For All Generations
Explore stories of The Nature Conservancy's conservation progress in 2025
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Download2025 Conservation Snapshots
Explore highlights of some of The Nature Conservancy’s work in 2025, in partnership with communities around the world. These stories build on our 75-year history of conservation leadership and were made possible by your support.
Annual Report Snapshots
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- An Insurance Lifeline for Hawaiʻi's Reefs
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An Insurance Lifeline for Hawaiʻi's Reefs
Insuring Nature's Future
In Hawaiʻi, coral reefs protect communities and power tourism—and in 2025, a major milestone strengthened that safety net. Building on a pioneering reef insurance model first tested in Mexico, TNC renewed Hawaiʻi’s coral reef policy and expanded the Hawaiʻi Emergency Reef Restoration Network, which is already accelerating reef recovery statewide.
Image © Bryce Groark
- Trial by Fire in California
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Trial by Fire in California
Insuring Nature's Future
TNC worked with Willis, a business of WTW, to launch a pioneering wildfire insurance policy that rewards conservation. For a homeowners association in Truckee, California, forest‑smart actions like tree thinning and prescribed burns cut premiums by 39% and deductibles by 84%, showing how resilience‑linked insurance can fund adaptation before disaster strikes.
Image © Jerry Dodrill
- Mining the Sun in India
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Mining the Sun in India
Powering a Brighter World
In September 2025, India’s first solar project built on reclaimed mine land came online in India's coal region of Neyveli. It is expected to avoid 1.17 million metric tons of CO₂ over its lifetime. Through Mining the Sun, TNC supports projects like this that repurpose abandoned mines for solar, retrain workers, and use mapping tools to speed smart renewable planning in India and beyond.
Image © Vetiver
- Same Sun, Different Site: Appalachia
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Same Sun, Different Site: Appalachia
Powering a Brighter World
The success of TNC’s Mining the Sun program shows that smart siting can revitalize communities, protect nature and build trust for a clean energy transition. In Appalachia, retired coal mines are becoming solar and battery sites. In 2025, TNC and partners announced 17 projects across VA, KY and TN—enough to power 6,000 homes.
Image © TNC
- Europe's Fast Track to Renewables
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Europe's Fast Track to Renewables
Powering a Brighter World
The EU’s Renewable Energy Directive calls for fast‑tracked renewables zones, and TNC’s smart siting approach is helping countries deliver while protecting people and nature. TNC supported first‑of‑its‑kind biodiversity sensitivity maps in Croatia, developed a blueprint to scale the approach across 9 other countries and launched new national siting maps in Portugal, Montenegro and Romania.
Image © Ciril Jazbec
- A Model for Cross-Border Conservation in Africa
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A Model for Cross-Border Conservation in Africa
Conservation Connects Africa
Once home to as many as 10,000 elephants, Zambia's West Lunga National Park saw its population decimated to just 25 in 2022 s a result of poaching. Now, with a coordinated protection corridor in place, the elephants are returning. In 2025, local scouts witnessed around 120—including many young—moving safely between West Lunga and neighboring Kafue National Park.
Image © Karine Aigner
- From Africa’s Landscapes to Seascapes
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From Africa’s Landscapes to Seascapes
Conservation Connects Africa
A decade ago, Seychelles pioneered a new model for ocean protection—refinancing national debt to fund marine conservation, climate adaptation and a blue economy. The approach inspired TNC’s Nature Bonds Program. In 2025, it reached a milestone: a marine spatial plan to protect an ocean area twice the size of France, vital for wildlife, fisheries and island livelihoods.
Image © Christopher Mason-Parker/TNC Photo Contest 2019
- Sustainable Beef in the Amazon
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Sustainable Beef in the Amazon
Protecting the Amazon, Feeding the Planet
TNC partnered with the state of Pará, Brazil, to launch the world’s first cattle policy requiring full traceability—tracking each animal to ensure it never grazes on illegally cleared land. The policy could avoid 270,000 acres of deforestation annually and boost cattle production value by up to $1B when compliance becomes mandatory in 2030, proving deforestation‑free beef is possible at scale.
