The study considers whether blended finance helps scale up private investment in southern Africa's community-based conservation. It examines what are stakeholder's perspectives on the opportunities, barriers and risks of using blended finance to help scale up private investment in this context. Further, it delves into which, if any, of the revenue- generating activities available to communities from conservation are most viable to upscale with blended finance, and via which blended finance tools. The questions were answered via an exploratory sequential mixed methods design, utilising interviews in Phase 1 and a survey completed by 104 respondents in Phase 2. The output from the research is a publicly available inventory of blended investment options for community-based conservation, including seven types of non-tourism, conservation-related revenue streams. Five of these are ranked positively for scalability, wildlife economy, Payment for Ecosystem Services (PES) in carbon and restoration, and forestry and agriculture related supply chains. The study suggests some viable space between demand and supply for conservation finance at the community level and provides insight into how to overcome the barriers to these; particularly in the context of communal land, which is a common arrangement for southern African conservation. There are limited first-hand examples of blended finance being used for community-based conservation. The research points to a gap in using insurance and guarantees as blended finance tools to address the challenges of credit risk for investors on communal land; such tools could be catalytic in unlocking private investment in conservation that returns environmental and development benefits in this region. The study addresses the missed opportunity for communities to benefit from conservation at a much greater scale than presently experienced. It also serves to update the working theory of conservation finance to the context of community-based conservation.

Contemporary global governance has become reliant on the expert knowledge of professional actors. Yet governance systems based on technical forms of private authority have proven highly unstable and vulnerable to crisis. How is private authority re-configured following challenges and pressures for change in times of crisis? This dissertation explores the agency exercised by a range of professional actors seeking to legitimately reassert power during periods in which their expert knowledge has become unsettled. A two-prong thesis is advanced. First, in drawing on explicitly normative discourses professional actors seek to reassert moral authority, rather than addressing flaws in their expert knowledge and emphasising their technical authority. Professional actors express attention to and involvement with a wider array of overtly ethical issues that had previously been abstracted away. Second, reassertions of authority may depend not merely on more explicit positioning within normative debates but upon the underlying ideas and values prioritised. The authority of professional actors remains precarious when value sets linked to crisis are continuously emphasised. A genealogical analysis of professional actors in Anglo-American finance since the outbreak of the most recent financial crisis in 2007 is undertaken through a revised variant of the discursive institutionalist framework. Informed by primary documents from professional actors and their associations along with original interviews and secondary media documents, the changing underpinnings of the authority of financial services providers, economists, and advisories based in the United States and United Kingdom are examined. The study contributes to a wider emphasis on the changing authority of a range of private actors as well as to an enhaced stress on both discourse and ethics in International Relations, Global/International Political Economy, and Global Governance scholarship. / Dissertation / Doctor of Philosophy (PhD) / This dissertation explores the persistent prominence of professional actors in Anglo-American finance since 2007. Though their legitimacy has become widely challenged with the outbreak of the most severe period of instability since the Great Depression, the power of these private actors has not entirely been dislodged. Professional actors have sought to legitimise such continued power in financial governance in novel manners since 2007. This study critically assesses attempts by professional actors to reconfigure their authority in the recent period of volatility. In interpreting how professional actors have sought to reconfigure authority, rather than explaining the ultimate success of their attempts to do so, efforts by professional actors to legitimise their power are scrutinised. Uncovering the precariousness of such attempts, this study casts further doubt on the legitimacy of both professionals as well as on-going efforts to reform financial governance that persistently rely on the authority of private actors.