A difficulty in measuring climatebiodiversity co-benefits but an opportunity for CTFs The complementarity and synergies between the "biodiversity" and "climate" themes are confirmed by the interviews conducted in this study. CTFs emphasize their interest in accessing new "climate" funding and often present their institutions, rightly, as sufficiently experienced and solid structures to promote climate-biodiversity synergies and access Green Climate Fund funding, for example. This additional focus is timely, but should not be invested to the detriment of the CTFs' primary objective of "supporting biodiversity conservation". Indeed, trends are towards the emergence of new "climate" oriented themes and funding lines, with the risk of spreading them too thinly, which could gradually deviate from the primary objective of CTFs. The definition and measurement of climate-biodiversity co-benefits indicators still need to be developed at the level of CTFs and PAs.
7. Analysis of the role of AFD and FFEM Over the years, AFD and FFEM, together with partner donors, have supported CTFs that have become instructive models for the entire CTF community. They are among the emblematic CTFs and their innovative features are summarized below and in Annex 2. They each feature : Specific and structural assets linked to the specificity of their capitalization model and their organization ; Informative and/or transferable examples of operational approaches developed over the life of CTFs ; Examples of recent innovations in financial tools whose returns can fuel the nature conservation community in the coming years.
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AFD/FFEM complementarity is recognized and should be continued in order to innovate and change scale AFD and FFEM have been relevant and have had a pioneering approach in their support to CTFs, particularly through the C2D (debt swap mechanism). These CTFs have become references in terms of support for the conservation community. Their efforts to structure and consolidate marine CTFs on several continents and FFEM's support for the RedLAC and CAFE networks are also noteworthy in terms of innovation. The roles of FFEM and AFD are generally recognized particularly for the quality of the technical expertise they provide. There is also recognition of their complementarities, with AFD remaining more a financial and institutional support provider, and FFEM supplementing project financing in the transition phase, often reinforcing the CTF's "image" capital through results in the field, which brings local, national and international credibility and is necessary to increase the chances of mobilizing funds and leverage. FFEM supports projects that are, each time, innovative for the period and for the CTF community. The continuation of FFEM strategy in this area is recommended, maximizing complementarities with AFD and the coupling of financing. The French strategy for financing conservation and CTFs relies on diversifying sources of conservation funding as leverage. The evaluators note little leverage on the private
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