Tony's Formatting Suggestions

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The NbS Monthly Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | March 2025 Edition

Wall Street’s New Gold Rush? Betting Big on Nature

BlackRock newly integrates natural capital into its investment strategy, securing water, land, and biodiversity assets, ahead of a market shake-up

BlackRock, the world’s largest asset manager, is making a strategic shift by treating natural capital — water, land, and biodiversity — as key financial assets rather than externalities. While publicly stepping away from the ESG rhetoric, the firm is quietly acquiring these key natural resources, ahead of an anticipated market repricing event. With 55% of global GDP dependent on nature, this move seemingly positions BlackRock ahead of its competitors, but also raises questions about the financialization of the planet’s most critical, natural resources.

• READ THE ARTICLE •

The Newsletter at a Glance

Welcome to the first 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:

Article: An interview with Capital for Climate’s own Felipe Krelling on the state of NbS Investment today
Deals: $1.02 billion across 24 deals in NbS ($858.7 million) and the Blue Economy ($169.8 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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• REGISTER HERE •

NbS Investment

Leader Interview

Felipe Krelling heads Capital for Climate’s outreach to founders of nature-based companies and project developers. He’s an investor, and mission-driven entrepreneur focused on NbS and Alternative Proteins.

For our inaugural edition, we turned to Felipe to share his insights on the NbS Investment Landscape in Brazil.

Q: What’s the state of investment in NbS in Brazil today? What are the drivers and blockers?

A: It varies depending on the specific type of NbS being discussed. Drivers and blockers differ across sectors such as agroforestry, ILCF, large and small-scale restoration, regenerative agriculture, carbon markets, sustainable forestry, and others.

For instance, investors have a relatively clear understanding of how to evaluate sustainable forestry. They understand the land risks, how revenue happens, and how projects are executed. In contrast, agroforestry and restoration are often seen as "black boxes" due to the lack of practical case studies, particularly in emerging markets like Brazil. The absence of clear information and established criteria for these fields is a significant bottleneck.

Agroforestry models are viewed more positively due to their diversified revenue streams and measurable revenue potential over the short, medium, and long term, which brings it closer to what the financial sector already understands when doing deals in agro. However, its success heavily depends on the strength of the executive team, including their ability to manage land, engage communities, and oversee operations effectively.

Overall, the investment landscape for NbS in Brazil is trending positively, with an increasing number of investors entering the space. New funds are emerging, and large asset managers are either building dedicated NbS vehicles or adding NbS wings to their climate-focused funds. Alongside this, new fund managers are entering the market, and financial and business markets are adapting to accelerate capital mobilization. NbS in Brazil has transitioned from being "greenfield" in 2021 to a rapidly growing sector with significant momentum.

Q: What are some of the things Capital for Climate is doing to accelerate investment and remove blockers?

A: We are uniquely positioned at the intersection of investors and investable pipeline in the NbS space. We have deep connections with top-tier investors who are already deploying capital or structuring investment vehicles, as well as with leading NbS project developers and companies doing the groundwork to bring these solutions to life. This vantage point allows us to understand both the pain points and the underlying factors driving the sector forward.

One of the key initiatives I’m leading is Union for Nature (U4N), launched at the end of 2024. This program brings together founders in Brazil who will absorb the majority of Capital for Climate’s targeted $5 billion in NbS investment by 2028. U4N is designed to accelerate founders’ progress—helping them achieve in one year what might otherwise take several without it. We act as an extension of these teams, supporting them in developing new ideas, navigating bottlenecks, and connecting with the right stakeholders.

Additionally, we host annual summits in Brazil to convene investors, identify and address market and investment barriers, and facilitate real deals. These gatherings are critical in accelerating capital mobilization for NbS.

By understanding various founders' and investors' bottlenecks in the NbS space, the issue of data is fundamentally important. Currently, there’s a serious lack of data and technologies for measuring efficacy. To address this, we are collaborating with third parties on targeted solutions:

Fundação Getulio Vargas (FGV) on case studies for Agroforestry, Investing in Locally Controlled Forestry (ILCF) and Restoration,
Deloitte on assessing the sector’s capital absorption capacity over the next three years

By addressing data gaps, we aim to enhance investor confidence and remove critical barriers to scaling NbS financing.

Q: What do you see happening in the field in the next 5 years?

A: The NbS sector will continue to mature.

For project developers and companies, many of the current "black boxes" will become transparent. For instance, developers will soon have clearer insights into the most effective agroforestry models for specific lands and biomes, streamlining project design and execution. Additionally, the carbon market will offer greater security, enhancing confidence in NbS investments.

