate stability. The project engages governments, scientists, and policymakers to integrate cryosphere science into international climate negotiations. By expanding advocacy efforts and strengthening coalitions, the initiative ensures that melting ice remains a priority in global climate policy.

ICCI - International Cryosphere Climate Initiative

Innovative Finance

Innovative finance focuses on developing financial strategies to sustainably manage and preserve natural resources. It seeks to secure continuous funding and unlock extra resources for long-term environmental stewardship. Mechanisms like conservation finance and blended finance, harness economic incentives to support conservation efforts and generate financial benefits. Additionally, they encourage community participation and ownership.

Example project

Blue Alliance is developing the Blue Finance Impact Facility, a blended finance mechanism, to regenerate coral reef ecosystems and improve livelihoods in Indonesia’s Central Sulawesi Province. The facility will support the management of 16 Marine Protected Areas (MPAs) spanning 600,000 hectares of coral reefs and develop reef-positive businesses like ecotourism, aquaculture and sustainable fisheries. Financial sustainability of the MPAs will be ensured through dividends and revenue-sharing, with a versatile structure that combines grants, refundable grants, performance impact loans, and climate insurance solutions.

Blue Alliance

other projects within the fund

Ecosystem Health

Saving Vietnam’s Rare Species

Vietnam

The Annamite Mountains in Vietnam are home to many rare and endangered species, yet habitat destruction and illegal hunting threaten their survival. This project supports a conservation breeding center at Bach Ma National Park, ensuring that species such as the saola, Annamite striped rabbit, and Bourret’s box turtle have a viable future. By maintaining expert oversight, veterinary care, and breeding programs, the initiative lays the groundwork for future reintroductions and long-term species recovery.

Policy & Accountability

Natural Justice

Kenya + 2 countries

Natural Justice is working to protect Indigenous rights and traditional knowledge across South Africa, Kenya, and Senegal. The initiative focuses on legal advocacy, capacity-building, and integrating Indigenous knowledge into environmental policies. Through partnerships and global advocacy, the project ensures that Indigenous communities have a voice in environmental governance.

Shark diving boat driving on clear blue water

Innovative Finance

Conservation Finance Alliance

United States

The Conservation Finance Alliance (CFA) incubator aims to identify, incubate and enhance conservation finance solutions and tools to drive greater impact. Over the course of one year, it will support 5-10 groundbreaking projects selected through a global call for proposals by providing grants, mentorship, and development opportunities. By nurturing these concepts, the program aims to unlock additional funding and scale impactful conservation initiatives worldwide.

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Browse all other projects within the fund

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Our experts

Key drivers of quality

We collaborate with a broad network of experts and maintain a robust portfolio management system to ensure high quality and scientific rigor. The NTF is overseen by two main portfolio managers who work closely with an external advisory group.

Jill Raval is a sustainability expert specializing in marine and freshwater ecosystem conservation and sustainable finance. Her career has been marked by significant roles at the World Resources Institute (WRI) and the United Nations Environment Programme (UNEP), where she led over ten projects to approval by the Global Environment Facility (GEF). Jill’s contributions include prominent initiatives in conservation finance, freshwater and marine governance, blue economy and wastewater management. She has actively worked with NGOs, CSOs, and intergovernmental agencies to advance sustainability practices. A graduate of the Stockholm Resilience Center, Jill’s research there provided deeper insights into the blue economy and the financial sector's role in sustainable practices. Currently, she works as our Senior Impact & Partnership Manager, managing some of Milkywire's nature related funds.

Jill Raval

Milkywire Nature Lead

Natalya holds a PhD in Environmental Science and has previously worked as a postdoctoral researcher on International Forest Policy at the Department of Forest Science at the University of Helsinki. There she focused on the forest-climate nexus in implementation of the EU climate commitments. Natalya has extensive experience working as a consultant in natural resource management and development of sustainability policies for several international and donor organizations such as UNEP, UNDP, and GIZ.

Natalya Yakusheva Jarlebring

Senior Environmental Lead

Mariana Fernandez is a carbon markets and climate action expert with over 12 years of experience in quality assurance, risk assessments, and safeguards. Before joining Milkywire’s Impact team, Mariana led the strategic development of VCS requirement improvements, implemented globally risk management frameworks for carbon projects at South Pole, and contributed to stakeholder engagement initiatives with Indigenous Peoples and local communities through The Tenure Facility and UNDP. She also managed large-scale climate grants at The Nature Conservancy. At Milkywire, Mariana is the Senior Impact Manager, managing the nature areas of the Climate Transformation Fund and the Nature Transformation Fund.