The NbS Monthly Investment Newsletter

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The NbS Monthly Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | May — June 2025 Edition

Brazil’s Nature Finance Moment: NbS Investment Flows Surge Ahead of COP30

New data from Capital for Climate and Brunswick reveals a $5.5B pipeline — and growing investor appetite for land-based climate solutions

New research from Capital for Climate reveals a sharp acceleration in private and blended capital flowing into Nature-based Solutions (NbS) in Brazil, with $3.67B in deals tracked over the past 9 months alone. In parallel, our pipeline mapping identifies 21 development platforms with projected capital needs growing from $3.1B to $5.5B by 2027, spanning regenerative agriculture, reforestation, and land restoration. As strategic intent around NbS triples in the lead-up to COP30, improved revenue models and declining deforestation risk are making these opportunities more attractive to institutional investors. With catalytic capital mobilizing and new financial vehicles emerging, nature finance in Brazil is rapidly moving from niche to mainstream.

• READ THE ARTICLE •

The Newsletter at a Glance

Welcome to the May — June 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: Making Nature Finance easier to navigate — Bruce Strong on what’s new with Capital for Climate’s NbS Investment Platform

Making Nature Deals Happen: The 2025 NbS Summit at Brazil Climate Investment Week hosted by Capital for Climate and Convergence Capital

New Opportunities: 10 newly added investable opportunities from Capital for Climate’s NbS Investment Platform

Deals: $5.7 billion across 23 deals in NbS — including guarantees, restoration loans, and offtake agreements

Sector News and Research: The latest news and research 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

Not yet a subscriber?

Subscribe here.

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

Want to see nature-related investable opportunity, news and research, updated daily?

• REGISTER HERE •

NbS Investment

Leader Interview

This month, we’re spotlighting Bruce Strong, Capital for Climate’s Senior Product Manager and the driving force behind the Version 3.0 of our NbS Investment Platform. The updated Platform offers much more pipeline and significantly enhanced research capabilities.

In this interview, Bruce walks us through what’s new, why it matters, and where the platform is headed next.

Q: What’s the story behind C4C’s NbS Investment Platform? What problems are we solving, and how did that shape the original version of the platform?

A: The UN High-Level Champions’s “Race to Zero” campaign head, Meryam Omi, wanted to explain to investors what NbS was, and to highlight funds that were allocating capital towards it. The objective was to illustrate at COP26 that NbS were not only beneficial from an impact perspective, but financially viable.

And so the Platform was born. In a little over six weeks we wrote up investment theses for 13 NbS (e.g., Agroforestry, Regen Ag) and profiled around 50 funds. Since then, we’ve added NbS-related companies and project developers to the mix. Last year we added opportunities from all across Latin America and sub-Saharan Africa.

Q: The updated version just launched — what’s new?

A: We’ve added a bunch of improvements. First, there’s much more pipeline! We’ve added opportunity profiles for all of Latin America and Sub-Saharan Africa. Next, the research capabilities are much more robust – research that would have taken an analyst days or weeks can be done in minutes with this upgrade. We’ve also added alerts, so if you’re interested in a particular sector – say Regenerative Agriculture in Brazil – you can get updates on new opportunities, news, or research pushed to you. And finally, we’re giving entrepreneurs the ability to send us updates on a regular basis so that their profiles are always fresh and complete.

Also, we’re in the process of adding OECD-related pipeline.

On the backend, we’ve made the curation of content much more efficient through the use of technology. But our team of content managers still carefully curates the information and does numerous interviews with entrepreneurs. We’re doing much more than scraping the web; we use our relationships to provide unique and actionable insight.

Q: What’s been most surprising or challenging about building this platform from your perspective as a Senior Product Manager?

A: Finding the pipeline has been challenging. The information is spread out in multiple sources. And getting entrepreneurs to see that it’s to their benefit to share detailed information on their businesses has also been difficult. But entrepreneur engagement is much easier now that we’ve gotten traction. Entrepreneurs are coming to realize it's in their best interest to provide the most complete and compelling narrative of their business on the Platform for global investors to see.

When it comes to surprises, the pace of advancement in sense-making and automation — driven largely by AI — has been astonishing. In many cases, last year’s technology already feels outdated. But it’s an exciting time: these new tools are helping us support investors and entrepreneurs in ways that would have been unimaginable just a few months ago.

Q: What’s next on the roadmap for the Platform — any sneak peeks you can share?

A: A lot of entrepreneurs are amazing at building businesses but unfamiliar with engaging global investors.

So we’ve started work on designing an assessment tool that would describe how they appear to investors. We’d do this through evaluating how they present themselves in their profiles and across the web. The report would document where they are strong (e.g., their management team) and where they could improve (e.g., presenting a compelling business model). Then we’d give them suggestions for improvement.

Showing their best selves will reduce perceived risk while increasing investor confidence, and hence help entrepreneurs get the investment they need at better terms. This kind of effort is on brand for Capital for Climate because our mission is to accelerate capital formation in NbS.

On the investor side, we’re looking to allow allocators to automatically generate a basket of opportunities that fit their investment criteria. But more than just a list of opportunities, we’d also provide them with a draft of the portfolio investment thesis. We hypothesize that this could be a real time saver and value add.