As the sector further matures, it will also bring new business models, making it easier to recruit talent and build companies. Public and policy support will further facilitate growth in the space.

For investors, key data bottlenecks will be alleviated, leading to faster deal cycles. Currently, transactions take a long time to close, but as standardization improves, the process will become more efficient. The investment landscape will also shift—from a relatively open "blue ocean" with few dedicated funds to a more competitive market with specialized players. With more understanding, we’ll keep seeing innovative and more creative instruments and vehicles being made, merging nature’s time, laws, and risks with how we normally profit with other businesses.

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? “Combine knowledge of existing areas of expertise that merge with NbS types you’ll be focusing on.”

The most overused buzzword in NbS? “Carbon.”

The most underrated opportunity in nature finance? “Restoration of degraded pasture and agroforestry.”

Deals & Commitments

Commitments

COP16 2.0: States finalise $200bn-per-year plan for biodiversity [net zero investor]

At COP16 in Rome, over 140 nations reached a landmark financial agreement in late February, aiming to mobilize $200 billion annually by 2030 for biodiversity conservation. The plan includes $20 billion per year for developing nations—rising to $30 billion by 2030—and a pledge to redirect $500 billion in harmful subsidies. Half of the Cali Fund’s resources will go directly to Indigenous Peoples and Local Communities, recognizing their vital role in biodiversity stewardship. While sustainability experts welcome the agreement, they stress the need for concrete financial commitments, especially given the voluntary nature of key mechanisms and uncertainty around the planned UNDP and UNEP launch. The absence of U.S. participation further raises concerns about global follow-through.

Fayafi Investment Holding announces $100 million ‘EcoRegen’ environmental initiative [pr newswire]

Dubai-based Fayafi Investment Holding has launched the EcoRegen initiative, a $100 million reforestation project that aims to plant 500 million trees over five years. The program will employ and train 50,000 farmers, each earning $2,000 to plant 10,000 trees. Beyond carbon capture, the initiative aims to enhance biodiversity, protect endangered species, and improve soil and water conditions, while supporting global Net Zero goals.

Biodiversa+ launches $43 million research project on transnational biodiversity monitoring and ecosystem change [fona]

The European Biodiversity Partnership Biodiversa+, a pan-European network of 74 funding organizations from 36 countries, has launched a €40 million ($43 million) research call focused on transnational biodiversity monitoring and ecosystem change. The call targets three key areas: innovation in monitoring methods, addressing biodiversity knowledge gaps, and effective use of monitoring data. The initiative, co-financed by the European Commission and 33 partner countries, is part of a broader Strategic Research and Innovation Agenda that will fund six similar calls between 2022-2028, each worth approximately €40 million ($43 million).

Department of Agriculture invests nearly $8 million in 26 game-changing programs [the cool down]

The U.S. Department of Agriculture has announced a $7.5 million investment in 26 Composting and Food Waste Reduction Cooperative Agreements to combat climate change. The funding supports various local initiatives, including the Moab Compost Pilot Program for diverting food waste from landfills, Minneapolis's commercial food waste composting project, and Sun Prairie's school and community composting programs. These projects aim to reduce methane emissions from food waste while promoting food security, economic growth, and environmental sustainability at the community level.

Deals

Sylvera and BlueLayer unveil live carbon data platform to mobilize $2 billion in project investments [carbon credits]

Sylvera and BlueLayer have partnered to launch the world's first live carbon project and inventory dataset, aiming to unlock $2 billion for carbon projects. The partnership combines BlueLayer's digital infrastructure with Sylvera's carbon ratings expertise to provide real-time project data, pricing, and inventory information to buyers. The initiative, which has already connected 80 projects representing 4 million carbon credits to buyers, aims to address market inefficiencies and transparency issues while helping project developers better manage and share their data. With the carbon credit market projected to reach $7-35 billion by 2030 and $45-250 billion by 2050, this partnership seeks to accelerate market growth by streamlining transactions between buyers and sellers.

Chestnut Carbon announces $160 million Series B raise to scale nature-based carbon removal projects [pr news wire]

Chestnut Carbon has secured $160 million in Series B financing to scale its nature-based carbon removal projects. The funds will support the company's Sustainable Restoration Project, which aims to sequester 100 million tons of carbon through afforestation on marginal agricultural lands. Since 2022, Chestnut has acquired 35,000 acres across six U.S. states and will use the new capital to expand land purchases, enhance its technological capabilities, and grow its expert team. The funding round included participation from Canada Pension Plan Investment Board, Cloverplay, DBL Partners, and other institutional investors.

