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Climate change is a key threat to biodiversity. To conserve species under climate change, ecologists and conservation scientists suggest 2 main conservation strategies regarding land use: supporting species' range shifts to enable it to follow its climatic requirements by creating migration pathways, such as corridors and stepping stones, and conserving climate refugia (i.e., existing habitat areas that are somewhat buffered from climate change). The policy instruments that could be used to implement these conservation strategies have yet to be evaluated comprehensively from an economic perspective. The economic analyses of environmental policy instruments are often based on ecological effectiveness and cost‐effectiveness criteria. We adapted these general criteria to evaluate policy instruments for species' conservation under climate change and applied them to a conceptual analysis of land purchases, offsets, and conservation payments. Depending on whether the strategy supporting species' range shifts or conserving climate refugia is selected, the evaluation of the policy instruments differed substantially. For example, to ensure ecological effectiveness, habitat persistence over time was especially important for climate refugia and was best achieved by a land‐purchase policy instrument. In contrast, for the strategy supporting range shifts to be ecologically effective, a high degree of flexibility in the location of conserved sites was required to ensure that new habitat sites can be created in the species' new range. Offset programs were best suited for that because the location of conservation sites can be chosen comparatively freely and may also be adapted over time. Article impact statement: Evaluation of policy instruments for species conservation under climate change should include both ecological and economic criteria. [ABSTRACT FROM AUTHOR]