Biodiversity conservation is increasingly being recognized as an important co-benefit in climate change mitigation programmes that use nature-based climate solutions. However, the climate co-benefits of biodiversity conservation interventions, such as habitat protection and restoration, remain understudied. Here we estimate the forest carbon storage co-benefits of a national policy intervention for tiger (Panthera tigris) conservation in India. We used a synthetic control approach to model avoided forest loss and associated carbon emissions reductions in protected areas that underwent enhanced protection for tiger conservation. Over a third of the analysed reserves showed significant but mixed effects, where 24% of all reserves successfully reduced the rate of deforestation and the remaining 9% reported higher-than-expected forest loss. The policy had a net positive benefit with over 5,802 hectares of averted forest loss, corresponding to avoided emissions of 1.08 ± 0.51 MtCO2equivalent between 2007 and 2020. This translated to US$92.55 ± 43.56 million in ecosystem services from the avoided social cost of emissions and potential revenue of US$6.24 ± 2.94 million in carbon offsets. Our findings offer an approach to quantitatively track the carbon sequestration co-benefits of a species conservation strategy and thus help align the objectives of climate action and biodiversity conservation.