We’re currently testing these and other solutions.

Q: Finally, who can use the Platform and how?

A: The Platform is free and available to investors and founders. That said, only investors can see the details of investable opportunities to protect entrepreneur confidentiality.

Registration is fast and easy. Just go to nbs.capitalforclimate.com. We look forward to seeing you on the Platform!

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? “Find opportunity on our Platform that meets your criteria and needs. Do a Zoom or two with the entrepreneurs. Then get on a plane and visit the entrepreneurs where they are. It’s hard to appreciate what’s being done sitting in an office in New York, London, or Zurich. Chances are you’ll be amazed at the sophistication of the management team and be inspired by what they’ve accomplished to enhance climate, biodiversity, and social justice. My proof point for this is the field trips Capital for Climate has organized for investors in Brazil. Investors dropped the notion that they had to wait for fund III to invest – they came to realize that there are great opportunities available today.”

A founder or project that inspires you? “There are a bunch, but Patrick Funaro, CEO of Easy Access Trading (EAT), is a great example. He's a French/Brazilian entrepreneur who is dogged, super funny, and generous. ”

Your biggest hope for the future of the Platform? “Finding actionable investment intelligence on NbS is currently arduous because it’s scattered across many different sources. This friction inhibits investment. Our goal is to make the NbS Investment Platform the world’s most comprehensive and valuable intelligence system for allocators to NbS and the world’s best showcase for NbS entrepreneurs. We’re not there yet, but I believe we’re on our way.”

Capital for Climate Updates

Post BCIW NbS Investment Summit

Thank you to everyone who joined us in São Paulo for Brazil Climate Investment Week 2025. Over two days, we explored how to unlock climate capital at scale – spotlighting new structures, instruments, and public-private collaborations designed to mobilize investment into high-integrity NbS across Brazil and the Global South. From catalytic capital to venture and debt, we showcased 36 investable NbS opportunities, all now live on Capital for Climate’s NbS Investment Platform.

We’re especially grateful to our speakers, sponsors, partners, and attendees for bringing such energy, insight, and commitment to this conversation. As we look ahead to COP30 and beyond, we’re excited to continue this momentum—starting with London Climate Action Week. Stay tuned for upcoming announcements and a full post-event briefing.
Introducing C4C’s New Brazil Executive Director, Anna Lucia Horta!

We are pleased to announce that Anna Lúcia Horta has joined Capital for Climate as our new Executive Director in Brazil, a key leadership role as we expand efforts to mobilize investment in Nature-based Solutions (NbS) across the country and region.

With more than 20 years of experience in the financial sector, Anna Lúcia has held leadership positions in major multinational corporations and financial institutions, including IFC, part of the World Bank Group. From 2016 to 2022, she worked at The Nature Conservancy (TNC), where she focused on developing innovative financial mechanisms and business models to support sustainable cattle and soy production in the Amazon, Cerrado, and Chaco biomes, having had a key role on the launch of IFACC (Innovative Finance for Amazon, Cerrado and Chaco) initiative.

Anna Lúcia holds a degree in International Relations from the University of Brasília (UnB), a master’s degree from the State University of New York (SUNY), and additional executive education in Corporate Governance, Investor Relations, and Sustainability.

“I am humbled by the responsibility, and at the same time feel comfortable and empowered to test things along the way as I’ll collaborate with this fantastic ecosystem that C4C has built. Besides, as a Brazilian based in Brazil, I can have an active and transversal interaction across the entire Nature-based Solutions system. Together, we can bring investments in NbS to the next stage.”

Welcome onboard, Anna Lúcia! We are excited for this next chapter.

10 Newly Added Pipeline Investable Opportunities

Ecorobotix — Opp. Size $40M
Ecorobotix, based in Yverdon-les-Bains, Switzerland, develops, produces, and sells innovative farming machines utilizing AI for precise crop care, particularly targeted spraying to reduce chemical use. Their revenue is generated through the sale of these robotic solutions.
Infinite Roots — Opp. Size $40M
Infinite Roots, a German biotech company, produces novel food ingredients by cultivating mycelium from by-products through fermentation. Based primarily in Germany, they have expanded into South Korea through a partnership, where they generate revenue from commercial product sales.
Sonnenerde — Opp. Size $15M
Sonnenerde is an Austrian company specializing in sustainable soil production and biochar technology. It generates revenue through peat-free soil products, biochar production, specialized products like Bio Güllekohle, building material additives, and CO₂ certificates.
Sustainable Carbon — Opp. Size $15M
Sustainable Carbon develops and manages climate projects primarily in Latin America, generating high-integrity carbon credits. They earn revenue by selling these credits and providing carbon market and ESG advisory services to companies globally.
Mati Carbon — Opp. Size $7.5M
Mati Carbon is a Public Benefit Corp. that operates in India, USA, Zambia, and Tanzania, using Enhanced Rock Weathering (ERW) to sequester CO₂ and improve soil health for smallholder farmers. It generates revenue by selling carbon removal credits to corporate buyers with net-zero goals.
Takachar — Opp. Size $3.5M
Takachar develops portable, low-cost equipment to convert agricultural and forest waste into bioproducts like fertilizer and fuel. They operate primarily in India, with projects also in the Philippines, USA, and Canada. They generate revenue by selling the produced bioproducts and by enabling rural communities to earn carbon credits.
Rizome — Opp. Size $3.5M
Rizome, a U.S.-based company, manufactures engineered bamboo products in Florida and the Philippines, with plans to expand bamboo cultivation for construction materials. Their revenue comes from selling bamboo building materials, with additional plans to generate income through carbon credits.
RubisCO2 — Opp. Size $1.1M
RubisCO2 is an early-stage company that captures carbon by converting algae waste into biochar, with operations primarily in the Mexico/Caribbean region. The company aims to generate revenue through biochar sales to the construction industry and potentially through carbon credits.
Pull To Refresh — Opp. Size $1.1M
Pull To Refresh, a US-based company, develops technology to sink seaweed in the open ocean for carbon removal while managing invasive seaweed species in the Caribbean. The company generates revenue by selling carbon removal credits (called "kelp tonnes") to businesses pursuing net-zero goals.
PlantVillage+ — Opp. Size $1.1M
PlantVillage+ is a U.S.-based company that uses artificial intelligence to provide agricultural solutions for sustainability and food security. The company produces biochar to sequester carbon and assists smallholder farmers. Their revenue comes from carbon credits generated through these projects.

