The Monthly NbS Investment Newsletter - December Edition

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The Monthly NbS Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | December 2025 Edition

The Newsletter at a Glance

Welcome to the final edition of The Monthly NbS Investment Newsletter for 2025, your go-to source for investor-centric updates on deal flow, emerging tools, and market trends in Nature-based Solutions. In this month’s issue:

Policy Highlight:

Nature Measurement Protocol (NMP) Framework Launch

New Opportunities:

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

Deals:

$4.5 billion across 17 deals in NbS ($4.3 billion), and the Blue Economy ($232 million)

Sector News and Research:

The latest news and research from Capital for Climate’s NbS Investment Platform

As we close out the year, one notable trend in this issue is the concentration of large-scale vehicles, with an unusually high number of funds (> $250 million in size), spanning multiple segments of the nature and climate finance landscape. Continue reading for a closer look at where capital is concentrating and what this signals for the evolution of investable NbS markets.

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 Policy Development

New Nature Measurement Protocol announced to standardize ecosystem accounting

Aligning global nature frameworks to improve comparability, transparency, and investment decision-making

A coalition of leading organizations, including the Nature Positive Initiative, WBCSD, GRI, IUCN, TNFD, the Capitals Coalition, and WRI, has introduced the Nature Measurement Protocol (NMP) to establish a common approach for measuring ecosystems and natural capital. The protocol builds on earlier efforts such as the Ecosystem Condition Protocol and incorporates insights from a 2025 stakeholder survey that identified fragmentation and inconsistency as key barriers to scaling nature-related finance. By setting shared guidelines for biodiversity, habitat, and ecosystem-condition measurement, the NMP aims to improve comparability and decision-usefulness across corporate reporting, investment analysis, and policy frameworks.

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10 Newly Added Pipeline Investable Opportunities

constellr — Opp. Size > $40M
constellr operates a microsatellite constellation to capture high-precision thermal data of Earth's surface. The company generates revenue through the sale of this data and related analytics as a service to clients in agriculture, urban planning, and defense for applications that include crop stress assessment and climate resilience.
Aurora Sustainable Lands — Opp. Size > $40M
Aurora Sustainable Lands manages 1.7 million acres of forestland with a focus on carbon sequestration instead of timber production. The company generates revenue primarily from the sale of verifiable carbon credits, with income also from sustainable timber harvest and recreational leases.
Better Origins — Opp. Size $30M
Better Origin deploys systems that use insects to convert food waste to feed for animals. These systems function on farms for poultry, fish, and pets. The company generates revenue from subscriptions which give farmers access to equipment, a supply of larvae, and support from a distance for the technology.
Kvasir Technologies — Opp. Size $30M
Kvasir Technologies converts biomass waste into biofuel for ships and planes with a solvothermal liquefaction process. The firm generates revenue from technology license sales to producers and from joint ventures for biorefinery construction.
Grassroots Carbon — Opp. Size $15M
Grassroots Carbon partners with ranchers to store atmospheric carbon in grassland soils through regenerative land management. The company measures and verifies this carbon removal via deep-soil samples, and it generates revenue from the sale of these verified carbon credits to corporations that seek to meet climate targets.
Carbon Centric — Opp. Size $15M
Carbon Centric develops, builds, and operates carbon capture plants for bioenergy and waste-to-energy sites. The company generates revenue from carbon capture as a service, the sale of plants, the sale of captured CO₂, and the sale of carbon removal certificates
Eesti Metsameister — Opp. Size $7.5M
Eesti Metsameister provides full-service forest management to landowners, which includes the purchase and sale of forest properties, timber rights, and agricultural land. Revenue derives from these transactions, management services like logging and renewal, and the sale of seedlings from its private tree nursery.
Hexafarms — Opp. Size $3.5M
Hexafarms provides a software platform that uses AI and computer vision to optimize greenhouse operations with yield forecasts, crop registration, and pest detection. Revenue generation occurs via a Software-as-a-Service subscription model for the platform.
Soil Scout — Opp. Size $3.5M
Soil Scout provides a wireless soil monitoring solution with buried sensors that measure soil moisture, temperature, and salinity for agriculture and turf professionals. The company generates revenue from the sale of its hardware and a yearly service fee for its data platform, data transfer, and customer support services.
Upciclo — Opp. Size $1.1M
Upciclo operates an Indian online marketplace for upcycled, recycled, and chemical-free products, which connects producers with consumers and businesses. The company generates revenue from platform sales, with a significant part from corporate gift orders.

