The NbS Monthly Investment Newsletter

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The NbS Monthly Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | April 2025 Edition

Nature Gets Quantified: IUCN Launches Carbon Tracking for Conservation

The IUCN unveils a new platform to quantify carbon storage from nature-based projects, adding scientific rigor to biodiversity and climate strategies

An update to the International Union for Conservation of Nature’s (IUCN) Contributions for Nature Platform reportedly improves its ability to quantify the carbon storage potential of conservation and restoration projects. This science-based tool seeks to address the ongoing challenges of measuring nature-based solutions and biodiversity impacts. The platform, which aspires to become a standard, provides data on ecological benefits, potentially enabling policymakers, financiers, and corporate sustainability teams to more readily incorporate nature impact assessments into their decision-making.

• READ THE ARTICLE •

The Newsletter at a Glance

Welcome to the second edition of The NbS Investment Monthly Newsletter, your resource for staying up-to-date with investor-critical deal flow, news, and science. In this month’s issue:

Interview: An interview with Violet’s Co-Founder, Martha De Sá, on unlocking scalable, high-integrity nature-based solutions in the Amazon and beyond.
Deals: $1.5 billion across 21 deals in NbS ($1.47 billion) and the Blue Economy ($33.3 million)
Sector News and Research: The latest news and research from Capital for Climate’s NbS Investment Platform
New Opportunities: 10 newly added investable opportunities from Capital for Climate’s NbS Investment Platform

We’d love to hear from you. Write to me on how we could make this newsletter more valuable to you.

Happy reading.

Nicole Ong, Editor

nong@capitalforclimate.earth

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If you know of NbS investable opportunities to share, or are yourself looking for NbS Investment, reach out here!

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• REGISTER HERE •

NbS Investment

Leader Interview

This month, we’re spotlighting Martha De Sá, founder of Violet, a Brazilian company expanding and democratizing the financing of nature. Focused on high-integrity, community-rooted NbS in the Amazon and beyond, Violet aims to make investing in nature as seamless as traditional markets.

In this interview, Martha shares what drives her, how Violet is charting a new course in nature finance, and where she sees the biggest opportunities and challenges ahead.

Q: Why did you found Violet? What was the spark behind your vision—and what problem are you most focused on solving?

A: I founded Violet after witnessing a critical disconnect in the climate finance space during my time at VERT. While we successfully mobilized over $11 billion across 285 deals, I saw how traditional financial markets consistently overlooked nature-based solutions, particularly those benefiting small-scale producers and communities at the forefront of environmental stewardship.

The spark came during COP26, where it became clear that despite growing global interest in nature-based solutions, there was a fundamental infrastructure gap preventing capital from reaching high-impact projects on the ground in Brazil. Financial institutions were eager to invest in nature but lacked the mechanisms to do so effectively.

Violet is solving this "missing middle" problem—building the financial infrastructure to connect institutional capital to local implementation at scale. Today, most impact investing flows from large institutional investors to large corporations, systematically excluding smaller stakeholders. Those excluded from traditional financial systems are also excluded from these new financial flows, creating a vicious cycle. We're breaking this cycle by focusing on financial inclusion, economic development, and conservation simultaneously—it's a win-win-win model that we deeply believe in.

Q: Violet is operating in areas like agroforestry, sustainable livestock, and restoration. How do you think about building a pipeline that delivers real impact, while also meeting investor expectations for scale and risk-adjusted returns?

A: Pipeline development is perhaps the most challenging aspect of what we do, but it's where our unique approach creates value. We start with identifying high-potential areas where environmental impact aligns with economic opportunity—like the Kawá Sustainable Cocoa Fund that will finance 1,500 smallholder farmers across Bahia and Pará.

A critical element of our strategy is our partnership approach. We don't originate producers one by one—that would be inefficient and unscalable. Instead, we always work with anchor aggregator partners who already have established relationships with producers. These partners provide the crucial local connection and trust, while we bring the financial expertise and technology platform.

Our approach balances impact and returns by focusing on financial structures that make sense for both sides of the equation. While blended finance has an important role in the early stages to build a track record in this market, our goal is to develop models that become less dependent on concessional capital as the market matures and becomes more scalable.

Our technology platform significantly reduces transaction costs by streamlining everything from loan origination and underwriting to monitoring. This creates efficiency that makes smaller, distributed projects collectively viable at institutional scale, which is essential since many of the highest-impact opportunities exist at the community level.

Q: What’s been the biggest challenge in building Violet so far—has anything surprised you?

A: The biggest challenge has been simultaneously building both sides of the marketplace—preparing high-quality projects while developing appropriate financial vehicles for investors. What makes this particularly difficult is that we're constantly translating between completely different worlds.

We're speaking multiple languages simultaneously—communicating with producers and technical assistance teams in rural areas (often with limited connectivity and literacy challenges), while also engaging with corporations that have their own priorities and language, and investors who speak yet another dialect altogether.

This isn't about silos or unwillingness to collaborate—it's more about the need for translation and bridging knowledge gaps. Each stakeholder comes with their own expertise and perspective, but often lacks understanding of the others' realities. Our role is to serve as translators and facilitators, creating common ground for collaboration.

I've also been surprised by how much patience this work requires. Everyone wants quick results, but meaningful transformation of land use and financial systems takes time. Finding the right balance between urgent action and sustainable change is an ongoing challenge.

