“…ENGOs are now a vital source of policy, financial and on-ground innovation in conservation (Büscher and Fletcher, 2020;Palfrey et al, 2021;Schetter et al, 2022). While the state has provided legitimacy and a policy architecture to drive ENGO expansion of the PA estate (Iannuzzi et al, 2020), ENGOs have shaped new trajectories for conservation through philanthropic and corporate partnerships, co-management arrangements, for-profit conservation finance ventures, research and education initiatives, and media and communications strategies (Davison et al, 2022;Gulliver et al, 2020). Reflecting the global turn towards capital and markets, Australian ENGOs have become increasingly strategic in their operations to generate new sources of funding and deliver conservation outcomes.…”