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

Norway pledges $3 billion to global forest-conservation fund under TFFF initiative [reuters]

The Norwegian government has committed around $3 billion to the Tropical Forests Forever Facility (TFFF), a newly launched multilateral fund aimed at protecting tropical forests globally. The fund is structured to attract additional private and public capital, with the goal of becoming a major mechanism for forest-conservation financing. Participating tropical-forest countries would receive annual payments based on forest-cover preservation, creating a long-term, performance-based financing model for forest protection.

NAB delivers $1.3 billion in green finance to support Australia’s low-carbon transition [esgnews]

National Australia Bank has issued more than AUD 2 billion ($1.3 billion) in new green business lending to support investments in electric vehicles, sustainable agriculture, and energy-efficient property upgrades. The financing is part of NAB’s commitment to deliver AUD 80 billion ($52.4 million) in environmental lending by 2030.

McDonald’s commits $200 million to scale regenerative grazing across U.S. cattle ranches [agrinews-pubs]

McDonald’s has launched a $200 million initiative over seven years to support regenerative grazing, soil health, water conservation, and wildlife habitat restoration on U.S. cattle ranches. The program targets up to 4 million acres across as many as 38 states and will operate via grants managed by the National Fish and Wildlife Foundation (NFWF), with contributions from several of McDonald’s U.S. suppliers. Ranchers participating in the scheme will receive support for rotational grazing, habitat restoration, and water-and wildlife-conservation measures.

Bezos Earth Fund commits $30 million to scale AI-driven climate and nature solutions [esgnews]

The Bezos Earth Fund has committed $30 million to support 15 global teams developing AI tools for climate and nature challenges. Each team can receive up to $2 million to scale solutions focused on biodiversity monitoring, ecosystem restoration, food security, and climate-risk analysis. This is the second phase of the Fund’s AI for Climate and Nature Grand Challenge, which is structured to deploy up to $100 million over several years.

ArtCap Strategies provides $25 million facility to launch Bahamas sovereign carbon-credit program [bloomberg]

ArtCap Strategies, a private-credit firm founded by former Credit Suisse bankers, has committed a $25 million lending facility to support the launch of the Bahamas Sovereign Carbon Facility. The program will generate carbon credits from marine-ecosystem protection and sell them under Article 6 of the Paris Agreement. The facility is intended to help the Bahamas mobilize up to $1 billion in additional financing over the next year. The initiative positions the country to build a structured, sovereign-level carbon-credit program backed by sustainable-oceans conservation.

Deals

IFC, DEG and Proparco back carbon-credits natural-capital strategy from AXA IM Alts [netzeroinvestor]

The International Finance Corporation (IFC), DEG and Proparco have committed to invest in a natural-capital strategy run by AXA IM Alts that focuses on ecosystem restoration, conservation, and deforestation-avoidance projects backed by carbon credits. The strategy, which has raised roughly $560 million (of target €1.5 billion ($1.75 billion)) to date, will deploy private equity into a mix of avoided-deforestation and carbon-removal projects.

Foresight Natural Capital completes first exit, significant transaction demonstrates ARR returns potential [agriinvestor]

Foresight Natural Capital has completed its first exit through the sale of Banc Woodland, a 145-hectare afforestation project in Wales. The investment achieved a 1.8× multiple on invested capital and a 15.5% IRR over a 4.75-year holding period. The project included more than 16,000 certified carbon credits under the UK Woodland Carbon Code, reflecting market demand for verified forestry-based carbon assets. Proceeds will be reinvested into new woodland-creation projects as part of Foresight’s broader plan to scale afforestation and natural-capital assets across the UK.