Q: You’ve emphasized collaboration and simplicity as part of Violet’s DNA. What role do partnerships and enabling environments play in scaling nature finance in Brazil?

A: Partnerships aren't just important—they're absolutely essential. No single organization can solve the complex challenges of scaling nature finance. Our model depends on strategic collaborations across the entire ecosystem: from producers and communities on the ground to corporations, financial institutions, and conservation organizations.

The simplicity aspect might seem counterintuitive in this market. There's a tendency to create complexity, thinking it generates more security and rigor. But the real complexity lies in translating multiple layers into simple, effective actions. Perfect often becomes the enemy of good, and we need more practical cases happening without each one taking two years to get off the ground. It's an evolutionary process when a new market is emerging.

Beyond specific partnerships, enabling environments are critical for scale. This includes regulatory frameworks that recognize nature's value, technical assistance networks that support implementation, and technology infrastructure for monitoring and verification. As Brazil prepares to host COP30, we have a tremendous opportunity to showcase how these enabling environments can accelerate nature finance globally.

Q: Where do you see the biggest opportunity for growth or innovation in the NbS space in the next 3–5 years?

A: Creating ecosystem-level financing approaches that go beyond individual projects to transform entire landscapes and sectors. We're already seeing this with our work scaling from individual farms to regional initiatives like the Kawá Sustainable Cocoa Fund, which aims to reach R$1 billion by 2030.

Technology will drive tremendous innovation—particularly in monitoring, reporting, and verification. The integration of satellite imagery, blockchain for traceability, and AI-powered analytics is making it possible to assess and verify impacts at previously impossible scales and costs. This unlocks entirely new asset classes and investment opportunities.

I'm also excited about the convergence of biodiversity finance with carbon markets. As investors recognize the interconnectedness of climate and nature, we'll see more sophisticated financial products that value multiple ecosystem services simultaneously. Brazil, with its unparalleled biodiversity and carbon sequestration potential, is perfectly positioned to lead this evolution.

Q: From your perspective, what’s the biggest unlock still needed to truly connect global capital to high-integrity, community-rooted NbS on the ground?

A: Standardization that doesn't sacrifice local adaptation. Global capital requires consistency, transparency, and comparability across investments—yet the highest-integrity NbS are deeply rooted in local contexts and communities.

We're addressing this through frameworks that establish consistent measurement and verification protocols while allowing for adaptation to local ecological and social realities. This balanced approach is essential for maintaining both integrity and scalability.

We also need to solve the aggregation challenge. Most institutional investors can't effectively deploy capital in $1-5 million increments, yet that's often the scale at which community-rooted projects operate. Building financial vehicles that can aggregate these smaller opportunities without losing their integrity or community connection is essential.

The market also needs better infrastructure—from technology platforms to standardized contracts to impact measurement frameworks. Building this requires investment in public goods that benefit the entire ecosystem.

Lightning Round! ⚡ (All answers in one sentence or less)

If you could give one piece of advice to investors looking to enter this space, what would it be? “Partner strategically—success in nature finance comes through ecosystem collaboration, not solo efforts.”

The most overused buzzword in NbS? “"Regenerative" without specific metrics or outcomes.”

The most underrated opportunity in nature finance? “Financial inclusion—connecting smallholders and traditional communities to new sustainable finance mechanisms has transformational potential.”

A founder or project that inspires you? “Fernanda Camargo from Wright Capital, who has pioneered innovative investment approaches that merge wealth management expertise with genuine impact.”

Your biggest hope for the future of NbS? “Mainstreaming—when nature becomes a standard asset class in every diversified portfolio, valued appropriately for all the benefits it provides.”

10 Newly Added Pipeline Investable Opportunities

Goldman Sachs Biodiversity Fund — Opp. Size > $40M
Launched in February 2025, the Goldman Sachs Biodiversity Bond Fund targets $300m–$500m in capital over three to five years to support global biodiversity conservation. The fund invests in investment-grade corporate bonds from companies with biodiversity-focused revenues, including both labeled (green, social, and sustainability) and unlabeled bonds.
BioFix — Opp. Size $7.5M
BIOFIX is a Colombian project developer that manages REDD+ conservation projects in partnership with ethnic communities in Colombia and Brazil. They generate revenue by selling carbon credits from these projects to companies looking to offset their emissions.
Biochar Now — Opp. Size $7.5M
Biochar Now, based in Colorado, produces and sells biochar using patented kiln-based technology. They generate revenue through the sale of biochar in various sizes for applications like soil amendment, water filtration, and carbon sequestration. Biochar Now also offers insured carbon credits.
All Power Labs— Opp. Size $7.5M
All Power Labs (APL) is a California-based company specializing in biomass gasification technologies that convert waste biomass into clean energy and biochar. With modular and scalable systems, APL addresses energy access challenges in underserved regions while contributing to carbon sequestration through biochar production.
ARTi — Opp. Size $7.5M
ARTi is a U.S.-based company specializing in the design and manufacture of advanced pyrolysis reactors and the production of biochar. The company provides consultancy services in pyrolysis technology, carbon sequestration, emissions management, agronomy, and life cycle assessments. ARTi’s solutions aim to enhance soil health, improve agricultural productivity, and contribute to carbon sequestration.
Heartbest Foods — Opp. Size $3.5M
Heartbest Foods is a Mexican FoodTech company that creates and sells plant-based alternatives to dairy products such as milk, cheese, and cream cheese. The company generates revenue through the sale of these products in retail stores and through online channels across Mexico.
Maya Climate — Opp. Size $3.5M
Maya Climate is a NatureTech company that offers a SaaS platform combining AI with geospatial analysis. The platform creates custom reports focusing on digital project origination, risk assessment, and due diligence. The company operates on a subscription-based revenue model.
SpaceAG — Opp. Size $1.1M
SpaceAG is an ag-tech company that provides a digital platform and mobile app for agricultural management. While operating primarily in Peru, the company also has a presence in Colombia, Mexico, and other global markets. Their revenue comes from software implementation fees and monthly licenses.
Infinito Mare — Opp. Size $1.1M
Infinito Mare, founded in São Paulo, SP in 2019, focuses on research and development in environmental sciences and water quality. Their technology, Caravela, removes pollutants from water. While the sources mention partnerships and potential for biomass valorization, specific details on their commercial revenue streams are not explicitly provided.
Carbo Culture — Opp. Size $1.1M
Carbo Culture removes carbon dioxide by converting waste biomass into stable biochar using their Carbolysis™ technology. Operating mainly in Europe and North America, they generate revenue through the sale of carbon credits and renewable energy produced during the process.