Regenerate invests $54 million in Spanish regenerative agriculture [iberian lawyer]

Regenerate Asset Management, a specialist natural capital and regenerative agriculture investor, has invested €50 million ($54 million) through its RESA fund to transform 2,000 hectares of intensive cereal farming into regenerative agriculture with tree crops and integrated livestock. The project aims to promote sustainable food production and generate carbon credits, while establishing regenerative agriculture as a significant natural capital asset class.

Dutch alternative protein startup Vivici receives $34 million in funding [the cattle site]

Dutch startup Vivici has secured €32.5 million ($34 million) in funding to scale up its precision fermentation-based dairy protein production. The investment from ABP, Invest-NL, DSM-Firmenich, and Fonterra will support product launches and manufacturing expansion. Targeting the $13 billion whey protein market, Vivici produces proteins identical to milk but requiring significantly less water, energy, and land, with several food producers already signed as customers.

Belize secures $31.8 million in World Bank funding for blue economy development [love fm]

The World Bank has approved over BZ$ 64 million ($31.8 million) for the 'Belize Blue Cities and Beyond' project to enhance the country's blue economy initiatives. The funding, sourced from multiple agencies including the International Development Association and Global Environment Facility, will support improvements in coastal and marine resource management, water supply infrastructure, and pollution reduction in urban areas. The project includes developing water quality strategies, a national sanitation plan, sustainable fisheries policies, and a carbon market initiative to generate international carbon credits, with specific focus on developments in Belize City, Ambergris Caye, and Punta Gorda.

Wildfire recovery and carbon capture company, Mast Reforestation, lands $25 million investment [geek wire]

Seattle-based Mast Reforestation has secured $25 million in Series B funding and introduced "wood vaulting," a new carbon capture approach that involves burying wildfire-damaged trees underground to prevent carbon release. The company, which began as DroneSeed, has evolved from drone-based reforestation to become the Western U.S.'s largest seed supplier through strategic acquisitions. Mast uses advanced technology throughout its process, from drone surveys to engineered seedling pucks, and generates revenue through carbon credits from both newly planted trees and wood vaulting.

GCF grants Serbia $25 million for forest management project [see news]

The Green Climate Fund has granted Serbia $25 million for the FOREST Invest project to combat forest depletion caused by climate change and excessive fuelwood extraction. The $83.8 million initiative aims to implement sustainable forestry practices, enhance energy security, and attract $50 million in private financing to ultimately increase carbon removals while strengthening climate resilience.

Maine awarded $22 million to innovate sustainable wood-based products [msn]

Maine has received $22 million in federal funding to support innovation in sustainable wood-based products through the Forest Bioproducts Advanced Manufacturing Tech Hub, a consortium established by the Governor's Office of Policy Innovation and the Future and the Maine Technology Institute. The grant aims to advance the state's historically significant forestry industry, with more than $10 million allocated to a new program at the University of Maine, which serves as a key partner in this initiative.

USDA unfreezes $20 million in conservation funds [swine web]

The U.S. Department of Agriculture has released $20 million in previously frozen conservation funds to support sustainable agricultural practices across the country. The funds will be distributed through existing conservation programs to help farmers implement measures that improve water quality, enhance soil health, and promote efficient nutrient management. This initiative aims to assist producers of all sizes in adopting environmentally friendly practices while improving operational efficiency during a time of increasing environmental challenges and regulatory pressures in the agricultural sector.

Allen Family Foundation awards $5 million to support and study six nature-based carbon removal projects [geek wire]

The Paul G. Allen Family Foundation has awarded $5 million in grants to six Pacific Northwest nature-based carbon removal projects, with most being led by Native American and First Nations partners. The initiatives include beaver habitat restoration, prairie ecosystem restoration, Indigenous seaweed farming, ecological forestry, stream restoration, and forest restoration using cultural burning practices.

CarbonZero.Eco raises $3.5 million to scale biochar production and boost regenerative agriculture [cause artist]

CarbonZero.Eco, founded by 16-year-old Harper Moss, has raised $3.5 million to scale biochar production for regenerative agriculture. The startup has already pre-sold $7 million in biochar and partnered with 300 California almond farms. Their facility, opening April 2025, will convert agricultural waste into 30,000 tons of biochar annually, sequestering carbon while improving soil health and generating additional revenue for farmers through carbon credits.

