The forest reform in Mali that was mainly supported by the World Bank and implemented from 1996 followed a neoliberal format by establishing fuelwood markets in the peripheries of urban areas and enclosing the rights to harvest and to sell wood. These measures were seen as necessary to fight an alleged fuelwood crisis. The reform is considered by the World Bank to be a success. We argue, however, that it also had some adverse effects that were produced by the conflicting agendas of the World Bank and the Malian forest administration. This forest reform demonstrates the mode of operation as well as the limitations and unexpected outcomes of green neoliberalism. These conflicting agendas contributed to increased confusion about forest rights and to reduced state forest revenues, and facilitated elite capture.