The Monthly NbS Investment Newsletter

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The Monthly NbS Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | October 2025 Edition

The Newsletter at a Glance

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

Deal Highlight:

Standard Chartered x State of Acre $150M Jurisdictional Carbon Deal

New Opportunities:

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

Deals:

$3.7 billion across 15 deals in NbS ($3.56 billion), and the Blue Economy ($100 million)— 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

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

This Month’s Top Research Pieces

Advancing Jurisdictional REDD+ Finance in Brazil’s Amazon

Scaling Forest Conservation Through Market-Linked Nature Finance

Standard Chartered has signed a five-year exclusive agreement with the Brazilian State of Acre to bring up to 5 million jurisdictional forest carbon credits to market starting in 2026, potentially unlocking around $150 million in proceeds. The credits will be issued under the ART TREES methodology, approved by the Integrity Council for the Voluntary Carbon Market (ICVCM), and recorded on the ART registry to ensure transparency and alignment with international standards.

Under the agreement, 72% of net revenues will be directed to Indigenous and local communities to support sustainable development projects, with the remaining 28% allocated to program governance, monitoring, and management. The initiative represents one of the first large-scale jurisdictional REDD+ transactions linked to ICVCM-aligned methodologies, positioning Acre as a model for how subnational forest programs can attract private finance ahead of COP30.

• READ THE ARTICLE •

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10 Newly Added Pipeline Investable Opportunities

KPTL Amazon Regenerate Fund — Opp. Size > $40M
KPTL's Amazonia Regenerate Accelerator and Investment Fund is a Brazil-based venture capital fund that invests in early-stage bioeconomy and climate technology companies across seven Amazonian countries to generate financial returns.

Campo Capital S.A.S. — Opp. Size > $40M
Campo Capital manages investments in agroforestry and forestry projects in Latin America, with a focus on Colombia and Peru, and generates revenue through project development, fund management, and the sale of carbon credits and agricultural products.

FAIS Facility for Sustainable Investments — Opp. Size > $40M
FAIS (Facility for Sustainable Investments) is a blended finance fund developer and facility that mobilizes capital to foster a green economy and nature-based solutions in the Brazilian Legal Amazon.

Impact Bank — Opp. Size $30M
Impact Bank operates in Brazil as a digital platform that offers financial and management services to the philanthropy sector, with revenue from service fees. The entity manages funds such as the Amazon Food & Forest Fund and the Tucum Fund.

The Yield Lab Latam's Smart Farm Credit Fund — Opp. Size $30M
The Yield Lab Latam's Smart Farm Credit Fund, currently in its pilot phase as of July 2025, provides credit to early-adopter farmers in Latin America to support agriculture technology adoption. The fund targets an 8% return from its investment portfolio.

RRG Nature Based Solutions — Opp. Size $20M
RRG Nature Based Solutions, a US-based company, operationalizes agribusiness transitions and investment strategies. It connects consumer goods companies seeking resilient supply chains, rural communities striving for regeneration, and capital markets pursuing climate-positive investments, delivering measurable impact and accelerating climate finance for a more resilient agribusiness future.

Innpact— Opp. Size $7.5M
Innpact is a Luxembourg/Mauritius-based advisory and fund management company that specializes in impact finance. They design and manage blended-finance and private equity/debt funds aligned with the UN Sustainable Development Goals.

Across Nature — Opp. Size $7.5M
Across Nature AS, based in Tromsø, Norway, develops reforestation and blue carbon projects in locations like the Americas, West-Africa, and Norway. The company generates revenue through the sale of carbon credits, certified by Gold Standard or Verra, to the voluntary carbon market.

Nature Focus — Opp. Size $3.5M
Nature Focus is a US-based project developer that creates carbon sequestration and biodiversity projects centered on Indigenous-led conservation. They operate across six countries, generating revenue by developing and monetizing certified carbon and biodiversity credits while ensuring community stewardship.

Ecotrace Solutions — Opp. Size $1.1M
Ecotrace provides a traceability solution for agricultural supply chains through AI, blockchain, and IoT sensors to track products and validate their origin for buyers and producers.