Biomass fermentation company, Kynda, raises $3.18 million [vegconomist]

German biomass fermentation company Kynda has secured €3 million ($3.18 million) in seed funding led by Enjoy Ventures, with participation from poultry processor PHW Group and climate tech investor Clima Now. The funding will expand production at their new Hamburg facility opening in Q2 2025, where they convert food industry by-products into mycoproteins with meat-like qualities, establishing a strategic partnership with PHW Group in the alternative protein sector.

Amazon invests $1.2 million to restore Mumbai's mangrove ecosystem and support local communities [about amazon]

Amazon has announced a $1.2 million investment to restore Mumbai's mangrove ecosystem through a partnership with Hasten Regeneration, a restoration-focused NGO. The project aims to protect flamingo habitats while addressing multiple environmental and social challenges: installing a trash boom to remove 150 tons of plastic waste from the Mumbai basin, planting 375,000 mangroves in Gujarat, and creating employment opportunities for local women. The initiative is part of Amazon's broader $15 million commitment to nature-based projects in the Asia-Pacific region through its Right Now Climate Fund.

LEGO Group adds nature-based, engineered solutions to its carbon removal portfolio [ESG today]

LEGO Group has expanded its carbon removal portfolio through new partnerships with Climate Impact Partners and ClimeFi, investing $3.3 million in four projects combining engineered and nature-based solutions. The initiative includes biochar production, enhanced rock weathering, and a large-scale reforestation project in the Mississippi Valley, supporting LEGO's broader commitment to achieve net-zero emissions by 2050 and its $1.4 billion investment in environmental sustainability initiatives.

EnTrade and Arup partner to scale up nationwide nature investment market [sustainable times]

EnTrade and Arup have partnered to scale up a nationwide nature recovery marketplace in the UK, building on £1.3 million ($1.6 million) in private investment that has already established 94 hectares of nature-based projects. The initiative will create an online marketplace for environmental services and plans to launch two new regional nature markets in 2025.

Catona Climate invests an undisclosed amount in Ugandan smallholder farmers agroforestry project [pr newswire]

Catona Climate has invested in Kijani Forestry's carbon removal project in northern Uganda, which works with over 35,000 smallholder farmers. The project aims to restore 300,000 hectares of land and remove 17 million tonnes of CO2e from the atmosphere. Through its comprehensive approach, Kijani Forestry provides farmers with resources for tree nurseries, training, and sustainable income through carbon credits and timber sales. The project focuses on carbon sequestration and also addresses soil fertility, biodiversity enhancement, and community development through sustainable forest management practices allowing farmers to harvest charcoal every three years while protecting native forests.

Ecologi acquires carbon measurement solution provider, Net Zero Now, for an undisclosed amount [ESG today]

UK-based climate solutions platform Ecologi has acquired Net Zero Now, a carbon measurement and reduction platform, to create a comprehensive solution for businesses pursuing net zero goals. The combined entity will merge Ecologi's climate project funding capabilities (which has helped plant 87 million trees and avoid 3.4m tons of CO2e) with Net Zero Now's sector-specific carbon measurement tools (which has measured 1.8 MtCO2e emissions for 50+ major brands).

New seaweed farming project (at an undisclosed amount) aims to tackle climate change off England [oceanographic magazine]

Tunley Environmental and Algapelago are launching a seaweed farming project off North Devon's coast, at an undisclosed amount, set to deploy in June 2025. The Blue Forest project will utilize Arctic Seaweed's modular cultivation rig to produce 40 tonnes of kelp annually, while integrating blue mussels to enhance marine ecosystems and carbon sequestration. This sustainable aquaculture initiative requires no land, freshwater, pesticides, or fertilizers, demonstrating the potential of regenerative ocean farming in addressing climate change while creating opportunities in the blue economy.

Caisse des dépôts et Consignations plans biodiversity RFP [new private markets]

Caisse des dépôts et consignations (CDC), a French public financial institution managing €244 billion ($258 billion) in assets, plans to launch a Request for Proposals (RFP) targeting private market funds focused on biodiversity. The initiative, which follows the launch of a listed equities biodiversity fund in partnership with other French institutions, will expand CDC’s involvement in private equity. The RFP is expected to be issued by the end of 2025.

Fund Formation

Goldman Sachs launches first biodiversity bond fund, targeting up to $500 million [ESG news]

Goldman Sachs Asset Management is launching its first biodiversity-focused bond fund, marking a significant step in sustainable finance. The fund aims to raise $300-500 million over 3-5 years and will invest in 40-70 investment-grade corporate bonds, with 20% dedicated to biodiversity-labeled bonds for activities like forest restoration, and the remainder in general-purpose bonds from nature conservation-supporting companies.