Image © Kevin Arnold
- A Global Effort to Protect Water Expands to Europe
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A Global Effort to Protect Water Expands to Europe
Watershed Moments for Nature
Norfolk, England, faces water scarcity as farming depletes its ancient chalk streams, which is why TNC and partners launched the Norfolk Water Strategy Programme—its first watershed investment program in Europe. When fully implemented, it could generate as much as £44 million for landowners, restore 61,000 acres of habitat and return nearly a billion gallons of water annually to local rivers.
Image © Emli Bendixen
- 25 Years of Resilient Watersheds
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25 Years of Resilient Watersheds
Watershed Moments for Nature
Europe’s watershed work builds on a model pioneered 25 years ago in Ecuador’s Andean páramos—high‑altitude ecosystems that store and slowly release water to the downstream city of Quito. In 2000, TNC helped launch Quito’s water fund, FONAG, to protect these upstream landscapes. Since then, it has conserved nearly 136,000 acres and saved $2.15 in water treatment costs for every dollar invested.
Image © Sebastian Di Domenico
Milestones That Make Us
For 75 years,
The Nature Conservancy has written a story filled with landmark moments. Here are just a few additional milestones from 2025 that reflect who we are, how we work, and how we’re helping nature and people thrive for generations to come.
Over 25 years after TNC acquired the 60,000-acre Matador Ranch in Montana, it stands as a model for conservation that supports local economies through sustainable grazing partnerships.
Grazing and growing
TNC secured billions in the state's 2025 budget for conservation and climate action: $1 billion for the Sustainable Future Program—New York's largest-ever climate investment—and $500 million for clean drinking water.
TNC in New York
TNC supported a locally led coalition to protect more than 328,000 acres of glacier‑fed wilderness in Chilean Patagonia, TNC’s sixth‑largest acquisition that fills a gap in a 4‑million‑acre protected corridor.
Wild success
In 2024, 10 years after TNC helped found Kenya’s Loisaba Conservancy, 21 endangered eastern black rhinos were reintroduced. In 2025, Valentine was born—the first eastern black rhino born there in almost 50 years.
Rhino returns
In a landmark moment for the planet, 60 countries officially ratified the TNC-championed High Seas Treaty, the first legal agreement to regulate and protect an area of ocean covering nearly half the planet.
Global governance
Nine young sihek, or Guam kingfishers, were released at TNC’s Palmyra Atoll Preserve. In 2025, they paired up and laid eggs—the first time the species has bred in the wild since its extinction from Guam in the 1980s.
Hope for nature
TNC helped broker a settlement at Point Reyes to resolve a decades-long land-use conflict, enabling the restoration of 17,000 acres for wildlife while supporting ranch families’ dignified transition.
Settlement deep-dive
TNC reached an agreement to purchase four dams on Maine’s lower Kennebec River, advancing decades of restoration work. The effort could reconnect 800 river miles, one of the largest restorations in U.S. history.
Rivers restored
TNC in Kentucky and partners launched the first‑ever clinical study for nature. Results showed that planting 8,000 urban trees and shrubs improved human health conditions linked to heart disease, stroke and some cancers.
Planting health
TNC’s Nature Bonds Program has unlocked $1 billion for conservation, communities and climate action, helping conserve an estimated 597 million acres of ocean, land and fresh water worldwide.
Paying for natureA Message From our CEO
Jennifer Morris, CEO
The most powerful conservation successes often begin with a clear, bold idea and a shared belief in its potential.
The stories we’re celebrating in our 2025 Annual Report follow the journey of such ideas—from local action to initiatives that have gained momentum, scaled across regions and shaped global progress. In many ways the journey of these ideas is the journey of The Nature Conservancy, a story we reflect on with pride as we celebrate the organization’s 75th anniversary in 2026.
