The dominance of industrial extraction from natural forests is at odds with the science of the climate and biodiversity crises. The multiple ecosystem benefits of natural forests are undervalued because of the focus on the economic benefits derived from industrial timber and wood pulp extraction, mining, and agriculture. As a result, natural forest loss and damage are still increasing in many regions of the world, particularly in primary forests, which is unsustainable. Efforts to generate sustainable incomes from forests, through carbon finance and other payments for ecosystem services, have often had negative ecosystem impacts and have struggled to achieve social benefits. Conventional approaches to sustainable finance do not embed strong governance and effective planning that protect forest ecosystem integrity, as seen in recent reporting and analysis of carbon project failures. The Basket of Benefits approach offers a framework for assessing the full range of natural forest values. The approach supports just benefit sharing and forest protection, based on an understanding of ecosystem integrity and full recognition and valuation of their ecosystem services.