Extreme droughts like the recent 2011–2013 drought impacting the central and western United States present a challenge to sustaining livestock ranching operations and the ecosystem goods and services they produce. Wyoming ranchers manage half of this drought‐prone state and are at the forefront of this challenge. We examined Wyoming ranchers' drought management strategies and how ranch characteristics affect drought management flexibility, a key component of resilience, through a mail survey. We find that many survey respondents manage drought in similar ways, by selling livestock and buying feed, highlighting the market risks associated with drought. Ranches that are larger, include yearling livestock, use shorter grazing periods, and/or incorporate alternative on‐ranch activities (e.g., hunting) use more drought management practices and thus have greater flexibility. Larger ranches experience fewer drought impacts, highlighting advantages of a larger resource base. Our findings suggest three components of national drought policy that encourages flexibility and thus increases resilience of ranches to drought: (1) encouraging forage‐sharing mechanisms; (2) promoting income diversification that is independent of climatic variability; and (3) facilitating a shift to diversified livestock production systems. These measures could increase sustainability of ranching livelihoods and provision of ecosystem services despite predicted increases in intensity and duration of future droughts.

Funding and financing challenges remain a persistent barrier to implementing nature‐based solutions that enhance ecosystem services, facilitate adaptation to climate change, and combat environmental stressors in cities. In the absence of adequate public financial resources, private funds are often expected to fill the gap. But market‐driven, nature‐based solutions can contribute to an inequitable distribution of urban ecosystem services by focusing on net benefits provided by nature. To help foster sustainable development and ensure that nature‐based solutions reach diverse and historically marginalized populations and communities, this scoping review explores the ecosystem services provided by nature‐based solutions and the payment mechanisms that produce and maintain them, focusing on literature on the United States. Findings suggest that the net benefits provided by nature‐based solutions and the available payment mechanisms vary based on the solution utilized (e.g., urban trees, parks, community gardens). Further, the distribution of benefits from nature‐based solutions is influenced by local historical, cultural, political, economic, and environmental contexts, the voices included in decision‐making, and the payment mechanisms used. Inspired by social equity principles, we present a framework for ecosystem service provision that is sensitive to market‐driven funding, financing, and partnerships. Practitioners can use this framework to assess whether payment schemes work in tandem with place (the local context) and process (governance and planning approaches) to ameliorate or exacerbate disparities in nature‐based solutions and the benefits they provide to people.