Nearly eight decades ago, when a stretch of old-growth forest in the Mianus River Gorge in upstate New York faced imminent development, the neighboring community rallied to save it—by offering to buy it. They organized bake sales, and some even took out second mortgages, before they approached the newly formed TNC for a loan to help meet the remaining down payment. Before then, private land conservation from citizens was unheard of. But that one audacious act didn’t just save a forest; it sparked a movement.
It’s a story of optimism, determination, passion and collaboration—traits that continue to define TNC today. Now, 75 years later, we’ve scaled our reach to 83 countries and territories, where we’ve cumulatively protected lands and waters that add up to an area larger than Mongolia. As threats to our natural world have increased in urgency and complexity, we continue evolving to meet the challenge. We’re deploying innovative financing to drive more resources to conservation and climate action, leveraging policy solutions to affect change and strengthening partnerships to achieve lasting results.
Our 2030 Goals—TNC’s most ambitious efforts yet to make a meaningful difference for climate change and nature loss—are a testament to this evolution. And as we approach the halfway point of the decade, I am energized by how these goals continue to inspire solutions that reach far beyond their origins—solutions that I’ve had the privilege of seeing on the ground in my travels to visit TNC’s people and projects around the world. The stories you will read in the following pages are a testament to how bold ideas paired with local action can spark systemic change for people and nature everywhere.
A few years ago, I was in eastern Kentucky for the launch of the Starfire Renewable Power Project, one of our flagship “smart-siting” projects that will transform a former coal mine into the largest solar center in the state. Today, TNC is scaling this groundbreaking approach to accelerate renewable energy development that is best for climate, conservation and communities across the United States, Europe and India, driving a transformative shift toward a clean energy future.
In Mexico, I witnessed the determination of local women dedicated to restoring mangroves. We stood side by side in muddy waters, planting seedlings that will grow into living defenses to protect their shores from climate-fueled storms and rising seas. To scale work like this, TNC is pioneering innovative, market-based solutions such as insurance policies that incentivize the protection of ecosystems that can help reduce risk and build resilience to weather-related events driven by climate change. These cutting-edge efforts are redefining how the world values nature—not just as a resource to protect, but as an essential piece in protecting communities from climate harm.
And in Brazil and Argentina, I met with farmers and ranchers on the frontlines of transforming agricultural practices to reduce tropical deforestation. To drive greater adoption of these practices, we are partnering with food companies and the finance sector to accelerate lending and investment in climate-friendly beef and soy production. We are also advancing traceability programs to ensure products are not linked to deforestation.
From TNC’s early days of saving a single forest to today’s global efforts, one thing has remained constant: the power of an idea to grow—from seed to scale. This journey from place-based projects to strategies that scale is not just the story of our work; it’s how lasting change happens.
In the face of ever-growing challenges to our mission, what gives me hope is our remarkable legacy, the extraordinary people who power our organization and the unique strengths that have enabled us to achieve bold outcomes. Thank you for standing with us as together we shape conservation for the next 75 years and beyond.
Global Insights Newsletter
Dive deeper into global conservation and climate stories with TNC's Global Insights newsletter. Every month we address the sustainability issues of the moment and explore potential solutions—all in a five-minute read or less.
Financial Overview for Fiscal Year 2025
A Message From our CFO
The Nature Conservancy achieved another solid year of growth in both contributions and investments toward our global priorities in fiscal 2025 despite significant external uncertainties. These results demonstrate strong support for our mission and 2030 Goals, which were also buoyed by another year of robust performance in the financial markets.
Total support and revenue grew 11% compared to last year, reaching over $2 billion for the first time in TNC’s history. We completed the second year of our One Future campaign—an organization-wide effort to raise $12 billion by the end of the decade, a scale that matches the ambition of our goals. Dues and private contributions strengthened as we moved through the year, including support for sustainable forestry, river restoration, regenerative agriculture and coastal climate resilience around the world.