Mirova launches $377 million nature-based fund [qc intel]

French asset manager, Mirova, has launched a new blended finance fund targeting €350 million ($377 million) for nature-based solutions investments. This demonstrates growing institutional interest in financing nature-based projects through structured investment vehicles.

Seventure Partners' BlueForwardFund of $108 million seeks 10 new investments in blue economy [intra fish]

French venture capital firm Seventure Partners has established the BlueForwardFund, with an estimated €100 million ($108 million) in capital, aimed at making 10 new investments in ocean-focused companies. Despite actively scouting potential companies last year, the fund has yet to find investments that meet its specific criteria, though it continues to seek opportunities in the blue economy sector.

Green Climate Fund backs Mirova with $75 million commitment in Sustainable Land Fund II [agri investor]

Green Climate Fund has made a $75 million commitment to Mirova's Sustainable Land Fund II (has a $367.81 million fundraising target). The Fund will invest in agroforestry, sustainable forestry and regenerative agriculture projects across Costa Rica, Cote d'Ivoire, Ghana, Malaysia, Morocco, Peru and the Philippines.

Lever VC reaches $50 million first close for Fund II [agri investor]

Lever VC has reached a $50 million first close for its second fund focused on early-stage food and agtech businesses, with plans to reach $100 million by the end of 2025. The New York-based firm has attracted diverse investors including sovereign wealth funds, family offices, and funds-of-funds across five continents. The fund has already completed five investments, including companies developing novel sugar substitutes and meat alternatives, continuing its strategy of investing in sustainable food and agricultural technology despite recent market challenges in some segments.

Petrobras and Régia Capital launch $17 million bioeconomy fund [brazil energy insight]

Petrobras and Régia Capital have jointly established the Petrobras Bioeconomy Fund, with each partner investing BRL 50 million ($8.5 million), to a total fund size of BRL 100 million ($17 million). This fund, the first in Brazil to use an Impact Linked Compensation model, will support socio-environmental projects focused on climate action and biodiversity preservation, particularly in critical areas like the Amazon. The fund will prioritize initiatives that combat deforestation, generate jobs, and create carbon and biodiversity credits, with any financial returns being reinvested to maximize socio-environmental benefits.

Bluefront Equity’s second fund gets an undisclosed amount of funding from Walton-backed investment platform [seafood source]

Bluefront Equity has secured new investment from Walton-backed Builders Vision for its second fund, Bluefront Capital II, which will continue the firm's focus on sustainable seafood and ocean health investments. The fund, which has already surpassed its predecessor's $62 million closing, maintains its strategy of investing in companies that improve ocean health, fish welfare, and resource efficiency in the seafood value chain. With support from returning investors and new partners, Bluefront's portfolio has shown strong performance with 25% average growth last year, targeting solutions for aquaculture challenges including oxygen management, ocean monitoring, and AI-driven feeding systems.

Plastic Odyssey Fund launches to scale ocean plastic cleanup and biodiversity restoration [pr newswire]

Plastic Odyssey has launched the Plastic Odyssey Fund, a U.S.-based nonprofit focused on tackling ocean plastic pollution through low-tech, community-driven solutions. The fund will support large-scale Biodiversity Hotspots Restoration Missions at UNESCO Marine Heritage Sites, using efficient plastic removal and recycling methods. The initiative includes a $30 million fundraising campaign over six years to scale cleanups and ecosystem restoration. A series of awareness events and documentary screenings will take place across the U.S. in 2025.