Interested in learning beyond the Top 10? Click here if you’d like to see the full list of recently added investable NbS opportunities.

Deals & Commitments

Commitments

East African Community launches $9 million EAC4Nature project, to support nature-based solutions management [zawya]

The EAC4Nature Project will run from January 2025 to June 2028 with a total funding of €8 million ($9 million): €5.5 million ($6.2 million) from BMZ and €2.5 ($2.8 million) million from the EU. The project is implemented by GIZ and aims to enhance sustainable natural resource management across the region. It focuses on integrating nature-based solutions into policies, strengthening transboundary water basin cooperation, and improving institutional capacity. Key partners include the EAC, LVBC, LTA, and ABAKIR.

Kia America commits $3 million to The Nature Conservancy for U.S. freshwater conservation [prnewswire]

Kia America has partnered with The Nature Conservancy (TNC), investing $3 million over three years to support TNC’s goal of conserving 1 million kilometers of rivers and 30 million hectares of lakes, wetlands, and floodplains in the United States by 2030. The initiative, launched on World Water Day (March 22, 2025), will fund projects aimed at restoring critical wetlands, improving water quality, and enhancing wildlife habitats. Additionally, the collaboration will also work to modernize water infrastructure, implement natural flood prevention methods, and promote sustainable agricultural water management policies.

Nestlé Pakistan launches 100,000-tree urban forest initiative with CDA Islamabad [dailytimes]

Nestlé Pakistan has partnered with the Capital Development Authority to launch an urban forest initiative in Islamabad, aiming to plant 100,000 indigenous trees. The project, part of Nestlé's commitment to achieving Net Zero by 2050, will feature species like Kachnar, Sukhchain, and Jacaranda. This initiative aligns with CDA's broader goal of planting one million trees in Islamabad by 2025.

Deals

Green Climate Fund initiates seven new projects with $686.8 million investment across 42 countries [environewsnigeria]

The Green Climate Fund (GCF) has approved $686.8 million in funding, totaling $1.5 billion with co-financing, for 11 new climate projects spanning 42 countries. Seven of these projects are set for immediate implementation, focusing on areas such as climate-resilient agriculture in Kenya and Mali, food loss reduction in Africa, water reclamation in Barbados, and sustainable forestry in Serbia. The initiatives involve partnerships with organizations including the FAO, Save the Children Australia, AGRA, and the Inter-American Development Bank. This expansion brings GCF's portfolio to 297 projects in 133 countries, aiming to enhance climate resilience and sustainable development globally.

KOKO secures $179.6 million World Bank guarantee for carbon market risk mitigation [impactalpha]

KOKO, a clean cooking and fuel distribution company, has obtained a $179.6 million guarantee from the World Bank's Multilateral Investment Guarantee Agency (MIGA). This guarantee aims to address political and regulatory risks associated with carbon credit issuance in compliance with the Paris Agreement. The initiative supports KOKO's ethanol cookstove projects in Kenya and Rwanda, facilitating access to compliance carbon markets. KOKO plans to expand its operations in these countries, leveraging the guarantee to attract private capital and enhance the affordability of clean cooking solutions.

Asian Development Bank commits $150 million loan for wetland conservation in Hunan [global.chinadaily]

The Asian Development Bank (ADB) has approved a $150 million loan for the South Dongting Lake Wetland Ecological Restoration and Sustainable Development Project in Hunan Province, China. Co-financed with a $65 million contribution from the French Development Agency, this initiative marks the first flagship investment under ADB’s Regional Flyway Initiative, aiming to conserve wetlands across the Asia-Pacific region. The project seeks to serve as a model for balancing biodiversity conservation with sustainable development, benefiting both local communities and wildlife.

