Incentive-based conservation has gained ample notoriety over recent decades, particularly across Latin America where targeted incentives feature prominently in environmental services initiatives, such as for carbon storage or watershed regulation. Here we first develop an analytical framework for assessing the Peruvian initiatives of conservation incentives. We then identify six ongoing interventions that have introduced incentives conditional upon compliance with voluntary environmental commitments. We collected information from secondary sources and conducted semi-structured interviews with thirty national- and local-level stakeholders. We scrutinized the extent to which such initiatives featured impact-oriented design and implementation elements, as typically recommended in the state-of-the-art literature on Payment for Environmental Services (PES) and Reducing Emissions from Deforest...