10 Newly Added Pipeline Investable Opportunities

Catalytic Capital for the Agricultural Transition in Brazil (CCAT) — Opp. Size $200M
The $200M CCAT Fund, managed by The Nature Conservancy, supports agricultural transition in Brazil's Amazon and Cerrado regions. It uses concessional funding to scale lending and investment for sustainable practices that increase production without deforestation. As of January 2025, the CCAT Fund is in the development stage.
Promip — Opp. Size $5M
Promip is a Brazilian B2B company that researches, develops, and sells biological pest control products. The company generates revenue through the sale of macro- and microbiological products, and the provision of training and certification programs for sustainable agriculture.
Pink Farms — Opp. Size $4M
Pink Farms is a Brazilian startup that uses vertical farming to produce leafy greens, microgreens, and mushrooms in controlled environments. They operate in São Paulo, producing and selling produce to retailers, wholesalers, and food services.
IDGeo — Opp. Size $3.5M
IDGeo, a Brazilian startup, specializes in AI-powered agricultural monitoring solutions. The company leverages satellite data and proprietary algorithms to deliver insights for efficient crop management. Their revenue comes from three main streams: customized precision agriculture services, software solutions, and training programs.
Tarvos — Opp. Size $1.5M
Tarvos offers digital pest monitoring for agriculture in Brazil using electronic traps. They provide data to help farmers make informed decisions about pest control, and optimizing the use of pesticides. Tarvos makes money by selling the pest monitoring service.
Biotecland — Opp. Size $1.1M
Biotecland is a Brazilian company that specializes in microalgae solutions for sustainable agriculture. The company generates revenue through its on-farm microalgae production systems—offering structure, inoculum, culture medium, and technical support—with the aim of enhancing soil quality and crop yields for partner farmers.
@Tech — Opp. Size $1.1M
@Tech is a Brazilian agtech company developing data-driven technologies for agriculture. The company earns revenue by providing software solutions that aim to enhance precision farming in beef, poultry, and fish production.
SALVA — Opp. Size $500K
SALVA is a climate tech company based in Rio de Janeiro, Brazil. They use data and AI to help agribusiness transition to low-carbon agriculture. They offer a Sustainabilty as a Service that provides metrics and insights for environmental and biodiversity management, and help with carbon emissions accounting. They offer services to producers and investors in the agricultural sector.
Barcalat — Opp. Size $200K
Barcalat is a Brazilian bean-to-bar chocolate company that uses cocoa and other Amazonian ingredients like cupuaçu, jambu, and Brazil nuts. Operating from Barcarena, Pará, the company sources cocoa beans directly from small Amazonian producers, ensuring fair income and promoting sustainability. They generate revenue through chocolate sales on their online marketplace.
Cupu do Quintal — Opp. Size $200K
Cupu do Quintal is a Brazilian company that crafts sweets and skincare products from cupuaçu, an Amazonian fruit. The company sources its cupuaçu directly from riverine communities in the Rio Negro Sustainable Development Reserve, supporting sustainable agroforestry and community development.

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

News & Research

Policy and Regulation

South Australia releases draft Biodiversity Bill 2025 [norton rose fulbright]

South Australia has released a draft Biodiversity Bill 2025 that represents a major overhaul of the state's biodiversity protection laws. The bill introduces a general duty requiring entities to take reasonable measures to prevent harm to biodiversity, consolidates multiple permitting processes into a single regime, and implements a mitigation hierarchy for native vegetation clearing. Key features include establishing a Biodiversity Restoration Fund, creating various advisory committees including a First Nations Expert Committee, and introducing stronger enforcement tools.

TNFD adoption continues to grow [environmental finance]

The TNFD framework has seen growing adoption, with 526 organizations now committed to the framework, up from 502 in October. This includes 84 global investors (19 insurers), with major firms like Legal & General Investment Management, Schroders, AXA, BlackRock, and BNP Paribas actively engaging with portfolio companies on nature-related issues. The growth in participation and initiatives like Nature Action 100 demonstrates increasing investor focus on nature-related risks and opportunities.

FAO launches new sustainable aquaculture guidelines [mispeces]

The FAO has released new Guidelines for Sustainable Aquaculture to manage the world's fastest-growing food production sector. Adopted in July 2024, the framework balances economic growth with environmental and social concerns by enhancing governance, promoting technologies like recirculating systems, conserving biodiversity, ensuring gender equality, and developing transparent value chains to help nations implement sustainable aquaculture practices.

NbS Finance

Two-thirds of asset owners have started screening managers on nature performance [environmental finance]

According to a recent Pensions for Purpose report, while 64% of asset owners are now incorporating nature-related criteria in their asset manager evaluations, approaches vary widely. The study reveals a growing trend toward nature consideration in investment decisions, with asset owners expecting managers to have nature position statements, risk assessments, and involvement in initiatives like Nature Action 100. However, the integration of nature factors into manager selection processes remains in early stages, with implementation dependent on developing better frameworks and data.

AZTI announces framework for sustainable marine development [the fish site]

AZTI technology centre, a Spanish technological research center specializing in marine and food innovation, has developed a new Ecosystem-Based Marine Spatial Planning Assessment Tool that provides a standardized framework for evaluating and implementing marine management plans. The tool helps ensure environmental, social, economic, and governance aspects are properly considered in marine development projects, with validation already completed in the Bay of Biscay region. The framework aims to balance economic development with marine biodiversity protection while identifying areas for improvement in both Spanish and French marine spatial planning, particularly regarding climate change impacts and stakeholder participation.

