The Bolsa Floresta Programme (BFP) is a state-level public policy that represents a hybrid of conditional transfers and payments for ecosystem services (PES). It involves a mix of direct cash rewards and community-based investments in income-generating activities, social empowerment and capacity building, and social infrastructure. The programme successfully combines multiple streams of funding from the public and private sector to make transfers at household and community level to conserve forests and improve people’s wellbeing in sustainable development reserves in the Amazon. To join the programme, there are conditions: riverine participants should not deforest pristine forest, should send their children to school, and should live at the reserve for at least two years. ~BFP is one of the oldest and largest programmes aimed at promoting environmental conservation and poverty alleviation in the world (Börner et al., 2013; Viana, 2008). It began with a few communities in two protected areas and now involves an area of 10.9 million hectares, 583 communities and 16 protected areas¬. Created in 2007, and initially administered by the State Secretary of Environment, with the support of Idesam, a non-governmental organisation (NGO) from the Amazon, BFP has been implemented by the Sustainable Amazonas Foundation (FAS) since 2008. FAS, an NGO, was created through a partnership of Bradesco Bank and the Amazonas State government. The strategy behind having the programme implemented by FAS was to increase efficiency, efficacy and equity in delivering benefits to communities, as well as to create resilience in the light of possible changes in government partisan politics.