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

The European Investment Fund looking to invest in climate transition PE funds [newprivatemarkets]

The European Investment Fund (EIF) will allocate €600–€800 million ($677 - 903 million) to 15–20 private equity funds in 2025, with ticket sizes ranging from €20—€50 million ($22—56 million). Targeting climate transition strategies across Europe, 75% of the portfolio will focus on decarbonisation (e.g. energy efficiency, circular economy), while 25% will support regenerative sectors like sustainable agriculture, food systems, and biodiversity. Eligible fund managers must embed impact strategies in legal fund terms and demonstrate strong alignment of interest.

Petrobras and BNDES launch ProFloresta+ to restore 50,000 hectares in the Amazon [esgnews]

Petrobras and Brazil’s development bank BNDES have launched ProFloresta+, a large-scale Amazon reforestation and carbon credit initiative aimed at restoring up to 50,000 hectares of degraded land and capturing 15 million tonnes of CO₂. The program's initial phase involves a R$450 million ($78 million) investment to reforest 15,000 hectares, generate up to 5 million carbon credits, and create 4,500 jobs. Petrobras will enter long-term offtake agreements for the carbon credits, while BNDES will offer low-interest financing to project developers through its Climate Fund. ProFloresta+ is Brazil’s first carbon restoration program with transparent pricing and public contracts, aiming to set a national benchmark for high-integrity carbon credit transactions.

Brazil launches $25.6 million call for restoration of indigenous lands [carbonpulse]

Brazil’s National Development Bank (BNDES) and the Ministry of Environment have issued a $25.6 million call to support ecological restoration projects on Indigenous lands affected by deforestation. The initiative targets priority regions across the country and aims to fund efforts that regenerate native vegetation and promote sustainable land stewardship.

20-year conservation strategy launched to protect Tanzania's Udzungwa Mountains [mongabay]

A 20-year conservation initiative has been launched to protect Tanzania's Udzungwa Mountains, a region rich in endemic species. The Udzungwa Landscape Strategy (ULS) aims to raise $3 million annually, allocating 80% of funds equally between conservation efforts and community development, including the introduction of energy-efficient stoves to reduce reliance on firewood. The strategy focuses on safeguarding three core protected areas: Udzungwa Mountains National Park, and the Kilombero and Uzungwa Scarp nature forest reserves. Initial funding is provided by the Hempel Foundation and Aage V. Jensen Charity Foundation, with plans to secure additional support through philanthropic contributions and sustainable financing models.

Nissui secures nature-linked loan (at an undisclosed amount) to advance marine biodiversity goals [nissui]

Nissui Corporation has entered into a nature-linked loan agreement with Sumitomo Mitsui Trust Bank, at an undisclosed amount, under the bank's new "Impact Finance for Nature" framework. The loan's terms are tied to specific environmental key performance indicators, including achieving 100% sustainable marine resource procurement by 2030 and suspending procurement of endangered species lacking recovery measures. The agreement incorporates assessments aligned with the Taskforce on Nature-related Financial Disclosures (TNFD) and was evaluated by ERM Japan, with a second-party opinion provided by the Japan Credit Rating Agency. This initiative aligns with Nissui's long-term vision, "Good Foods 2030," aiming to integrate natural capital considerations into its business operations.

Deals

EU announces $96 million investment in long term environment and climate projects [cinea.ac.europa.eu]

The EU has announced a €86 million ($97 million) investment through the LIFE Programme to fund five long-term climate and environmental projects in Denmark, Estonia, Poland, Slovenia, and Iceland. Three projects will support the EU Water Resilience Strategy, while others target emissions reduction, circular economy, and ecosystem restoration. These multi-year initiatives align with broader EU policies including the Biodiversity Strategy, Nature Restoration Law, and clean energy transition. The projects are part of the LIFE Programme’s €5.4 billion ($6 billion) budget for 2021–2027, with €2.3 billion ($2.4 billion) allocated for 2025–2027.