GFANZ pauses work on nature in transition planning, index investing [environmental finance]

GFANZ has paused its consultations on nature-related net zero transition planning and index investing following a significant restructuring that broadens its membership beyond Paris Agreement-aligned institutions. The organization is transitioning to an independent principals group led by CEOs and financial institution leaders, aiming to address barriers to capital mobilization for climate transition. This change coincides with the departure of co-chair Mark Carney, who stepped down to pursue leadership of Canada's Liberal Party.

Kiss the Ground launches 90-Minute, on-demand regenerative agriculture essentials course [globe newswire]

Kiss the Ground, a Los Angeles-based nonprofit founded in 2013, has launched "Regenerative Agriculture Essentials," a new 90-minute on-demand course. The course aims to make regenerative agriculture concepts accessible to a broad audience including professionals, educators, activists, consumers, and farmers. Through five learning modules, the program explores soil health's impact on wellness, water, and climate crisis, featuring insights from industry experts and clips from related films.

Chestnut Carbon's restoration project becomes first U.S.-based project certified for biodiversity verified impact with the Forest Stewardship Council [wv news]

Chestnut Carbon is the first U.S. project to receive FSC Ecosystem Services Verified Impact certification for biodiversity conservation. Through their Sustainable Restoration Project, they have restored over 16,000 acres to native forestlands, with plans to expand to hundreds of thousands of acres over a 100-year period. The project aims to remove 100 million tons of carbon dioxide while promoting biodiversity and creating natural habitats. The initiative has received both FSC certification and Gold Standard verification, ensuring the highest quality standards for carbon removal credits and biodiversity impact.

Study shows land restoration worldwide can be funded with tiny fraction of global GDP [mongabay]

A study cited by Mongabay that was published in August 2024, reveals that global land restoration pledges across 115 nations could be implemented for $311 billion to $2.1 trillion, representing just 0.04-0.27% of annual global GDP over 10 years. The analysis of 243 restoration projects worldwide shows costs varying significantly by method - from $185 per hectare for forest management to over $3,000 per hectare for silvopasture systems. While nearly half of restoration commitments are concentrated in sub-Saharan Africa, this region faces a disproportionate burden, needing to spend 3.7% of its GDP to fulfill pledges.

WildSight launches a way for companies to kickstart their nature strategy [finance.yahoo]

WildSight, a new AI-powered business intelligence platform for nature, has launched to help companies develop their environmental strategies. The platform's "Phase 0" offering provides bite-sized video content and articles about regulation, biodiversity credits, and nature-positive claims. The launch is timely as over 50,000 EU companies face new nature reporting requirements under CSRD, while frameworks like TNFD and SBTN gain global momentum. The platform has already attracted major corporate users including Aon, British Airways, BP, Gucci, and Rio Tinto, and is backed by advisors from Oxford University and SBTN.

A recent BCG report highlights Southeast Asia's significant potential to enhance carbon markets [bcg]

BCG's report from the Green Circle Climate Forum identifies Asia as a crucial player in scaling Carbon Dioxide Removal (CDR) solutions, given its abundant carbon sinks and resources. The report serves as an actionable roadmap for unlocking carbon markets' potential, incorporating insights from industry leaders, innovators, and policymakers to address the current insufficient pace of CDR deployment and advance global decarbonization efforts.

UNEP report highlights evolving nature-related disclosure frameworks, integrating pollution as a financial risk for institutions [unepfi]

The UNEP-WCMC and UNEP FI report "Accountability for Nature" compares key nature-related disclosure frameworks, newly expanded to include pollution as both a biodiversity loss driver and material financial risk. Analyzing seven frameworks ranging from voluntary to mandatory, the report emphasizes how regulatory requirements are evolving, requiring financial institutions to integrate nature and pollution considerations into their reporting and risk management practices for long-term resilience and compliance with global environmental frameworks.

New WRI and World Bank report highlights $12 billion in nature-based solutions in Sub-Saharan Africa, launches accelerator for urban resilience [world bank]

A new report by WRI and the World Bank reveals growing adoption of nature-based solutions in Sub-Saharan Africa, with projects increasing 15% annually and funding reaching $12 billion over the past decade. Despite this progress, investment remains inadequate compared to Africa's $100 billion infrastructure gap, with limited implementation in urban areas. In response, WRI has launched the Green-Gray Infrastructure Accelerator to help 11 African cities integrate natural solutions with traditional infrastructure to build climate resilience.