APG / ABP acquires 70,000-hectare U.S. forest for $462 million under its Private Natural Capital mandate [ai-cio]

The Inter-American Development Bank has issued a $100 million “Amazonia Bond,” its first under a new sustainable-debt framework, aimed at financing environmental, social, and sustainable-development projects across the Amazon region. The bond proceeds will support initiatives such as forest conservation, deforestation prevention, improved livelihoods, infrastructure for basic services, governance, and community development. This represents the initial tranche of a planned $1 billion Amazonia Bond program.

Inter-American Development Bank issues first-ever “Amazonia Bond,” raising $100 million for Amazon region development [esgtoday]

DRC secures $87 million first-loss capital to catalyze sustainable agroforestry in Central Africa [ecofinagency]

Germany, Norway and the Central African Forest Initiative (CAFI) committed $87 million to the Canopy Trust, providing first-loss capital that aims to de-risk deforestation-free agroforestry investments across the Congo Basin. The funding is structured to mobilize up to $500 million in private investment by 2035, targeting sustainable agriculture, forestry, and value-add processing on lands historically affected by slash-and-burn cultivation and unsustainable charcoal production. Initial pilot projects in the Bankana region will integrate agroforestry with cassava processing and more efficient charcoal production, offering smallholders alternative livelihoods and reducing pressure on natural fores

Mirova invests $30 million in Varaha’s regenerative farming and soil-carbon programme in India [bwdisrupt]

Mirova has invested $30 million to Varaha’s large-scale regenerative agriculture and soil-carbon programme, known as Kheti, marking Mirova’s largest nature-based carbon investment to date and its first in India. The financing will help expand low-emission farming practices such as direct seeding, improved residue management, and reduced tillage across hundreds of thousands of hectares and more than 300,000 smallholder farms. The programme is designed to generate verified soil-carbon credits under established methodologies while sharing revenue with participating farmers. In addition to carbon outcomes, the initiative aims to improve soil health, enhance water efficiency, and strengthen long-term agricultural resilience.

Barclays signs first carbon-removal deal (for an undisclosed amount) with UNDO using enhanced rock weathering [ESGdive]

The UK bank Barclays has entered a first-of-its-kind offtake agreement with climate-tech firm UNDO to permanently remove 6,538 tonnes of CO₂ using enhanced rock weathering (ERW). Under the agreement, UNDO will spread finely crushed silicate rock across 10,000 acres of farmland in Ontario, Canada, where natural weathering processes will sequester atmospheric CO₂ while improving soil health. The deal represents the largest ERW agreement to date by a British offtaker.

Fund Formation

CFM raises over $1 billion for second climate-infrastructure fund focused on emerging markets [esgtoday]

Climate Fund Managers has closed Climate Investor Two at more than $1 billion, making it one of the largest climate-adaptation infrastructure funds targeting emerging markets. The blended-finance vehicle combines public and private capital, including a guarantee from the European Union, to support water, waste, and ocean-related infrastructure across Africa, Asia, and Latin America. The fund aims to deliver resilience outcomes such as improved access to clean water and sanitation and the protection or restoration of large-scale ecosystems.

SAIL targets up to $700 million for second nature-credit fund [newprivatemarkets]

SAIL Investments is seeking between $500 million and $700 million for a second nature-credit fund focused on private credit for companies whose operations depend on healthy ecosystems. The vehicle will finance businesses in areas such as biodiversity, sustainable land use, and ecosystem-linked credit generation. It will embed environmental and sustainability criteria throughout origination and monitoring to ensure nature-related performance is integrated into lending decisions.