Nuveen invests over $90 million in Divert's food waste-to-energy facility in North Carolina [businesswire]

Nuveen Energy Infrastructure Credit has committed more than $90 million to fund Divert Inc.'s Integrated Diversion & Energy Facility in Lexington, North Carolina. This facility will process up to 100,000 tons of unsold food annually, converting it into carbon-negative renewable energy and soil amendments through anaerobic digestion. The investment supports Divert's plan to develop 30 such facilities nationwide, aiming to be within 100 miles of 80% of the U.S. population. The Lexington facility is expected to create approximately 60 jobs and addresses a significant need for food waste infrastructure in the southeastern United States.

Lantmännen secures $56 million EIB loan for Sweden's first large-scale pea protein facility [greenqueen]

The European Investment Bank (EIB) has granted a €50 million ($56 million) loan to Swedish agricultural cooperative Lantmännen to co-finance the construction of a pea protein isolate factory in Lidköping. The facility, expected to be operational by early 2027, will process over 40,000 tonnes of locally grown peas annually, producing plant-based proteins for various food applications. This initiative aims to enhance EU food security, reduce reliance on imported soy, and promote sustainable agriculture. The project aligns with the EU Green Deal and is anticipated to create approximately 30 new jobs in the region.

First Water secures $44 million to advance Iceland's largest land-based salmon farm [sustainable times]

Icelandic aquaculture company First Water has raised €39 million ($44 million) in equity from existing shareholders to complete the first phase of its land-based salmon farming facility in Þorlákshöfn. This brings its total funding to €240 million ($271 million), including €80 million ($90 million) in loans secured in 2024. The six-phase project aims to produce 50,000 tonnes of salmon annually by 2030, with a total investment of €825 million ($931 million) and the creation of approximately 330 jobs. The facility utilizes a hybrid flow-through system with clean groundwater filtered through volcanic rock and is powered by renewable energy under a 20 MW agreement with Landsvirkjun, expandable to 50 MW upon the commissioning of the Hvammsvirkjun hydropower plant.

Ingka Investments leads $43.7 million funding round for South Korea's RECO to enhance circular food waste management [ingka]

Ingka Investments, the investment arm of Ingka Group (IKEA's largest retailer), has led a KRW 58.5 billion (approximately $43.7 million) Series C funding round for RECO Co. Ltd., a South Korean company specializing in food and commercial waste management. RECO offers end-to-end solutions, transforming food waste into animal feed, biogas, and compost, and managed approximately 300,000 metric tonnes of waste in 2024.

Mirova invests $40 million across three natural capital assets across Latin America and Africa [agri investor]

Mirova has committed $40 million to three large-scale natural capital projects in Argentina, Costa Rica, and Madagascar, aiming to restore nearly 40,000 hectares of degraded land and sequester millions of tons of carbon. In Argentina, the Juramento project, developed by Sothys (a joint venture between Athys Recovery Services and Sofia Commodities), will restore 3,000 hectares in the Gran Chaco region and sequester 2.8 million tons of CO₂ over 40 years. In Costa Rica, UK-based rePlanet is leading a 30,000-hectare restoration effort across three regions, integrating regenerative grazing and reforestation to generate 5.2 million carbon credits. At least 60% of credit revenues will go to local stakeholders. In Madagascar, French firm iTeraka is planting 3 million trees over 6,000 hectares, aiming to sequester 1.5 million tons of CO₂ and support 15,000 smallholders, who retain ownership of trees and receive 70% of revenues via mobile money. The investment supports Mirova’s Sustainable Land Fund II.

Brazil’s Mombak raises $30 million to scale Amazon reforestation and carbon removal projects [carbon herald]

Brazilian reforestation startup Mombak has raised $30 million in Series A funding led by Union Square Ventures, with participation from Bain Capital, AXA IM Alts, Lowercarbon Capital, Kaszek, and others. The company restores degraded farmland in the Amazon using native tree species, generating carbon credits for corporate buyers including Google, Microsoft, Meta, and McLaren. Mombak has planted five million trees across 45,000 acres and aims to reach eight million by mid-2025. It has signed $150 million in carbon offtake agreements, with expectations to increase that volume significantly following the raise. Total funding now stands at $200 million.

Bloom Biorenewables raises $15 million to scale plant-based chemical production [esgtoday]

Swiss startup Bloom Biorenewables has secured CHF 13 million ($15 million) in Series A funding to advance its proprietary Aldehyde-Assisted Fractionation (AAF) technology, which converts plant biomass into sustainable alternatives to petroleum-based products. The funding round was led by Anaïs Ventures and Valquest Partners, with participation from investors including Breakthrough Energy Ventures, Lombard Odier Investment Managers, and Amcor Ventures. Bloom's technology enables the production of bio-based chemicals, fuels, and materials applicable across industries such as cosmetics, bioplastics, nutraceuticals, and textiles. The company plans to use the funds to scale its operations and construct its first industrial-scale facility by 2027.

