The Monthly NbS Investment Newsletter

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The Monthly NbS Investment Newsletter

The Resource for Nature-Postive Allocators

By Capital for Climate | January & February 2026 Edition

The Newsletter at a Glance

Welcome to the first edition of The NbS Investment Newsletter for 2026, your source for investor-centric updates on deal flow, emerging tools, and market trends in Nature-based Solutions. In this month’s issue:

Leadership Interview:

Brazil’s Bioeconomy as an Investable Asset Class — Marcelo Behar on NbS and COP30

New Opportunities:

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

Deals:

$894 million across 21 deals in NbS ($874 million), and the Blue Economy ($20 million)

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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Subscribe here.

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

NbS Investment

Leader Interview

This month, we’re spotlighting Marcelo Behar, Senior Advisor to the World Business Council for Sustainable Development (WBCSD) and CEBEDS and COP30 Special Envoy for the Bioeconomy. Marcelo is a sociologist and lawyer with extensive experience across public policy, industry leadership and sustainability strategy, and he has played a central role in advancing Brazil’s bioeconomy agenda and its integration into global climate discussions.

He also served as Deputy Minister of Strategic Affairs at the Ministry of Justice (2003–2008), followed by 15 years as a C-level executive at sustainability-focused companies, including CSN and Natura. Co-founder of Ambition Loop Brazil, Marcelo currently coordinates the Climate Governance Forum at FGV-SP, while serving on the boards of organizations including the Ethos Institute and WWF-Brazil.

In this interview, Marcelo explains why Brazil is emerging as a global laboratory for the bioeconomy, how his concept of sociobioeconomy reframes risk and value for investors, and what mechanisms like Eco Invest signal for the future of nature-linked markets.

Q: Marcelo, you’ve often described Brazil not just as a participant in the bioeconomy, but as its global laboratory. For an international investor looking at emerging markets, why is Brazil the necessary entry point? Is the 'Brazilian Blueprint' for scalability replicable in other emerging countries such as Indonesia or the Congo Basin?

A: Brazil is an engine of global decarbonization and, undoubtedly, an excellent entry point and laboratory for investors for both historical and contemporary reasons.

Everything [regarding climate discussions] starts here. The COPs were born in 1992 out of the Earth Summit [Conferência da Terra] in Rio de Janeiro. Furthermore, Rio+20 in 2012 accelerated a series of indicators that became fundamental for the market. Brazil has been treating this discipline very seriously for many decades: we have publicly traded companies that have been measuring their emissions trajectories since 2007. As a result, detailed inventories with excellent methodologies are already in place.

Another point is that Brazil receives the highest level of solar irradiation in a single territory, possesses the greatest biodiversity, and has well-established practices – originally implemented for non-environmental reasons, but which yield positive environmental outcomes. Such is the case with biofuels like biodiesel and ethanol, which ultimately served as a phase-out program for fossil fuels driven by price, rather than emissions. This ended up having a highly positive, unanticipated effect.

In terms of financing, Brazil is innovating with Eco Invest, which is perhaps the best example of leveraging public funds to rapidly scale private finance. It is in its early stages, but it is off to a very strong and promising start, supported by substantial financial backing and very clear allocation criteria.

All of this makes the country a blueprint for other emerging markets with similar climate conditions. Some of these countries may not have capital markets as mature or rules as clear as Brazil's, but they do have nascent capital markets.

Therefore, the country must now leverage the consistency of CVM's regulations [the Brazilian Securities and Exchange Commission] to build a framework that can later be replicated in similar markets that share Brazil's capacity for solar irradiation and nature-based gains.

Q: You frame finance as the mechanism that connects policy, science, and nature. For the 'curious but cautious' investor, what is the blueprint for moving capital off the sidelines and into high-integrity NbS investments?

A: We have very serious institutions that set a high bar and employ resource allocation criteria with due diligence already conducted. This means that the investor already knows that the project they are investing in has additionality. As a result, there are large decarbonization projects, reforestation projects, and agricultural transition projects that have already been tested.

