LAUSR

The biodiversity crisis necessitates a global implementation of effective, equitable, and feasible conservation strategies. Public land acquisitions (PLAs) for watershed protection can produce co‐benefits for basic human needs and biodiversity, but there are concerns that acquiring land is not scalable or may not protect threatened biodiversity. PLA programs are rare, allowing for limited opportunities to assess these concerns. We investigate a unique policy that has legally mandated PLAs in the Colombian Andes, a tropical biodiversity hotspot, since 1993. Using a novel dataset of >7000 PLAs, along with surveys and in‐person interviews, we study the scale, spatial allocation, and constraints on PLA implementation, and examine its potential conservation benefits. More than 300,000 ha were acquired through PLAs, but economic and institutional factors such as land cost, government income, and land tenure informality were main drivers in the degree of PLA implementation. Acquisitions were thus directed mostly toward cheaper, less threatened ecosystems.