Finnfund and Mirova invest $7.9 million in Bhutan's Mountain Hazelnuts [impact investor]

Mountain Hazelnuts, Bhutan's agroforestry enterprise, has secured a $7.9 million equity investment led by Mirova ($3.9 million) and Finnfund ($3 million), with additional contributions from company founders and a private investor. This funding, supported by the EU's EFSD+ Carbon Sinks program, will enable the company to complete climate-resilient grafting programs, expand processing facilities, and obtain international certifications like Rainforest Alliance and Organic. Founded in 2009, Mountain Hazelnuts partners with over 12,000 smallholder farmers to plant 10 million hazelnut trees, restoring degraded land and providing sustainable income.

Eratani raises $6.2 million to scale sustainable rice farming solutions [e27]

Eratani, an Indonesian agritech startup, has raised $6.2 million in Series A funding led by Clay Capital to scale sustainable rice farming solutions. The company will expand precision agriculture tools, mechanisation, and eco-friendly practices to boost farmer productivity and reduce environmental impact. Its platform supports over 34,000 farmers, improving cultivation on 13,000+ hectares and increasing yields and incomes by over 25% in 2024. Eratani aims to address rice farming’s high emissions and water use through data-driven, end-to-end supply chain integration.

Versant secures $564,000 Seed round to empower renewable energy projects with nature-first tech [techfundingnews]

French nature tech startup Versant has raised €500,000 ($564,000) in seed funding to develop a platform for renewable energy developers to better manage their impacts on nature. The funding round was led by Singapore-headquartered venture capital firm Antler, with investments from France-based impact fund Climate Leaders Fast Track as well as several others.

Microsoft commits to 3.7M tons of carbon removal in CO280 deal [carboncredits]

Microsoft has signed a 12-year agreement with CO280 to purchase 3.7 million metric tons of carbon removal credits, marking one of the largest carbon capture deals to date. CO280 will retrofit a U.S. Gulf Coast pulp and paper mill with carbon capture systems, targeting biogenic and fossil CO₂ emissions for permanent underground storage. The project uses SLB Capturi’s amine-based technology and aims to capture around 30% of total site emissions. This initiative supports Microsoft’s 2030 carbon-negative goal and advances scalable carbon removal from industrial sectors.

Triodos Bank provides loan (at an undisclosed amount) to Restore for UK natural capital expansion [carbon pulse]

Triodos Bank's UK branch has extended a loan to Restore, a restoration company, to enhance its natural capital services, including voluntary biodiversity credits. This funding aims to support Restore's efforts in expanding its environmental initiatives within the UK. The partnership reflects a growing interest in integrating financial services with environmental restoration projects. Further details on the loan's terms and specific project plans have not been disclosed.

Meta and EFM partner on 68,000-acre climate-smart forestry project in Washington [businesswire]

Meta has entered a 10-year agreement with forest investment firm EFM to acquire 676,000 nature-based carbon removal credits by 2035. This collaboration supports the transition of 68,000 acres of forestland on Washington’s Olympic Peninsula to climate-smart management practices, aiming to remove over one million tonnes of carbon emissions over the next decade. The project, facilitated through Olympic Rainforest LLC and backed by investments including the Natural Capital Fund managed by Climate Asset Management, integrates carbon finance with forest acquisition strategies. EFM’s approach emphasizes sustainable timber production, biodiversity enhancement, and community engagement, aligning with Meta’s goal to achieve net-zero emissions across its value chain by 2030.

Climate Asset Management acquires 68,000 acres in first U.S. forestry deal to scale carbon removals [esgnews]

Climate Asset Management, a joint venture between HSBC Asset Management and Pollination, has made its inaugural U.S. forestry investment by acquiring 68,000 acres of timberland in Washington State's Olympic Peninsula. The project aims to generate over 1 million tonnes of additional carbon removals over the next decade through climate-smart forestry practices. EFM, a sustainable forestry specialist, will manage the land and has structured long-term carbon credit agreements, including a 10-year contract with Meta for 676,000 credits and a multi-year offtake agreement with Microsoft for up to 700,000 credits. This initiative not only contributes to carbon sequestration but also supports biodiversity, recreation, and engagement with tribal communities.

Fund Formation

New York state pension fund commits $2.4 billion to climate-focused investments [esgdive]

The New York State Common Retirement Fund has committed $2.4 billion to three climate-focused funds: $2 billion to the FTSE Russell TPI 1000 Climate Transition Index, $250 million to Oaktree Power Opportunities Fund VII, and $150 million to Vision Ridge Sustainable Asset Fund IV. This contributes to its goal of allocating $40 billion to climate solutions by 2035.

J.P. Morgan's Campbell Global closes $1.5 billion forest and climate fund [stocktitan]

J.P. Morgan Asset Management's timberland investment arm, Campbell Global, has closed its Forest & Climate Solutions Fund II at $1.5 billion, surpassing its $1 billion target. Including separate account mandates, total capital raised reached $2.3 billion. The fund, launched in 2022, focuses on sustainable timber production and carbon sequestration, managing 212,000 acres across the U.S. Pacific Northwest and South. Investors include U.S. institutions, international banks, European pensions, and insurance firms.

