Heritage Colombia (HECO) will generate significant mitigation and adaptation benefits through a paradigm shifting landscape approach in Colombia associated with a proven model for securing long-term financing for the effective management of the nation’s protected areas network. This is based on establishing a sinking fund to be drawn upon for milestone-based payments tied to policy, institutional, and management reforms. Carbon emission reductions will primarily be achieved by reducing drivers of deforestation, while adaptation benefits will be derived from hydrological stability provided through the protection and restoration of healthy ecosystems in current or new protected areas and adjacent lands. This approach is fully consistent with national climate and development policies and NDC priorities, with the GCF investment crowding in government and philanthropic funding and private investments, and HECO embedded in a country-wide commitment to long-term management of protected areas. The project represents the first phase of this national program, focused on 5 landscapes covering 17.6 million ha and representing over 15% of the country to the direct or indirect benefit of 18 million people.