CIF commits $143 million to nature-based solutions across Brazil, Kenya, and the Zambezi Basin [esgnews]

The Climate Investment Funds has allocated $143 million for nature-based solutions across Brazil, Kenya, and the Zambezi River Basin, expected to mobilize $1 billion in co-financing. The initiative includes Brazil's $250 million Amazon and Cerrado restoration plan, Kenya's $35.66 million program for ecotourism and Indigenous communities, and a $60.35 million investment in the Zambezi Basin region benefiting 51 million people through sustainable land and water management. An additional $15 million will support Indigenous and local communities through CIF's Dedicated Grant Mechanism.

Green Climate Fund invests $127 million to transform Thai rice farming [khaosodenglish]

The BMZ Green Climate Fund has launched a major initiative to transform rice farming in Thailand through a $127 million investment. The "Thai Rice: Strengthening Climate-Smart Rice Farming Project" aims to train 253,400 farmers across 21 provinces in climate-smart agricultural practices by 2028, introducing ten climate-friendly technologies to reduce greenhouse gas emissions by 2.44 million tons of carbon. The project, supported by international private sector partners and various Thai agencies, seeks to improve farmer incomes while promoting sustainable rice cultivation practices.

Microsoft to purchase 1.5 million tonnes of carbon credits (at an undisclosed amount) from Climate Impact Partners and Terra Natural Capital [esgdive]

Microsoft has agreed to buy 1.5 million tonnes of carbon removal credits over 30 years from the Panna afforestation project in Madhya Pradesh, India. The initiative, developed by Climate Impact Partners and financed by Terra Natural Capital, involves planting over 11.5 million native trees across 20,000 hectares. This marks Microsoft's first carbon removal project in India and its largest in the Asia-Pacific region. The project also aims to support local communities through income from tree products and agricultural training programs.

Eion secures $33 million offtake agreement with Frontier for Enhanced Rock Weathering [agfundernews]

Eion has finalized a $33 million carbon removal offtake agreement with Frontier, aiming to sequester 78,707 tons of CO₂ between 2027 and 2030. Utilizing enhanced rock weathering, Eion applies crushed olivine to farmland, a method that not only captures atmospheric CO₂ but also enhances soil health. The company partners with Growmark, an agricultural cooperative with a large farmer network, to facilitate the deployment of this solution across the U.S. Midwest and South.

Aleph Farms raises $29 million to scale cost-effective cultivated steaks [agfundernews]

Aleph Farms has secured $29 million to commercialize its optimized “Aleph Cut” cultivated steak, achieved through a streamlined bioprocess that reportedly significantly reduces production costs. The new method eliminates the need for scaffolding by inducing cell differentiation directly in a single bioreactor, enhancing scalability and efficiency. The funding will support expansion at its pilot facility in Israel and establish intermediate-scale operations in Europe and Asia. The company aims to achieve production costs as low as $6–7 per pound at large scale.

Just Climate invests $25 million in GreenLight Biosciences [esgtoday]

Just Climate has invested $25 million in GreenLight Biosciences to support the commercialization of its RNA-based agricultural solutions, including Calantha, the first registered RNA crop protection spray. The funding will also advance products like Norroa for bee health and Fortivance for enhancing treatment efficiency, as well as facilitate expansion into markets such as Brazil and Latin America.

Brevel raises $25 million to scale microalgae-based protein production [foodnavigator]

Climate food-tech company Brevel has expanded its seed funding round to $25 million, securing an additional $5 million to accelerate commercialization of its microalgae-based protein ingredients. The funding will support scaling production and expanding applications in meat and dairy alternatives. Brevel's technology combines light and sugar-based fermentation in indoor bioreactors to produce a flavor-neutral, functional protein isolate. Investors include NevaTeam Partners, Siddhi Capital, the EU’s EIC Fund, Good Protein Fund, The Food Tech Lab, and PVS Investments.

Vestaron raises over $20 million to scale peptide-based bioinsecticides [finsmes]

Vestaron, a Michigan-based company working in the peptide-based crop protection sector, has secured over $20 million in an oversubscribed funding round. The capital will support the expansion of its commercial presence in the U.S. and Europe and accelerate the development of its peptide-based bioinsecticide pipeline. Key milestones include emergency use authorizations in multiple European markets and a growing commercial footprint in North America. The company’s technology targets pests without affecting beneficial species, aligning with sustainable agriculture practices.

SEAentia secures $17.4 million for land-based meagre production [thefishsite]

Portugal-based aquaculture startup SEAentia has raised $17.4 million to develop the world’s first land-based recirculating aquaculture system (RAS) for meagre fish production, with backing from the Mar2030 Programme and Indico Capital Partners’ Blue Fund. The funding will support team expansion and move the project into its industrial phase, with commercial production expected by 2028. SEAentia aims to meet growing demand for sustainable seafood in Europe by using RAS technology to control the full production cycle while minimizing environmental impact.

UK allocates $15.9 million to enhance sustainable aquaculture in Southeast Asia [seafoodsource]

The UK government, through UK Research and Innovation (UKRI), has launched a £12 million ($15.9 million) program to support four sustainable aquaculture projects in Southeast Asia. Initiatives include developing affordable monitoring systems for shrimp farmers in Thailand and Vietnam, improving mollusk farming practices in Vietnam, Malaysia, and Indonesia, supporting the seaweed industry, and creating digital tools to safeguard ecosystems in Vietnam. These projects aim to boost resilience, increase productivity, and ensure sustainability in the region's aquaculture sector.