LPPI launches $673 million Environmental Opportunities Fund to invest in climate and nature solutions [netzeroinvestor]

Local Pensions Partnership Investments (LPPI) has launched the Environmental Opportunities Fund, an open-ended private markets vehicle with an initial commitment of £500 million ($673 million) from its partner funds, including the London Pensions Fund Authority and Lancashire County Pension Fund. The fund aims to invest in assets that contribute to climate mitigation, adaptation, and the protection and restoration of nature. It will focus on sectors such as infrastructure, private equity, venture capital, and natural capital, with a relatively equal allocation between private equity and infrastructure, and a smaller portion dedicated to natural capital. The fund is designed to support LPPI's clients in aligning their portfolios with net-zero objectives and to capitalize on the growing investment opportunities in climate solutions.

New Forests division launches $482 million Australia and New Zealand agriculture fund [impact investor]

New Forests’ New Agriculture division has launched a 12-year, A$750 million ($482 million) fund targeting agricultural assets in Australia and New Zealand. The strategy integrates agriculture, forestry, and natural vegetation to optimize land use and tap environmental markets such as carbon, biodiversity, and renewable energy. Targeting 9–11% IRR, the fund is backed by investors including AIMCo and seeks commitments from European and Asia-Pacific institutions. New Agriculture currently manages A$1.5 billion ($964 million) across 3.1 million hectares, with this new fund marking an expansion of New Forests’ sustainable land use model.

EFM launches a $200 million fund with Sojitz to advance climate smart forestry [businesswire]

EFM and Sojitz Corporation will launch EFM Sojitz Management, LLC to raise approximately $200 million for forestland acquisition and management in climate-resilient regions of the U.S. The fund will generate returns via sustainable timber production and forest-based carbon credits. Initial investors include Sojitz and Fuyo General Lease Co., Ltd., with a focus on high-integrity carbon markets, particularly targeting Japanese institutional capital.

Verdi Capital's open-end agriculture fund reaches $25 million amid growing natural capital interest [agriinvestor]

Verdi Capital's open-end agriculture fund has grown to $25 million, reflecting increased investor interest in sustainable agriculture. Approximately 10% of European institutional LPs are now considering allocations to natural capital strategies.

Sweden pledges $13 million to Adaptation Fund [environewsnigeria]

Sweden has committed $13 million to the Adaptation Fund for 2025, marking the first new pledge for that year. This contribution underscores Sweden's ongoing support for climate adaptation initiatives in vulnerable developing countries. The early pledge aims to encourage other donors to contribute, ensuring the fund's capacity to finance projects that build resilience against climate change impacts.

News & Research

Policy and Regulation

CFI joins the International Sustainable Forestry Coalition (ISFC) to advance natural capital accounting [einpresswire]

CGI has joined the International Sustainable Forestry Coalition (ISFC) as an Associate Member to support data-driven forestry and land management. The partnership focuses on leveraging satellite data, drone imagery, and AI to inform sustainable forest and biodiversity strategies. CGI brings experience in applying geospatial analytics and AI across sectors, including natural capital monitoring. ISFC represents companies managing 16 million hectares of forest in 37 countries.

EU commission simplifies the EU deforestation regulation [ec.europa.eu]

The European Commission has introduced new guidance and simplification measures to ease implementation of the EU Deforestation Regulation (EUDR), which takes effect end-2025. Updates include streamlined due diligence procedures, reuse of statements, and annual submissions for large companies. A Delegated Act and forthcoming Implementing Act will further clarify product scope and finalize a country benchmarking system by June 2025. These changes are expected to cut administrative costs by 30% and ensure harmonized enforcement across the EU.

Chile shows collaboration builds nature positive economies [world economic forum]

Chile has launched Latin America’s first Business Action Plan on Biodiversity, formalizing private sector involvement in national biodiversity targets. Developed through an eight-month collaboration between six ministries and 14 major companies, the plan sets a public-private governance model to align business operations with the Global Biodiversity Framework. It emphasizes early business engagement, a clear value proposition, and structured accountability to mainstream biodiversity into corporate strategy. Chile’s approach is positioned as a replicable model for other countries aiming to build nature-positive economies by 2030.

UK backs businesses to trade carbon credits and unlock finance [gov.uk]

The UK government has launched new plans to strengthen voluntary carbon and nature markets, aiming to position the UK as a global hub for green finance. The initiative sets out six integrity principles to build trust in carbon credit trading, clarify credit use, and align with climate transition goals. These markets offer UK businesses—including farmers and land managers—new revenue opportunities. The 12-week consultation seeks industry input and supports the UK’s broader Plan for Change to mobilize private climate finance and drive sustainable investment.

Ghana launches biodiversity finance initiative to scale up investment for nature protection [undp]

Ghana has launched the Biodiversity Finance Initiative (BIOFIN), a three-year program supported by UNDP and funded by the Global Environment Facility, to develop a national biodiversity finance plan and mobilize resources for nature protection. The initiative will support implementation of Ghana’s National Biodiversity Strategy and Action Plan in line with the Kunming-Montreal Global Biodiversity Framework. Stakeholder engagement and policy reviews will inform the plan, with a focus on creating bankable financing solutions. BIOFIN aims to help close the estimated $700 billion global annual biodiversity funding gap through cross-sector collaboration.

