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For fifty years, The Nature Conservancy (TNC) has helped protect environmentally precious areas in the world using the simplest possible method: It buys them. It buys land at market prices, making it off-limits to environmentally damaging uses, such as development or logging. This strategy has come to be known within TNC as “bucks and acres.” It had appeal to donors and benefactors, because the results of their gifts were so clear. A big gift bought a big piece of land. A small gift bought a small piece of land. As one donor commented, TNC produced “results you could walk around on.”

In 2002, Mike Sweeney, the COO of TNC California, was facing a big challenge. California is particularly important to TNC, because it contains so many environmentally critical areas. California is one of only five Mediterranean climate regions in the world. (The others are the fynbos of South Africa, the matorral of Chile, the kwongan of Australia, and, of course, the Mediterranean.) These Mediterranean climate zones occupy only 2 percent of the world’s landmass but host more than 20 percent of its plant species. If you want to buy environmentally precious land, Mediterranean climates give you a lot of bang for your buck.

In 2002, Sweeney and his staff had taken a map of California and colored in the most environmentally sensitive areas, the areas worth preserving. Astonishingly, 40 percent of the map was colored. This was a non-starter: There weren’t enough bucks out there to buy that many acres.