BlackRock repositions investment strategy, integrates natural capital into framework [fs sustainability]

BlackRock, the world's largest asset manager, is strategically repositioning its investment approach by recognizing natural capital as an investable asset rather than an externality. While publicly distancing itself from ESG terminology, the firm is quietly building positions in water, land, and biodiversity-linked assets—including its 2024 acquisition of Global Infrastructure Partners—in anticipation of a significant market repricing event. With 55% of global GDP dependent on nature, BlackRock is integrating natural capital assessment into its investment framework, positioning itself ahead of competitors as markets eventually adjust to reflect the true value of these resources.

Unified framework simplifies sustainable forest investment decisions [science direct]

New research by Cadman and Kohl proposes an integrating framework to evaluate sustainable forest finance, addressing investors' reluctance to fund sustainable forest management due to its complexity. The framework combines economic, social, environmental, and governance initiatives to help stakeholders make informed investment decisions in forest conservation while balancing environmental protection with social and economic benefits.

Local Impact through global climate finance: leveraging natural capital [springer]

This report by Nawaah and others examines how climate finance bridges global climate initiatives with local implementation, emphasizing the crucial role of natural capital valuation in achieving climate goals. Through country-specific case studies, it analyzes the effectiveness of public-private partnerships and nature-based solutions, while exploring emerging trends like impact investing in channeling capital toward sustainable climate action.

Hybrid financing models: unlocking private investment in biodiversity credits [iisd]

A new article by IISD examines how biodiversity credits can help address the global biodiversity funding gap when integrated with existing financial instruments like debt-for-nature swaps and carbon credits. The research proposes that while biodiversity credits face challenges in standardization and scalability, their incorporation into hybrid financing models could attract private sector investment while ensuring effective conservation outcomes through proper stakeholder engagement and regulatory oversight.

NextEnergy launches nature strategy [environmental finance]

NextEnergy has launched its first nature strategy, incorporating nature-related governance, evidence-led action plans, and science-based targets. The strategy includes commitments to prevent natural ecosystem conversion, establish responsible land use targets, achieve 30x30 nature restoration goals, and ensure supply chain sustainability. Aligned with TNFD and SBTN standards, this initiative follows the company's November 2024 nature strategy report for its $1.5 billion London Stock Exchange-listed solar fund.

Consultancy launches biodiversity credit brokerage in the UK [agri investor]

Biodiverse Consulting has launched a biodiversity net gain (BNG) brokerage service, connecting landowners with developers needing BNG credits for planning approval under the UK's Environment Act 2021. The regulated market, in operation since February 2024, lacks official performance data. Fund managers like Gresham House, which launched a $380 million biodiversity fund in 2024, are investing in habitat banks that generate BNG credits, with prices ranging from £42,000 ($53,000) to £650,000 ($839,248) per credit.

Emerging Science

Carbon benefits through agroforestry transitions on unmanaged fallow agricultural land in Hawaiʻi [nature]

Research in Hawaiʻi demonstrates that converting unmanaged fallow agricultural lands to multi-strata agroforestry systems could significantly increase carbon sequestration, with 75% of potential restoration areas showing improved above-ground carbon storage. The study found that half of these lands (>1,500 km²) are suitable for agroforestry under current conditions, with potential carbon benefits comparable to or exceeding native forest restoration, offering an effective natural climate solution while supporting agricultural productivity.

Nature-based solutions demand long-term planning, not quick fixes [science direct]

This study by Lehmann and others emphasizes that nature-based solutions (NbS) require careful consideration of time-related factors for successful implementation. The research highlights that the effectiveness of NbS is constrained by both ecological timelines (such as species maturation) and social processes, challenging the notion of quick-fix solutions. The study concludes that NbS projects need longer-term planning perspectives and better synchronization between natural ecosystem development and social-governance processes to achieve their intended environmental and social benefits.

Cultivated meat’s market: outlook from Germany and Brazil [science direct]

This study by Reis and others examines the future of cultivated meat markets in Brazil and Germany through stakeholder perspectives, revealing that while cultivated meat is expected to complement traditional animal proteins by 2040, significant challenges remain in cost reduction and production scaling. The research, based on insights from 59 industry stakeholders, aims to guide policymakers in developing frameworks that support technological advancement, entrepreneurship, and effective regulation in the cultivated meat sector.

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The NbS Monthly Newsletter | March 2025

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