SBTi’s draft corporate net-zero standard version 2.0 whitepaper [anthesis]

The Science Based Targets initiative (SBTi) has released a draft of its Corporate Net-Zero Standard Version 2.0, introducing significant updates to near-term and net-zero target-setting requirements. The draft emphasizes accelerated emissions reductions and clearer accountability across all scopes, while introducing limited use of carbon removals (only for residual Scope 1 emissions) using high-integrity, permanent removal methods. It maintains that carbon credits cannot substitute for required emissions cuts and limits their role to beyond value chain mitigation. A new whitepaper reviews these proposed changes, assesses their implications, and outlines next steps for companies engaging with the SBTi framework.

The EU's 2030 carbon storage target [climate.ec.europa]

The EU has released updated plans under the Net-Zero Industry Act (NZIA) outlining how it will meet its 2030 target to build at least 50 million tonnes of annual CO₂ storage capacity. The regulation mandates oil and gas producers above a set threshold to develop injection and storage sites, with implementation plans due by June 2025 and annual reporting from 2026. Member States must report on national CCS activities and disclose relevant geological data. These efforts aim to support industrial decarbonisation and scale capacity to 250 million tonnes annually by 2040.

NbS Finance

Brazil prepares to launch South America’s first carbon market [climatewire]

Brazil is set to launch South America’s first national carbon market, with mandatory emissions monitoring for major emitters beginning in 2026 and emission caps to take effect by 2029. The cap-and-trade system will target the country’s highest polluters, positioning Brazil—currently the world’s fifth-largest emitter—as a regional leader in climate policy. The initiative could influence other developing nations to adopt similar measures, though its long-term stability may depend on the outcome of Brazil’s 2026 presidential election.

Approximately 10% of European institutional LPs exploring natural capital investments [agriinvestor]

Recent insights indicate that around 10% of European institutional limited partners (LPs) are either considering or have initiated allocations to natural capital investments. This trend reflects a growing interest in integrating environmental assets, such as sustainable agriculture and forestry, into investment portfolios. Notably, the UK has seen a significant uptick, with over 30 LPs reportedly evaluating or already engaged in such strategies. This shift underscores an increasing emphasis on environmental considerations within institutional investment frameworks.

Nature based solutions: the opportunity for renewable energy investors [environmental finance]

Renewable energy investors are increasingly integrating nature-based solutions (NbS) to enhance biodiversity, manage ecological risks, and unlock new revenue streams from ecosystem services. NextEnergy Capital has embedded a 200-hectare reforestation project into its Iberian solar portfolio, aligning with regulatory and ESG goals while generating potential carbon and biodiversity credits. This model leverages synergies between solar infrastructure and natural capital, such as long asset lifecycles and contracted revenue. As high-integrity credit markets mature, NbS integration is seen as a strategy for risk-adjusted returns and future-proofing renewable assets.

U.S. SEC greenlights first stock exchange focused on sustainable investing [carboncredits]

The U.S. Securities and Exchange Commission has approved the Green Impact Exchange (GIX), the first U.S. stock exchange dedicated exclusively to sustainability-focused companies, with trading expected to begin in early 2026. Founded by former NYSE executives, GIX requires listed firms to commit to measurable, long-term environmental goals using recognized reporting frameworks. Despite recent investor outflows from ESG funds, GIX aims to tap into sustained demand for climate-aligned investments and serve as a platform for companies prioritizing environmental performance alongside financial returns.

Robeco launches tool for investors to find biodiversity leaders and underperformers [esgtoday]

Robeco has launched the Biodiversity Traffic Light, a new tool designed to help investors identify corporate leaders and laggards in biodiversity and nature loss performance. Using sector-specific data aligned with TNFD metrics, the tool assesses both current environmental impacts and future plans across factors like water use, pollution, and governance. Companies are categorized as aligned, aligning, partially aligning, or misaligned. The tool enables screening, portfolio adjustment, and engagement strategies, supporting investor efforts to allocate capital toward nature-positive business models.

Partnership between Stanford and Colombian officials aims to quantify benefits of natural assets [stanfordreport]

New report in partnership between Stanford and Colombian officials on a new natural capital account for Colombia’s Upper Sinú Basin, co-developed by Stanford’s Natural Capital Project and the Colombian government, estimates erosion control services for the energy and water sectors at $100M (1.7% of regional GDP), rising to 12% with a proposed aqueduct. Built using the UN SEEA EA framework and locally validated data, the account supports compensation mechanisms like watershed conservation and PES schemes. It highlights how upstream ecosystem services underpin downstream infrastructure and economic planning, with applications for future public investment strategies.

New Report by BCG Provides Toolkit to Turbocharge Investment Into Development and Climate Finance [bcg]

A new joint report by British International Investment and Boston Consulting Group introduces two tools: a fund typology and a structure scorecard, to simplify the design and assessment of blended finance funds. Analyzing 65 funds, the report identifies five common archetypes that align with investor risk-return profiles. The scorecard enables both concessional and commercial investors to systematically evaluate blended structures, aiming to overcome barriers that have limited private capital inflows to just $15 billion annually and unlock billions more for emerging markets and climate-aligned development.

