NbS Triple Win Toolkit: Economics and Finance 71 As agroforestry has the capacity to produce a monetisable and marketable good however, payment for ecosystem services (PES)can be utilised to connect farmers to markets and steady incomes79. Studies of agroforestry focus on the balance between provisioning and regulating services; though benefits from agroforestry may accrue over the long-term, food and health benefits from short-term crops likely take priority for local communities80. In systems that provide shade-grown crops, maximising carbon sequestration may jeopardise crop yields,as greater density of trees increases carbon uptake but creates too much shade for crop species. In contrast to agroforestry, some systems rely on setting aside some land for conservation purposes and investing in high intensity agriculture in the remainder of the plantation. This land sparing can reduce species richness and carbon storage compared with agroforestry, but results in higher agricultural yields and local incomes81. There is also a risk with agroforestry of planting monocultures, exotic species, or species maladapted to local ecosystems which can reduce both species diversity, carbon storage capacity82,83 and therefore its cost effectiveness. The agroforestry techniques selected (e.g., species to use, density of planting, ‘land sparing’) and their effectiveness will depend on local ecosystems, the scale of the plantations, and thegoals of project managers and local communities. Local knowledgeof species and ecological functioning and best practices is criticalto success84,85. Climate-smart/resilient agriculture Description of intervention An integrated approach to increase food production sustainably and optimise productivity with efforts to strengthen the resilience to climate change and variability and reduce agriculture’s contribution to climate change86. Techniques can include pest-resistant and drought-tolerant seed varieties, crop diversification, planting ground cover for soil management, drainage systems for flood-prone areas, agroforestry, and traditional irrigation methods. Managing cropland, livestock,forests and fisheries through climate-smart agriculture can addressthe interlinked challenges of food security and accelerating climate change, whilst protecting or enhancing biodiversity. Monetised benefits Carbon sequestration and GHG emissions avoided Increased crop yields Increased incomes Water security and efficiency Benefit-cost ratios and cost effectiveness evidence The range of benefit cost ratios found in the case study review vary between 1.5 and 5 for climate smart agriculture, although these ratios are very site specific because they are based on local agro-ecological conditions and land use76. Such interventions are often implemented alongside capacity building activities which, whilst non-technical in nature and difficult to monetise, can be extremely cost effective (benefit-cost ratios of 13 – 28 in India and Asia)87.