¹ World Health Organization (WHO). Immunization, Vaccines and Biologicals (2013). WHO-UNICEF guidelines for developing a comprehensive multiyear plan (cMYP). Available from: http://www.who.int/immunization/programmes_systems/financing/tools/cmyp/en/

² State of Private Investment in Conservation (2016). Available from: https://www.forest-trends.org/publications/state-of-private-investment-inconservation-2016/

³ Conservation Finance (2014).Moving beyond donor funding toward an investor-driven approach. Available from: https://www.cbd.int/financial/privatesector/g-private-wwf.pdf

⁴ Global Sustainable Investment Review (2016). Available from: www.ussif.org/files/Publications/GSIA_Review2016.pdf

⁵ UNDP BIOFIN program core countries receive financing for initial piloting of the BFP. Small pilot successes could provide strong incentives to implement the rest of the Plan, and timely opportunities to scale existing finance solutions should be explored throughout the BIOFIN Process.

⁶ Four broad results of finance solutions are described in Chapter 2: Realign expenditures; Avoid future expenditures; Deliver better; Generate revenue. See: http://biodiversityfinance.org/finance-solutions

⁷ See: http://www.undp.org/content/sdfinance/en/home.html

⁸ Economic valuation evidence is defined and identified in the PIR (Chapter 4).

⁹ “Critical” ecosystem services may be defined as those with a very high value to people, those that are impossible or very expensive to replace, and/ or those where there is a risk of collapse (See Section 1.2.1 in Chapter 1).

¹⁰ This could be more if many are similar, i.e. a series of PES/Water solutions in different regions that are mostly the same other than location.

¹¹ Sources include:

• New Zealand Government (2014). Better Business Cases: Guidance on using the Five Case Model: An overview. Available from: https://treasury.govt.nz/sites/default/files/2015-04/bbc-strass-gd.pdf
• Smith, C. A., & Flanagan, J. (2001). Making Sense of Public Sector Investments: The 'Five Case Model' in Decision Making. Radcliffe Medical.
• Treasury, H. M. S. (2018). The green book: appraisal and evaluation in central government.
• Available from: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/685903/The_Green_Book.pdf
• The State of Victoria Department of Treasury and Finance Investment Management Standard provides a set of tools, including the Investment Logic Map (ILM). Available from: https://www.dtf.vic.gov.au/investment-management-standard/investment-management-facilitator-trainingand-accreditation
• HM Treasury (2013). Public Sector Business Cases: Using the Five Case Model. Green Book Supplementary Guidance on Delivering Public Value from Spending Proposals. Available from: https://www.england.nhs.uk/mids-east/wp-content/uploads/sites/7/2014/10/bus-cas-five-cas-modguide.pdf

¹² DEA and SANBI (2011). Making the case for biodiversity: phase 1. Final draft project summary report. Available from: http://biodiversityadvisor.sanbi.org/wp-content/uploads/2014/07/final-draft-mtc-summary-report-september-2011.pdf

¹³ O’Donohoe, N., Leijonhufvud, C., Saltuk, Y., Bugg-Levine, A., & Brandenburg, M. (2010). Impact Investments. An emerging asset class, 96. Available from: https://thegiin.org/assets/documents/Impact%20Investments%20an%20Emerging%20Asset%20Class2.pdf

¹⁴ Credit Suisse (2016). Glossary. Available from: https://www.credit-suisse.com/media/assets/private-banking/docs/ch/privatkunden/eigenheimfinanzieren/glossary-mortgages-en.pdf

¹⁵ See: http://www.socialvalueuk.org/

¹⁶ See: http://www.socialvalueuk.org

¹⁷ Tear, T. H., Stratton, B. N., Game, E. T., Brown, M. A., Apse, C. D., & Shirer, R. R. (2014). A return-on-investment framework to identify conservation priorities in Africa. Biological Conservation, 173, 42-52. Available from: https://www.sciencedirect.com/science/article/pii/S0006320714000305

¹⁸ Klein, C.J. and others (2010). Prioritizing Land and Sea Conservation Investments to Protect Coral Reefs. PLoS ONE, 5(8), e12431. Available from: http://doi.org/10.1371/journal.pone.0012431

¹⁹ Droogers, P. and others (2015). Upper Tana-Nairobi Water Fund: A business case. The Nature Conservancy. Available from: https://www.nature.org/en-us/about-us/where-we-work/africa/stories-in-africa/nairobi-water-fund/