Private lands for biodiversity conservation: Review of conservation covenanting programs in Tasmania, Australia

•Data on area and financial incentive for Tasmanian covenants were collected.•The influence of key institutional and ecological factors was analysed.•The choice of a tender-based selection mechanism increased the incentive rate.•Covenants with an active management requirement required higher rates of incentive.•Covenants with higher ecological values required higher incentive payments.