“…These include divergent stakeholder perceptions on equitable cost‐sharing arrangements, lack of additionality, marketing to appropriate audiences, insufficient and/or uncertain long‐term financial resourcing, distrust of organizations operating PPA programs, and psychological phenomena such as “crowding out” or even “crowding in” of motivations (Comerford, 2014; Elmendorf, 2003; Knight et al, 2010; Kusmanoff et al, 2016; Putten et al, 2011; Rode et al, 2015; Selinske et al, 2017; Stern, 2006; Yasué et al, 2019). Given the complex, diverse and dynamic contexts in which financial incentives are usually trialed and adopted (Owley & Rissman, 2016; Rissman, 2011), and the costs and implications of implementing them, providing an evidence‐base upon which to design, implement, monitor, evaluate and improve financial incentives for PPA programs is essential for ongoing learning into how to manage these programs so they are as effective, cost‐efficient, and equitable as possible (Fitzsimons & Cooke, 2021). Conservation covenant programs in Australia provide relevant examples for improving the design and implementation of national‐ and regional‐scale PPA networks.…”