Interesting topic that lends itself toward a discussion of different ethical approaches. There have been a lot of interesting cases of states and countries raising money for conservation through selling hunting permits. From a consequentialist perspective this seems to be a really ethical approach. Those who believe that hunting is categorically unethical would disagree, regardless of the outcome.
This is a good, brief podcast (10 minutes) which is worth a listen
(other good items related to this topic)
A lot of the funding for conservation in the U.S. has traditionally come from hunting. With the number of hunters is falling in the U.S., finding money to fund wildlife conservation is getting harder.