GenZero investment brings BTG Pactual TIG Latin-American reforestation strategy to $672 million [businesswire]

An investment from GenZero, a decarbonization investment platform owned by Temasek. has raised total capital mobilized for BTG Pactual Timberland Investment Group’s Latin-American reforestation strategy to $672 million. The fund targets conservation, restoration, and reforestation of up to 270,000 hectares of degraded landscapes across Latin America, with a focus on biodiverse ecosystems including the Cerrado biome in Brazil. To date, restoration is underway on over 11,000 hectares of native vegetation, with plans to create more than 40,000 hectares of connected habitat, establish FSC-certified commercial tree farms, and restore or protect 135,000 hectares of native forests at full scale.

Cibus Capital launches $197 million fund to back Australian forest carbon credits [globalaginvesting]

Cibus Capital has announced a new fund targeting AUD200 million ($197 million) to invest in large-scale planted forestry across Australia. The vehicle aims to generate roughly 11.25 million Australian Carbon Credit Units (ACCUs) over 30 years through mixed-species plantings on land selected for optimal carbon yield and cost efficiency. The strategy builds on Cibus’s experience in sustainable land management and nursery operations. The fund is designed to meet rising demand for ACCUs from companies seeking long-term, nature-based carbon credit supply.

Regenerate Asset Management closes first fund at $174 million for sustainable agriculture in Europe [agriinvestor]

Regenerate Asset Management has closed its debut fund at €150 million ($174 million), deploying capital through the Regenerate European Sustainable Agriculture (RESA) strategy. The fund, anchored by a major commitment from a long-term private markets investor, will allocate capital to regenerative agriculture and sustainable farming operations across Europe, including tree-crops, regenerative livestock, and soil-health-driven farming models.

Mirova’s Sustainable Land Use strategy tops $116 million after new catalytic investor commitments [innovation-village]

Mirova has secured more than €100 million ($116 million) for the second vintage of its Sustainable Land Use fund, supported by new catalytic commitments from the UK’s Department for Environment, Food & Rural Affairs, Global Affairs Canada, and The Coca-Cola Foundation. The blended-finance vehicle combines public, concessional, and private capital to de-risk investments and attract a broad mix of institutional and family-office investors. The fund targets sustainable forestry, agroforestry, regenerative agriculture, and low-carbon land-use projects in regions vulnerable to climate and biodiversity pressures.

Ardian secures $116 million in DFI commitments for its nature-based solutions strategy [businesswire]

Ardian has obtained approximately €100 million ($116 million) in anchor commitments from the European Investment Bank, Proparco, and British International Investment for its nature-based solutions strategy, known as Averrhoa. The fund, managed by Ardian’s infrastructure team in partnership with ecosystem specialist aDryada, will invest in reforestation, wetland restoration, and mangrove projects designed to generate long-term carbon sequestration.

Astarte Capital and Toesca secure $100 million for Andean regenerative-ag fund [globalaginvesting]

Astarte Capital and Toesca have completed a first close of $100 million for a regenerative agriculture fund focused on permanent-crop farmland in the Andean region. The vehicle plans to scale to $350 million by 2026, with commitments from institutional investors across multiple continents. The strategy emphasizes improved soil health, water efficiency, and resilient land-management practices in orchards, groves, and other permanent-crop assets.

News & Research

Policy and Regulation

EU Parliament backs one-year delay to implementation of anti-deforestation law [reuters]

The European Parliament has voted to postpone the start of the European Union’s anti-deforestation regulation by one year, giving companies additional time to comply with new rules designed to prevent imports linked to deforestation. The delayed timeline means large operators will now face compliance obligations at the end of 2026 and smaller firms by mid-2027. The law, which targets commodities such as cocoa, palm oil, soy, and beef linked to forest loss, has faced industry and trade-partner concerns about readiness and compliance systems..

COP30 concludes without agreed roadmap to end deforestation [reuters]

At COP30 in Belém, Brazil, negotiators were unable to agree on a formal international roadmap to halt and reverse deforestation by 2030 despite broad support for such an outcome, as opposition from several major countries prevented inclusion of the measure in the final text. More than 90 countries had backed a deforestation roadmap proposal, and leaders reaffirmed commitments to forest conservation and funding initiatives, but the specific plan to implement the long-standing pledge did not make the final agreement. Progress was made on finance pledges and Indigenous land-rights recognition, yet the absence of a concrete action plan for ending deforestation highlights implementation challenges as governments prepare for COP31.

