Since Copenhagen’s Conference of the Parties (COP) in 2009, there have been a number of fundamental shifts in the finance sector. This transition has involved individual donor organisations, multilateral actors and philanthropic foundations increasingly seeking to invest in low-carbon, green and sustainable opportunities. Article 5 of the 2015 Paris Agreement, has also emphasized ‘action to conserve and enhance... sinks and reservoirs of greenhouse gases... including forests.’ With this shift has come a renewed investment focus in a range of low-carbon areas including energy efficiency, transport and Reducing Emissions from Deforestation and Forest Degradation or REDD+. Forestry and conservation have become a key category of community and ecosystem-based adaptation projects increasingly earmarked for climate financing. This paper draws on experience from a sample of forestry and conservation projects. The researcher defines forestry and conservation projects to include categories of climate mitigation, adaptation, biodiversity and blue carbon areas. Case studies illuminate the climate financing sector through the experience of projects commissioned by multilateral actors such as the World Bank and the Global Environment Facility (GEF). The paper also examines forestry and conservation projects funded under a number of bilateral overseas development aid (ODA) agencies. Through a comparative analytical framework, these case studies are outlined through matrices in order to identify key trends and lessons. The paper sheds light on the world of climate financing, particularly in the field of REDD+, forestry, conservation, adaptation and mitigation projects. Such insights provide an understanding of future trajectories of climate financing, REDD+ and carbon markets.