Green bonds, particularly green bonds applied to the forestry sector, are a newly emerging conservation finance instrument. The author presents an historical overview, provides details on the mechanisms, presents 1 case study, and then undertakes both a financial analysis and a policy analysis, along with a future outlook. The case study examines the “first-of-its-kind” International Finance Corporation Forests Bond with REDD+ Coupon Payment which raised USD$152 million and provides a long-term purchase commitment for certified forest carbon offsets from Wildlife Works’ Kasigau Corridor REDD+ Project in Kenya.