We also were able to increase public funding support by 33% from last year, demonstrating the depth of our relationships with government entities at local, state and federal levels in the U.S. and beyond.
TNC’s investment portfolio is well diversified to fund our operations and conservation priorities in the near term while providing financial stability and health in the long term. Despite significant volatility in FY25, financial markets delivered strong overall returns. These favorable conditions, combined with strategic financial manager selection, enabled continued growth in our endowment and long-term investment assets.
We continued to focus on deploying resources to execute our highest-priority conservation work in FY25. Spending on conservation activities and purchases of land and easements grew double digits for the fourth year in a row in addition to our programmatic efficiency.
TNC achieved another financial milestone in FY25, as our balance sheet reached over $10 billion in total assets. The combination of our conservation lands, endowment and investment assets positions us well to withstand future uncertainty and remain steadfast in our mission.
With nature loss and climate change intensifying, TNC remains as committed as ever to conserving the lands and waters on which all life depends. We have made considerable progress and will continue to work with our global network of supporters and partners to achieve the pace required to realize our 2030 Goals.
Contributions and Efficiency
“We continued to focus on deploying resources to execute our highest priority conservation work in FY25. Spending on conservation activities and purchases of land and easements grew double digits for the fourth year in a row in addition to our programmatic efficiency. ”
James Bond, Chief Financial Officer, The Nature Conservancy
Financial Summary
For the fiscal years ended on June 30, 2025 & 2024 (in thousands)
Note: The figures that appear in the financial summary shown are derived from the 2025 & 2024 consolidated financial statements that have been audited and have received an unmodified opinion.
| 2025 | 2024 | |
|---|---|---|
| Dues & private contributions | $1,119,013 | $1,005,855 |
| Government contributions | 232,643 | 175,565 |
| Total Dues & Contributions | 1,351,656 | 1,181,420 |
| Investment returns | 383,561 | 331,087 |
| Other income | 156,188 | 142,681 |
| Land sales & gifts | 139,669 | 173,734 |
| Total Support & Revenue | $2,031,074 | $1,828,922 |
| 2025 | 2024 | 2025* | 2024* | |
|---|---|---|---|---|
| Conservation activities & actions | $1,070,325 | $957,620 | 63.2% | 62.4% |
| Purchases of conservation land & easements1 | 205,790 | 161,700 | 12.2% | 10.6% |
| Total conservation program expenses & purchases of conservation land & easements | 1,276,115 | 1,119,320 | 75.4% | 73.0% |
| General & administrative | 222,133 | 223,535 | 13.1% | 14.6% |
| Fundraising & membership | 195,256 | 189,429 | 11.5% | 12.4% |
| Total Support Services | 417,389 | 412,964 | ||
| Total Expenses & Purchases of Conservation Land & Easements | $1,693,504 | $1,532,284 | ||
| Net Result—Support & Revenue Less Expenses & Purchases of Conservation Land & Easements2 | $337,570 | $296,638 |
* % of each dollar spent
| 2025 | 2024 | |
|---|---|---|
| Conservation lands | $2,573,098 | $2,486,519 |
| Conservation easements | 2,605,069 | 2,551,361 |
| Investments held for conservation projects | 1,609,796 | 1,584,542 |
| Endowment investments | 1,742,970 | 1,587,776 |
| Planned giving investments | 434,615 | 398,564 |
| Property & equipment (net of depreciation) | 184,570 | 178,339 |
| Other assets 3 | 1,209,849 | 1,074,711 |
| Total Assets | $10,359,967 | $9,861,812 |
| Accounts payable & accrued liabilities | $167,651 | $149,108 |
| Notes payable | 1,060,223 | 1,041,947 |
| Other liabilities 4 | 529,888 | 498,285 |
| Total Liabilities | $1,757,762 | $1,689,340 |
| Total Net Assets | $8,602,205 | $8,172,472 |
| Total Liabilities & Net Assets | $10,359,967 | $9,861,812 |