The Better Meat Co secures $15 million funding and mycoprotein deal with South American meat giant [greenqueen]

The Better Meat Co has initiated a $15 million fundraising round to scale its mycoprotein ingredient, Rhiza, and has signed its largest letter of intent to date with a leading South American meat producer. The agreement outlines the purchase of 30 tonnes of Rhiza per month for blended meat applications. This partnership adds to existing agreements with major meat companies in North America and Asia, collectively projected to generate $13 million in annual revenue. The company plans to expand production capacity through co-manufacturing partnerships to meet growing demand.

Ecovative raises $11 million to scale mycelium-based MyBacon [agfundernews]

Ecovative has secured $11 million to expand MyForest Foods' production of MyBacon, a mycelium-based bacon alternative. The funding will support the addition of a new production and packaging line, as well as the establishment of a MyForest Foods Food Science Lab to develop new whole-cut mycelium products. This investment aims to meet the growing demand for MyBacon, which is currently available in over 1,200 retail locations and is expanding into foodservice channels.

Grow Indigo secures $10 million from British International Investment [bwdisrupt]

Agritech company Grow Indigo has raised $10 million from British International Investment (BII) to expand its regenerative agriculture programs across India. The funding will support the enrollment of millions of smallholder farmers in carbon farming initiatives, promoting sustainable practices like direct-seeded rice and no-tillage farming. These efforts aim to enhance soil health, conserve water, and provide new income streams through soil carbon credits. Grow Indigo currently operates in 16 states, with over 2.5 million acres enrolled in its programs.

Mote secures $7 million to advance company’s carbon-negative biomass-to-energy technology [businesswire]

Mote, Inc., a company in the carbon-negative energy technology sector, has secured $7 million in the first close of its $15 million Series A funding round, led by Nella Next and Preston-Werner Ventures. The investment will support the deployment of Mote’s patented Biomass Carbon Removal and Storage (BiCRS) technology, which converts wood and agricultural waste into clean hydrogen while permanently sequestering CO₂. Backed by agencies like the U.S. Department of Energy and CalFire, Mote’s approach offers a scalable solution for clean energy, forest management, and climate resilience. With demand for low-carbon hydrogen set to soar, this funding marks a major step in advancing Mote’s first commercial-scale facility and expanding partnerships across the energy and forestry sectors.

Grassa secures $4 million to advance grass protein production [agfundernews]

Dutch agrifood innovator Grassa has raised €3.6 million ($4 million) to scale its technology that extracts protein from grass. The process involves creating "unlocked grass" with reduced unstable proteins, enhancing its nutritional value for livestock feed. This innovation lowers methane and nitrogen emissions in cows and offers a sustainable, local alternative to soy protein. The funding will support efforts to develop edible grass protein for human consumption and demonstrate benefits to dairy farmers. Grassa's technology aligns with the Netherlands' National Protein Strategy, aiming to reduce dependency on imported soy,

Google partners with Indigo Ag to invest $1.5 million in regenerative agriculture for water replenishment in Oklahoma [digitalcommerce360]

Google has committed $1.5 million to support Indigo Ag's regenerative agriculture program in Oklahoma, aiming to replenish 1.5 billion gallons of water over seven years. The initiative will encourage practices like cover cropping and no-till farming across thousands of acres near Google's Pryor data center, enhancing soil moisture and groundwater retention. The program aligns with Google's goal to replenish 120% of its freshwater usage by 2030 and will be monitored using Indigo Ag's measurement and verification platform. Implementation is scheduled to begin in fall 2025 and continue through 2032.

Abler Nordic, Temasek Foundation and others launch blended finance initiative (at an undisclosed amount) on sustainable oil palm to combat deforestation and aim to support at least 400 smallholders [prnewswire]

Abler Nordic, Livelihoods Funds, Musim Mas, and Temasek Foundation have introduced a blended finance initiative to support sustainable oil palm cultivation in Indonesia. The pilot program offers smallholders access to financing and resources for replanting aging oil palms, aiming to enhance yields and prevent forest encroachment. This initiative is part of the Climate Smart Fund, which combines public, philanthropic, and private capital to create deforestation-free value chains and support smallholder resilience projects. Temasek Foundation contributes catalytic capital to guarantee and de-risk loans to smallholders, thereby reducing financing costs and encouraging private investment.

EFM and Meta make a deal for 676,000 nature-based carbon credits, at an undisclosed amount [realassets]

EFM has partnered with Meta to deliver 676,000 nature-based carbon credits, supporting the transition of 68,000 acres of forestland to climate-smart management on Washington's Olympic Peninsula. The project aims to remove over one million tonnes of carbon emissions over the next decade.

Fund Formation

Stafford Capital raises $1.1 billion for timberland fund targeting carbon sequestration and 8% returns [finimize]

Stafford Capital Partners has closed its Stafford International Timberland Fund X with $1.1 billion, focusing on secondary market timberland investments. The fund targets assets across the U.S., Canada, Brazil, Uruguay, Chile, Central America, New Zealand, and Australia, aiming for 8% returns. Approximately $330 million has already been allocated to forestland investments, contributing to carbon sequestration efforts.