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

BNDES launches $1 billion climate call for green economy investment funds [valor-globo-com]

On September 1, 2025, Brazil’s national development bank (BNDES) launched the "Climate Call," a public notice offering up to BRL 5 billion ($1 billion) to support investment funds focused on industrial decarbonization, energy transition, sustainable agriculture, ecological restoration, reforestation, and conservation. The initiative is expected to leverage up to BRL 13 billion ($2.6 billion) in additional private capital. Up to five equity funds (BRL 4 billion) and two credit funds (BRL 1 billion) will be selected. Both new and existing funds can apply by October 20, with results expected in January 2026.

Brazil Coalition commits $2.6 billion to forest restoration and bioeconomy by 2030 [environmental-finance]

Members of the Brazil Restoration & Bioeconomy Finance Coalition (BRB Finance Coalition), a public‑private group launched in late 2024, have pledged $2.6 billion to support forest restoration, conservation, and bioeconomy projects nationwide. This early commitment represents over one-quarter of the Coalition’s $10 billion by‑2030 mobilization target and will fund efforts restoring or protecting 2 million hectares across all Brazilian biomes, with a focus on locally led and Indigenous‑empowered initiatives.

Eight Amazon nations back Brazil’s $125 billion TFFF ahead of COP30 [climatechangenews]

At the Amazon Summit in Bogotá, eight South American Amazon nations formally pledged support for Brazil’s Tropical Forests Forever Facility (TFFF), a landmark $125 billion blended-finance initiative intended to launch at COP30. The fund is designed to leverage junior public capital to unlock ~$100 b of private investment via senior debt, funding conservation payments of approximately $4 per hectare to tropical forest countries, with at least 20% directed to Indigenous and local communities.

Paraná launches platform to mobilise $18.5 million annually for biodiversity and emissions projects [carbonpulse]

The Brazilian state of Paraná has created a platform to attract up to R$ 100 million ($18.4 million) per year in private investment toward projects in biodiversity conservation and greenhouse gas emissions reduction. The initiative aims to unlock new funding flows for nature-based and mitigation activities at the sub-national level.

PepsiCo and Cargill launch regenerative agriculture initiative across Iowa corn supply chain [globalaginvesting]

PepsiCo and Cargill have partnered to expand regenerative agriculture practices across 240,000 acres of Iowa farmland between 2025 and 2030. Through the nonprofit Practical Farmers of Iowa, participating growers will receive agronomic guidance, financial incentives, and technical support to adopt climate‑smart practices. The initiative aims to bolster soil health, supply‑chain resilience, and long‑term farm productivity in their shared corn supply chain.

Deals

EIIB & Rabobank (with DLL) mobilize $1.2 billion for sustainability‑focused SMEs [agriinvestor]

The European Investment Bank (EIB) is providing two €250 million ($293 million) loan facilities to Rabobank and its leasing arm DLL. Each partner will match the funding to mobilize a total of €1 billion ($1.07 billion) for SMEs and mid-caps across Europe. The funding will prioritize climate, agriculture, circular economy, and energy transition projects. Rabobank’s share targets Dutch SMEs, with 40% allocated to climate and bioeconomy investments, while DLL will support green initiatives in nine EU countries.

Nest allocates $750 million to BTG Pactual for America-focused sustainable timberland mandate [agriinvestor]

The UK’s National Employment Savings Trust (Nest), which manages over £50 b in assets, has appointed BTG Pactual Timberland Investment Group for its second timberland mandate, committing US $750 million. The fund will target sustainably managed timberland across the Americas, broadening Nest’s real-asset exposure and reinforcing its natural capital strategy.

Green Climate Fund approves $300 million for FAO-led REDD+ and restoration projects in three regions [fao]

The Green Climate Fund approved over $300 million for three FAO-designed climate resilience projects in Papua New Guinea, Saint Lucia, and the Sahel. The funding includes $63.4 million for forest management via REDD+ in Papua New Guinea, $16.7 million for fisheries and aquaculture in Saint Lucia, and $222 million for land restoration and value chain development across eight Sahel countries.

