| Summary: | In 2014, the Paraíba do Sul River Basin Integration Committee (CEIVAP) established its Pilot Program of Payments for Ecosystem Services (PES), focusing on water resources. The projects from this program share the same goal: to disseminate the use of PES as a tool for land management in watersheds. Contemplating 11 municipalities, including 84 landowners, conserving 718.63 ha and restoring 188.58 ha, this program was concluded in April 2020. Reviewing its historical and contextualizing features, we have observed that the outcomes from this program extend beyond these numbers. Here, we propose an evaluation methodology comparing the efficiency, performance, and impact of the PES projects. Based on new indicators that are easy to measure, we have identified key elements that have asymmetrically affected the projects. The complexity of the project scope and the execution of high-cost, and risky interventions on rural properties, have resulted in expensive projects with little tangible outputs. Our results support the upgrade of public policy for investment in ecosystem services by CEIVAP in the Paraíba do Sul watershed. In addition, our results can be more successful by improving the decision-making processes for similar projects in other watersheds.
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