Willis and The Nature Conservancy launch wildfire resilience insurance tied to forest management [wtwco]

Willis, a business of WTW, and The Nature Conservancy (TNC) have introduced a $2.5 million wildfire resilience insurance policy for the Tahoe Donner Association in Truckee, California. Developed in collaboration with the Center for Law, Energy, and the Environment at UC Berkeley, the policy offers a 39% lower premium and an 89% lower deductible by incorporating the association's ecological forest management practices, such as tree thinning and prescribed burns. This approach aims to incentivize proactive wildfire risk mitigation efforts by reflecting reduced risk in insurance terms. The initiative addresses challenges in California's insurance market, where traditional policies often do not account for nature-based risk reduction strategies.

UK government launches nature market accelerator to support ecosystem service trading [environmental finance]

The UK government has announced the launch of an industry-funded Nature Market Accelerator aimed at enhancing the development of nature markets, including biodiversity credits and ecosystem service trading. This initiative seeks to bring coherence to the sector by establishing standards and frameworks that facilitate investment in nature-based solutions. The accelerator will collaborate with stakeholders to identify barriers and opportunities, promoting the growth of high-integrity nature markets.

Bayer issues first carbon credits from regenerative rice farming in India [carbon herald]

Bayer has announced the issuance of its first carbon credits generated through regenerative rice farming practices in India, including direct-seeded rice (DSR) and alternate wetting and drying (AWD) techniques. These practices aim to reduce methane emissions and improve resource efficiency. The credits, validated and certified by Gold Standard, are part of Bayer's Rice Carbon Program, which spans 11 Indian states and involves thousands of smallholder farmers. The program seeks to support sustainable agriculture while providing farmers with potential additional income streams.

NOC launches Innovation Hub to drive ocean technology and blue economy [marinelink]

The UK's National Oceanography Centre (NOC) has inaugurated a new Innovation Hub in Southampton, backed by a £200,000 ($269,000) investment. Spanning 304 square meters, the facility aims to accelerate advancements in ocean technology and support sustainable growth across the blue economy. It offers state-of-the-art meeting spaces, acoustic smart pods, and collaborative areas to foster innovation in marine autonomous systems and related sectors. Operated under NOC Innovations, the hub seeks to double its current membership of over 40 organizations, attracting entities like the Ocean Conservation Trust.

Emerging Research

Rhett Ayers Butler explores why conservation must evolve as nature shifts [mongaby]

A Mongabay report highlights a shift in conservation strategy as climate change accelerates, emphasizing the need for resilience over preservation. Experts stress the importance of large, connected, and well-managed ecosystems that allow species to migrate across landscapes. Rewilding efforts and local community co-management are increasingly central to building adaptive capacity. With initiatives like 30×30 offering structure, the report argues that long-term survival of biodiversity will depend on planning for ecological change, not resisting it.

New article demonstrates how agroforestry, supported by effective policies, can help curb deforestation [Mongabay]

A new study by Cowan in Nature Sustainability finds that agroforestry reduced deforestation across Southeast Asia by over 250,000 hectares annually from 2015 to 2023, avoiding up to 74.4 million tons of CO₂ emissions per year. The research highlights agroforestry’s potential as a climate mitigation tool, but also reveals mixed outcomes depending on local conditions. While it curbed forest loss in areas like Laos and Sumatra, it worsened deforestation in others due to factors such as land tenure, market incentives, and governance. The authors stress that targeted policies—including secure land rights and technical support—are key to ensuring agroforestry delivers net environmental benefits.

New report by Champan, M. et al., highlighting how to meet the new EU biodiversity targets under future land-use demands [nature.com]

A new study by Champan and others in Nature Ecology & Evolution presents a spatial planning approach showing that meeting EU biodiversity targets is feasible if restoration efforts under the EU Nature Restoration Regulation are strategically aligned with land-use demands for food, timber, and bioenergy. Without such measures, projected production needs risk accelerating biodiversity loss by 2030. With restoration, over 20% of conservation concern species may benefit, alongside increased terrestrial carbon storage.

New report on using aquatic environmental DNA to address global biodiversity targets [nature.com]

A new paper by Altermatt and others in Nature Reviews Biodiversity highlights the policy relevance of aquatic environmental DNA (eDNA) for tracking biodiversity trends and achieving global targets. The authors argue eDNA can enable scalable, replicable monitoring of aquatic ecosystems, especially in data-poor regions. They emphasize the need for method standardization, expanded reference databases, and integration into decision-making processes to support the Kunming–Montreal Global Biodiversity Framework.

New study highlighting eco-friendly structures for sustainable mangrove restoration [sciencedirect]

A new study by Mohan and others, in Science of The Total Environment, evaluates the role of eco-friendly structures (EFS) in improving mangrove restoration outcomes. EFS—biodegradable frameworks—enhance seedling survival, establishment, and growth by stabilizing substrates and mitigating wave action, but are most effective in sites with favorable biophysical conditions. The report highlights the need for additional pilot projects to test scalability and cost-effectiveness and discusses potential ecosystem benefits such as improved soil fertility, coastal resilience, and blue carbon finance potential. It calls for broader dialogue to refine and scale EFS-based restoration methods.

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The NbS Monthly Newsletter | June 2025

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