Standard Chartered signs $150 million carbon credit deal with Brazil’s Acre State [sc]

Standard Chartered has signed a five‑year exclusive agreement with the Brazilian State of Acre to bring up to 5 million jurisdictional forest carbon credits to market, starting in 2026, potentially unlocking about $150 million in proceeds. Net revenues will be allocated with 72% directed to indigenous and local communities for sustainable development initiatives, and the remaining 28% for governance, monitoring, and program management. The credits, registered via the ART registry using the TREES methodology (approved by ICVCM), are designed to build confidence in the voluntary carbon market and align with COP30 climate‑finance aims.

European governments and IDB invest back $60 million zero-deforestation soy fund in Brazil [impact-investor]

The UK and Dutch governments, together with IDB Invest and private-sector partners (including Tesco, Sainsbury’s, Waitrose, Rabobank, and AGRI3 Fund), are boosting the Responsible Commodities Facility (RCF) by providing $60 million in blended-finance loans to Brazilian Cerrado soy farmers for the 2025/26 season. The program finances deforestation- and conversion-free soy production while conserving approximately 90,000 ha of native vegetation (with over 29,000 ha conserved beyond legal requirements), supporting production of ~240,000 tonnes of zero-deforestation soy and protecting an estimated 22 MtCO₂-e carbon stocks.

Frontier Coalition commits $41 million to Arbor’s BECCS-based carbon removal offtake [carboncredits]

Frontier, a corporate coalition including Google, Meta, Stripe, Shopify, McKinsey, H&M, Autodesk, and others, has signed a $41 million offtake agreement with Arbor, a bioenergy with carbon capture and storage (BECCS) startup, to procure 116,000 tons of durable CO₂ removal credits between 2028 and 2030.

Chloris Geospatial raises $8.5 million in Series A for satellite‑based forest carbon monitoring [pulse2]

Chloris Geospatial, a climate‑tech company specializing in satellite‑based forest carbon and ecosystem measurement, has raised $8.5 million in Series A funding. The round was led by Future Energy Ventures, with participation from AXA IM Alts, At One Ventures, Cisco Foundation, Counteract, and Orbia Ventures. The funding will support accelerated product development, expansion of commercial and technical teams, and the opening of a European hub to deepen partnerships in corporate carbon accounting and nature‑based solutions.

Silvania and Grupo Perú launch world’s first jurisdictional REDD+ program on indigenous lands [prnewswire]

Silvania, Mercuria’s natural capital investment platform, has partnered with Indigenous coalition Grupo Perú (AIDESEP, ANECAP, CONAP) and Peru’s Ministry of Environment to build the world’s first jurisdictional REDD+ program protecting approximately 7.5 million hectares of Amazon rainforest.

Lagata leads funding round in Miro for sustainable forestry in West Africa [impactalpha]

Lagata has led a new investment round in Miro (at an undisclosed amount), a sustainable forestry and plywood manufacturing company operating in Sierra Leone and Ghana. Existing backers, including British International Investment, FMO, Finnfund, Mirova and a UK family office/Aqua Ventures, also increased their commitments. The fresh capital will support Miro’s vertically integrated expansion and ambition to become a global leader in sustainably produced plywood

Qarlbo and Woodland Biofuels partner on sustainable forestry supply [prnewswire]

Qarlbo Biodiversity signed a memorandum of understanding with Woodland Biofuels to supply up to 500,000 tons of sustainably harvested pine forest thinnings from managed U.S. properties, leveraging its Nature+® forest‑management approach focused on biodiversity conservation, native species restoration, carbon sequestration and biodiversity credits.

Fund Formation

HSBC-backed Climate Asset Management preparing $800 million second natural capital fund [capitalbrief]

Climate Asset Management (CAM), the HSBC-backed climate fund platform, is preparing its second Natural Capital Fund (NCF II) targeting US $800 million. This follows its first natural capital fund, which raised $550 million and has already deployed capital into six forestry and agriculture projects generating carbon-credit revenue streams.

Brunel Pension Pool plans first standalone natural capital mandate [agriinvetor]

The £36 billion ($48.7 billion) Brunel Pension Partnership is preparing to launch its first dedicated natural capital mandate, separate from its existing real asset strategies, marking a significant shift to prioritize nature-based investments across biodiversity, water, farmland, and related asset classes.

Mars launches $250M fund for sustainability and circularity opportunities in its own value chain [esgtoday]

Mars has launched the Mars Sustainability Investment Fund (MSIF), committing $250 million through both direct investments and fund partnerships to back solutions targeting emissions in its value chain. Focus areas include advanced agriculture, innovative ingredients and raw materials, and next‑generation circular packaging.