UNFCCC solicits stakeholder input on buffer pools and Article 6.4 carbon credits [qcintel]

The United Nations Framework Convention on Climate Change (UNFCCC) has opened a consultation to gather views on how buffer pools, set-aside credit reserves used to manage non-permanence risk, should be treated under the Article 6.4 carbon-crediting mechanism of the Paris Agreement. The discussion focuses on implications for carbon accounting in national climate plans and how buffer pools affect host countries’ ability to use credits toward their targets. Article 6.4, overseen by a UNFCCC-designated Supervisory Body, establishes a centralised carbon crediting framework intended to support internationally recognised emission reductions and removals under the Paris Agreement.

NbS Finance

Five key drivers underpin growth of natural-capital as an investable asset class [environmental-finance]

An analysis identifies five main factors fueling the rise of natural capital as a distinct asset class: 1) growing recognition that climate and nature risks represent material financial risks; 2) expansion of nature-based carbon markets; 3) increasing regulatory and policy support for biodiversity, conservation, and ecosystem services; 4) development of innovative financial instruments (e.g., natural-capital funds, blended-finance vehicles, biodiversity credits, conservation finance); and 5) evidence that natural-capital assets can deliver competitive returns, including stable cash flows, inflation hedging, and portfolio diversification, alongside environmental benefits. The piece argues this shift reflects a broader re-evaluation of natural assets: from externalities to investable infrastructure within institutional portfolios.

MDBs and partners publish playbook to mobilise private capital for nature as infrastructure [ebrd]

A coalition of multilateral development banks, including the AIIB and EBRD, together with the Paulson Institute has published a playbook titled Unlocking Private Finance for Nature as Infrastructure. The report outlines how ecosystems such as forests, watersheds, and coastal zones can be structured as infrastructure-grade assets through long-term contracts, guarantees, insurance instruments, and biodiversity-credit mechanisms. It proposes “public-private partnerships for nature” to align public conservation priorities with private investment needs. The playbook offers investors a framework to integrate natural capital into mainstream portfolios and identifies areas where scalable pipelines may emerge.

Carlyle AlpInvest and CalSTRS partner to co-invest in climate solutions [esgtoday]

Carlyle AlpInvest and CalSTRS (California State Teachers’ Retirement System) have launched a climate-co-investment partnership designed to expand CalSTRS’ access to private-equity opportunities in climate-related sectors. The collaboration combines Carlyle AlpInvest’s global co-investment platform with CalSTRS’ Sustainable Investment and Stewardship Strategies (SISS) team to source and execute deals that align with climate and sustainability objectives. The partnership will use a flexible, intent-based framework to identify investments across a diversified set of climate themes, allowing broad geographic and sector exposure.

Nuveen launches global multi-asset infrastructure platform to scale private markets business [prnewswire]

Global asset manager Nuveen has established a dedicated Global Infrastructure Investment Platform, consolidating multiple specialist teams under unified leadership. The firm is reallocating capabilities across six asset-class pillars, reflecting its $340 billion footprint in private markets. The new platform is designed to address an estimated $94 trillion global infrastructure financing need by 2040, targeting investments spanning clean energy, sustainable real-estate financing, infrastructure credit, digital infrastructure equity, and other infrastructure assets.

Emerging Research

Big trees in the Amazon show greater climate resilience than previously understood [theguardian]

A new study published in Nature by Esquivel-Muelbert, A., Banbury Morgan, R., Brienen, R. et al., reports that large trees in intact Amazon forests have increased in trunk size over recent decades, suggesting stronger growth and carbon-storage capacity under higher atmospheric CO₂. The findings indicate that old-growth forests may maintain their carbon-sink function more effectively than expected. Researchers note, however, that this resilience is observed only in undisturbed areas, and that deforestation, fire and land-use change continue to pose material risks to long-term forest stability and carbon performance.

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