The United States authorized unprecedented investments in agri-environmental programs in 2022, dedicating over $19 billion to soil and water conservation practices with climate mitigation and adaptation benefits. We examine historical funding patterns, new funding allocations, and evaluation approaches for these programs. Our analysis reveals four key findings: (1) Nearly 40% of prior conservation funding has supported climate-beneficial practices, with increasing shares reflecting growing producer demand; (2) Although enrollment of historically underserved producers (HUPs) has increased, variation across programs and higher contract non-completion rates among this group suggests enhanced pre- and post-enrollment support services could be valuable; (3) A shift toward partnership-style programs facilitate locally-tailored agreements and market linkages, potentially broadening producer participation while enabling more durable incentives for sustained practice adoption; (4) current evaluation approaches primarily focus on implementation metrics paired with biophysical modeling and could be strengthened through rigorous impact evaluation design. Promising techniques include conducting randomized experiments and integrating geospatial data with program records to assess the impacts on producer behavior as well as program outcomes over time and space. Such approaches can build evidence for strategic conservation finance and de-risk future investments for other types of financial services—accelerating transformation toward sustainable agri-food systems in the United States and beyond.