Bluefront Equity closes second blue economy impact fund with over $100 million [seafoodsource]

Norway-based impact investor Bluefront Equity has secured final commitments exceeding $100 million for its second fund, Bluefront Capital II, with lead contributions including $35 million from the European Investment Fund, plus investments from Novo Holdings and the Esmée Fairbairn Foundation. The fund is targeting companies that improve sustainability across the seafood value chain, such as aquaculture software/analytics, genetics preservation, and operational optimisation.

Rebalance Earth's forthcoming nature‑based infrastructure fund secures $33.8 million from West Yorkshire Pension Fund [impactalpha]

The West Yorkshire Pension Fund (WYPF) has pledged £25 million ($33.8 million) to the cornerstone portfolio of Rebalance Earth’s forthcoming nature‑based infrastructure fund. The fund treats ecosystems, such as peatlands, rivers, wetlands, and oyster reefs, as infrastructural assets and monetizes their services (like flood protection, water purification, carbon sequestration) through long-term payments for ecosystem services, targeting an 8–12% IRR over 15 years, and positioning nature as a revenue-generating asset.

News & Research

Policy and Regulation

ECB includes nature-related risk in monetary policy strategy for first time [environmentalfinance]

The European Central Bank (ECB) has for the first time formally acknowledged nature‑related risks, alongside climate risk, in its monetary policy strategy, completing its 2025 strategy review with this addition.

European Commissions published roadmap to jump start european biodiversity credit market [cinea.ec.europa.eu]

On 7 July 2025, the European Commission published a "Roadmap towards Nature Credits," launching a market-oriented strategy to channel private investment into biodiversity restoration and ecosystem protection. The plan includes piloting nature‑credit schemes (e.g., wetlands in France, forests in Estonia, and a Peru partnership), establishing an expert group, and developing robust methodologies, certification systems, and governance structures, with the goal of scaling a credible, nature‑positive finance mechanism across the EU by 2027.

UBNEP pilots nature-impact targets with ~10 banks [carbon pulse]

The UN Environment Programme Finance Initiative (UNEP FI) is launching a pilot with about 10 banks to test a new framework for setting measurable impact targets for nature (biodiversity, ecosystem health etc.). This experiment aims to align financial institutions’ nature-goals with actionable metrics and offer guidance on integrating nature-impact into their strategy.

UK government to channel $677 million from developers into nature restoration under new planning rules [edie]

The UK government (DEFRA) has introduced planning reforms that will require developers to pay into pooled funds, Nature Restoration and Marine Recovery, to collectively fund habitat restoration, compensation for environmental impacts, and regulatory enforcement. The reforms are intended to speed up planning approvals for housing (1.5 million homes) and infrastructure projects while maintaining environmental safeguards

NbS Finance

Forestry majors pilot global natural capital accounting across 24 million hectares in TNFD-aligned initiative [KTLA]

Eighteen leading forestry companies, through the International Sustainable Forestry Coalition, are jointly piloting a natural capital accounting framework, in partnership with the Capitals Coalition and TNFD. The initiative spans forest assets across ~24 million hectares in 21 countries and aims to standardize metrics, methodologies, and disclosures aligned with TNFD’s LEAP approach, enhancing transparency in nature‑related risks and opportunities.

JP Morgan's blockchain unit pilots tokenization of carbon credits [bloomberg]

JPMorgan’s blockchain arm Kinexys is launching a pilot with S&P Global Commodity Insights, EcoRegistry, and the International Carbon Registry to tokenize voluntary carbon credits. The trial aims to digitize credits across issuance, transfer, and retirement processes to enhance transparency, standardization, and market integrity.

Natural capital revenue stacking enters early but promising growth phase [agriinvestor]

As reported by Agri Investor, investors are beginning to layer multiple income streams, such as carbon credits, biodiversity payments, and ecosystem service revenues, on a single land parcel, unlocking diversified returns from natural capital. While the strategy is nascent, it shows growing potential to deliver consistent, double-digit returns by enhancing value across carbon, biodiversity, soil, and water markets.

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The NbS Monthly Newsletter | October 2025

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