BNP Paribas Asset Management establishes $879 million venture platform towards ecological transition and impact activities [esgtoday]

BNP Paribas Asset Management has launched an €800 million ($879 million) Venture and Impact platform within its Private Assets division. The platform combines BNPP AM’s Ecological Transition and Impact, Fintech, and Solar Impulse Venture Fund activities, focusing on innovation and venture capital. Led by Yann Lagalaye, the platform aims to drive the growth of impact and venture capital investments, with a focus on natural capital and local development. Additionally, Marinus Oosterbeek and Vincent Baillin have been appointed as Managing Directors at Opera Tech Ventures.

New Forests and Oji Holdings launch $300 million Forestry Fund to achieve 2030 environmental goals [newforests]

New Forests has partnered with Oji Holdings to establish the Future Forest Innovations Fund, a nearly $300 million initiative targeting the acquisition of 70,000 hectares of plantation forests across Southeast Asia, North America, Latin America, and Africa. The fund aims to sequester an additional 1.5 million tonnes of CO₂ equivalent per year by 2030, aligning with Oji's sustainability objectives. Leveraging New Forests' two decades of experience, the partnership will focus on sustainable forest management practices, including genetic improvements and advanced geospatial data applications.

L&G launches $235 million private debt strategy for nature and social outcomes [alternativecreditinvestor]

Legal & General (L&G) has committed $235 million through its new nature and social outcomes strategy, focusing on nature conservation and sustainable development in emerging markets. The investment, made via L&G’s Future World and Retirement Income Multi-Asset Funds, supports projects targeting biodiversity conservation and infrastructure improvements in education, healthcare, and clean water access. This initiative is part of L&G’s broader $1.1 billion private debt financing for sustainability projects in developing countries.

SLM Partners launches $229 million European regenerative forestry fund [wealthbriefing]

SLM Partners has launched the €200 million ($229 million) SLM Silva Fund II to invest in regenerative continuous cover forestry (CCF) across Ireland, the UK, and select EU countries, aiming to restore biodiversity, sequester carbon, and deliver solid financial returns. The fund, building on SLM’s Irish forestry successes, will replace monoculture, clear-fell plantations with biodiverse, naturally regenerating forests, shown to sequester 20% more carbon and offer greater resilience to climate risks. With growing regulatory support and evolving carbon markets, SLM positions regenerative forestry as a timely, quadruple-win solution benefiting investors, local communities, climate, and ecosystems, while scaling this approach across 19,000 hectares of European forests.

COFIDES launches $227 million Kuali Fund for climate mitigation and adaptation [impact-investor]

COFIDES, Spain’s state-backed development finance institution, has unveiled the Kuali Fund, a €200 million ($227 million) initiative aimed at financing climate mitigation and adaptation projects in Latin America, the Caribbean, and India. The fund seeks to prevent over 4 million tonnes of CO₂ equivalent emissions over 10 years and enhance resilience for 500,000 smallholder farmers and SMEs. It has secured €129 million ($146 million) in initial commitments from the Green Climate Fund, the European Union, Spain’s FONPRODE, and COFIDES itself. Managed by GAWA Capital, the Kuali Fund combines concessional capital with technical assistance to support green finance and climate solutions across the targeted regions.

CalSTRS and Microsoft anchor $175 million Just Climate fund targeting nature-based solutions [newprivatemarkets]

The California State Teachers’ Retirement System (CalSTRS) and Microsoft’s Climate Innovation Fund have co-led a $175 million funding round for Just Climate’s Natural Climate Solutions strategy. This initiative focuses on scalable investments in land-use transformation, including biological fertilizers, restoration financing models, and technologies for carbon and biodiversity verification. The strategy aims to reduce emissions from agriculture, forestry, and land use while delivering attractive returns.

Tokyo establishes $66.6 million fund to support startups in nature, climate, and circular economy sectors [carbon-pulse]

The Tokyo metropolitan government, alongside two major financial institutions, has initiated a fund aiming to raise ¥10 billion ($66.6 million) to support startups focused on nature positivity, climate technology, and the circular economy. This initiative seeks to foster innovation and investment in sectors critical to environmental sustainability and climate resilience.

Tokyo Gas invests $25 million to Climate Asset Management's nature-based carbon fund [argusmedia]

Tokyo Gas has invested up to $25 million in Climate Asset Management's nature-based carbon fund, which focuses on generating carbon credits through afforestation and land regeneration projects. The investment secures carbon credits for Tokyo Gas over a 12-year period, extending to 2037. This fund aims to promote carbon sequestration and sustainable land management across Africa, Asia, and Latin America.

Islington Pension Fund to invest (an undisclosed amount) in London CIV's Natural Capital Fund [room151]

Islington Borough Council has committed to investing 3% of its total pension assets in the London CIV Natural Capital Fund. This move aligns with the fund's strategy to enhance environmental sustainability and support green infrastructure projects.

News & Research

Policy and Regulation

UK introduces world-first nature finance standard to guide green investment [esgnews]

The British Standards Institution (BSI) has launched the Overarching Principles Standard (BSI Flex 701), the world's first government-backed framework for nature-focused investments. This standard aims to ensure that investments contribute positively to environmental outcomes, such as wetland restoration and flood resilience, while promoting transparency and combating greenwashing. The initiative seeks to position the UK as a global leader in green finance, aligning ecological restoration with economic growth.

SBTi proposes new rules, holds line on carbon offsets [reuters]

The Science-Based Targets initiative (SBTi) has proposed new rules to help companies establish effective emissions-reduction plans while maintaining its current stance on carbon offsets. Despite criticism for not allowing widespread use of carbon credits, SBTi continues to permit companies to offset 'residual' emissions and encourages funding broader climate projects not linked to supply chains. The new proposals also introduce methods for addressing Scope 3 emissions, such as considering procurement strategies and focusing on high-carbon activities. Additionally, small companies may now have optional targets. This move aims to support increased climate action amid reduced ambition from some companies, notably in the U.S., due to political and legal pressures. SBTi notes a significant rise in the number of companies committing to science-based targets, with a high percentage of G7 stock market organizations already participating.

Indonesia plans launch of forestry-based carbon offset trade [reuters]

Indonesia is set to launch the trade of forestry-based carbon offsets soon, as the government works on aligning its standards with international frameworks like Verra, Gold Standard, and Plan Vivo. This move follows the country’s pause on cross-border carbon trading in 2021 to prioritize domestic carbon reduction targets. With the introduction of a domestic carbon exchange in 2023, Indonesia expects up to $200 million in annual carbon transactions by 2025 from forestry projects. The government is aiming to finalize mutual recognition agreements with global standards by May 2025, enhancing the clarity and credibility of its carbon offset certificates. Indonesia is also targeting net-zero emissions by 2060 or sooner.

CRIF, a new framework for climate resilience in investment strategy [iigc]

The Climate Resilience Investment Framework (CRIF), now open for consultation until 10 April 2025, aims to help investors manage physical climate risks to protect long-term financial returns. Complementing the Net Zero Investment Framework (NZIF), CRIF emphasizes process-based target setting to reflect the unique nature of climate resilience. Designed for holistic, organization-level implementation using an ‘implement or explain’ approach, the framework includes practical guidance and action points—core and advanced—to support investors in developing context-specific strategies. While not a new reporting standard, CRIF aligns with existing disclosure frameworks like the Taskforce for Climate-related Financial Disclosures to encourage best practices across the financial sector.

Japan's financial institutions embrace natural capital in lending practices [ifre]

Japan is emerging as a leader in nature-positive finance, with significant developments in impact finance products aimed at reversing nature loss. Sumitomo Mitsui Trust Bank, Mizuho Bank, and MUFG are launching loans that assess and support businesses' efforts to manage natural capital, including projects like tree planting and endangered species protection. These loans, different from traditional green loans, don’t restrict the use of proceeds but instead focus on evaluating impacts on nature. Japan's commitment to the Taskforce on Nature-Related Financial Disclosures (TNFD) has spurred growth in these products, although challenges such as "impact washing" and declining sustainable finance activity remain.

IUCN boosts climate impact tracking for nature-based solutions [iucn]

The IUCN Contributions for Nature Platform has been enhanced to assess the carbon storage potential of conservation and restoration projects. This new feature enables users to measure both carbon storage and emissions reductions, contributing to global biodiversity and climate change goals. The platform now integrates data on natural ecosystems and managed croplands, providing a comprehensive evaluation of conservation efforts. It also helps guide future strategies and investments towards mitigating climate change.

Bank of England urged to enhance focus on nature-related financial risks [environmental-finance]

The Bank of England has been urged to increase its attention to nature-related financial risks, as a report indicates insufficient action on this front. The report highlights the need for the Bank to better integrate nature-related risks into its financial oversight and policy frameworks. This call for action underscores the growing recognition of the financial implications of environmental degradation and the importance of proactive measures to mitigate such risks.

NbS Finance

New report by BCG advocates for integrating nature-based infrastructure to drive innovation and resilience [bcg]

Boston Consulting Group (BCG)'s new report emphasizes the strategic value of nature-based infrastructure in its recent publication. The report highlights how integrating ecosystem-focused solutions can unlock innovation, foster business growth, and enhance long-term resilience. BCG advises infrastructure companies to elevate nature considerations from compliance to strategic priority, adopt localized and inclusive approaches, and assess a comprehensive range of benefits to fully realize the potential of nature-based solutions. This perspective aligns with the increasing recognition of nature's role in sustainable development and climate adaptation.

Bloomberg and General Index expand carbon data market access [carbonherald]

Bloomberg and General Index have expanded their partnership to provide Bloomberg Terminal users with access to over 200 voluntary carbon price assessments. The enhanced dataset includes 69 spot prices and 133 spread and rolling average indexes, offering detailed insights into voluntary carbon markets through categorized price data by risk rating, scheme, technology, vintage, and location. This collaboration aims to provide market participants with comprehensive tools for navigating the voluntary carbon market with greater transparency.

S&P Global launches carbon data standards initiative to enhance market transparency [press.spglobal]

S&P Global has introduced a new initiative to establish standardized definitions and rules for carbon crediting projects and credits, aiming to improve transparency and scalability in carbon markets. This initiative is designed to support the growth of voluntary carbon markets by providing consistent data and frameworks for project developers, investors, and regulators. The move aligns with global efforts to enhance the credibility and efficiency of carbon trading systems.

Amazon introduces carbon credit investment service for net-zero companies [esgtoday]

Amazon has launched a new carbon credit investment service through its Sustainability Exchange platform, offering high-quality carbon credits to companies with net-zero targets covering Scopes 1, 2, and 3 emissions. The service focuses on projects related to deforestation, forest restoration, and technological carbon removal. Eligible participants include Amazon suppliers, enterprise customers, and signatories of The Climate Pledge. The initiative aims to address challenges in the voluntary carbon market by providing transparent and credible investment opportunities to support global climate goals.

Puro.earth reaches 1 million tonnes of verified carbon removal [esgtoday]

Puro.earth, a Nasdaq-backed carbon credit platform, has issued over 1 million CO₂ Removal Certificates (CORCs), each representing one tonne of verified carbon removal. This milestone reflects a significant acceleration in the carbon removal market, with issuances doubling from 500,000 to 1 million in just one year. The platform's methodologies, including Direct Air Capture and Biochar, have been particularly popular among buyers such as Microsoft, Google, and Frontier Buyers. Puro.earth aims to issue its next million CORCs by mid-2026, underscoring the growing demand for high-quality carbon removal solutions.

Oxfordshire Pension Fund explores investment in sustainable agriculture and nature restoration [netzeroinvestor]

The Oxfordshire Pension Fund is considering an investment in sustainable agriculture and nature restoration, marking a potential shift towards nature-based solutions. This initiative emerged from discussions between the fund's responsible investment officer, Josh Brewer, and Tim Coates, co-founder of Oxbury Bank and member of the North East Cotswolds Farmers Cluster. The collaboration aims to support nature restoration and local food networks in the region. While the fund has a history of investing in climate solutions, this venture into sustainable agriculture presents new challenges, particularly with untested revenue models like biodiversity credits.

Waitrose, Barclays, and others to launch pilot for scalable regenerative farming [sustainabletimes]

The "Routes to Regen" project aims to scale regenerative farming in the UK through a pilot in East England, backed by Waitrose, Barclays, and other industry leaders. The initiative provides farmers with financial support, technical assistance, and peer-to-peer learning to adopt sustainable farming practices. By testing the SAI Platform’s 'Regenerating Together Framework,' the project seeks to build a model for scaling regenerative agriculture globally.

New report states that 75% of sovereign wealth funds now factor climate risk into investment decisions [pionline]

A recent study reported by Pensions & Investments reveals that 75% of sovereign wealth funds (SWFs) now consider climate factors in their investment decisions, up from 62% in 2023. This shift reflects a growing emphasis on climate risk management and sustainable investing among global SWFs.

Recent study maps global trends in biodiversity finance and its role in advancing SDGs 14 and 15 [onlinelibrary]

This study by Khan, K. and Shehzad, A., conducts a bibliometric analysis of biodiversity finance and its role in achieving Sustainable Development Goals (SDGs) 14 and 15, covering the period from 1975 to 2024. By examining data from the Web of Science and Scopus, it identifies key trends, research gaps, and the increasing importance of integrating biodiversity finance into conservation efforts. The United States leads in publication output, while Australia stands out for its international collaborations. The analysis highlights six main research themes, including conservation finance, sustainable tourism, and nature-based solutions, all essential for advancing SDGs related to marine and terrestrial ecosystems. The study stresses the importance of cross-disciplinary collaboration and calls for further research to better align biodiversity finance with the broader SDG framework, ensuring more effective and sustainable biodiversity conservation.

Emerging Research

New study highlights the effects of adopting nature based solutions for energy transition in rural households of Northern Nigeria [nature]

A new study written by Tornel-Vázquez, R., Iglesias, E. & Loureiro, M.L. in northern Nigeria's Hadejia Valley examines the adoption of nature-based clean cooking technologies using Typha spp. biomass to address energy transition challenges. The research reveals that women show higher willingness to adopt and pay for biogas technologies, with factors such as gender, cooking time concerns, and decision-making power significantly influencing adoption rates. The findings emphasize the need for male awareness of biogas benefits and policies supporting women's decision-making roles to ensure successful implementation in rural communities.

The future is now: AI for nature analysis and action [environmental finance]

According to GIST Impact, AI is rapidly transforming nature and biodiversity analysis for financial institutions, moving from overwhelming data to actionable insights; currently, AI tools assist with regulatory compliance, like generating CSRD double materiality ratings using data from over 17,000 companies, and scaling asset-level environmental risk analysis through foundation models trained on satellite data. In the next 2–3 years, AI will shift from preset analyses to on-demand portfolio and supply chain intelligence, enabling analysts to instantly query and map risks like GMO exposure in global supply chains. Over the next five years, AI will evolve from measuring impacts to driving real-time, proactive decisions in biodiversity-linked supply chains, risk management, and decarbonisation, delivering both business and environmental value.

New study finds forest carbon storage driven more by ecosystem structure than time [physorg]

A new study from the University of Michigan Biological Station challenges the common belief that older forests naturally store more carbon over time. By analyzing decades of ecological data from various forest stands, the research reveals that carbon storage is more strongly influenced by factors such as canopy structure, soil nitrogen availability, and the composition of tree and microbial communities than by the age of the forest itself. The findings suggest that effective forest management should focus on ecosystem structure and function rather than simply allowing forests to mature, especially in the face of rapid environmental changes.

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The NbS Monthly Newsletter | April 2025

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