Today, there is a criterion that the UNFCCC (the UN body that regulates emissions) has been using heavily for the future development of credits: fungibility. So, you have a credit prepared for a bilateral relationship, but one that adopts common criteria. It can be fungible, meaning it can be sold to others at the same standard, the same price, and for the same emission reductions.

This helps provide clarity and security for these investments to flow into Brazil.

Q: You've popularized the concept of 'sociobioeconomy.' For a pragmatic investor, can you explain how integrating local communities and traditional knowledge actually serves as a risk-mitigation strategy? How does this 'social moat' protect long-term asset value compared to traditional agri-business models?

A: The bioeconomy has five pillars: agriculture, forestry, socio-bioeconomy, technology, and finance. I would say that the socio-bioeconomy is the heart of the bioeconomy.

When it comes to investments involving traditional communities, it is essential to consider the following: these communities have been in their territories for a long time and do not have any intention to leave. Therefore, there is an additional level of care required with the investment that goes beyond the mere commercialization of fruits, seeds, oils, or services.

It is necessary to establish a relationship with the community where the investor does not merely generate revenue from the harvest. A portion of this financial return must be passed on to the local population as benefit-sharing for the traditional knowledge associated with these practices. Biodiversity is scalable; it offers nutritional gains, economic gains, and, above all, enormous environmental gains that need to be better captured by investors.

A practical example: many ingredients end up bypassing the entire technological testing phase because they have already been proven and tested for decades by these communities. The German company Weleda, for instance, understands this very clearly. In other words, traditional knowledge can be a highly efficient substitute for traditional scientific testing, which is often expensive, time-consuming, and fails to generate this benefit-sharing or keep the capital where it is most needed.

Our next step now is to organize, via the Bioeconomy Challenge launched at COP30, how these metrics will be structured in the coming years. Investors can already do business with traditional communities with clarity and peace of mind. The Bioeconomy Park in Belém has actually been anchoring these investments. Once established in the territory, these investments can be measured, as can their direct impact on nature.

Q: Foreign exchange volatility is often cited as a major bottleneck for international capital entering Brazil. Circling back on your first answer about the Eco Invest: How do you see these types of mechanisms transforming the overall attractiveness and maturity of the Brazilian NbS market?

A: The world is watching with great curiosity and need, because today the criterion for allocating concessional interest rates and rates with some public benefit is a reverse one.

European countries have long been accustomed to subsidizing their agriculture based on criteria that are not cross-sectoral, are not clear, are not transversal, and do not necessarily carry the environmental tagging they should.

Therefore, Eco Invest is a program that provides much greater transparency and visibility than the public subsidies given around the world, delivering exactly what the market desires most: predictability. You secure financing for a significant number of years at a reasonable guaranteed rate, allowing that funding to generate results and returns. And here, the environmental tagging criteria are fundamental. You know that you are not only getting an economic return, but returns in other areas as well.

The primary fear of investors has always been potential foreign exchange (FX) losses when investing in Brazil and Brazilian solutions. However, this fear has now been addressed by the Ministry of Finance through a Guarantee Fund [FX protection mechanism]. Eco Invest is about to launch its fourth auction: an auction focused on the bioeconomy that we helped design. I am certain it will be a resounding success, much like the auction for the restoration of degraded areas, where demand far exceeded the bonds offered. Several countries are watching closely and realizing that this is a transparent, cross-sectoral public policy that drives economic activity alongside environmental gains.

So, everything is now in place for us to build a massive investment portfolio, just as Capital for Climate is putting forward, for Nature-based Solutions and the development of the bioeconomy.

Q: Fast forward to 2030, 5 years after COP30 and the deadline for many climate targets. What does the capital stack for a typical bioeconomy NbS project look like? Are we moving away from blended finance dependence toward pure commercial viability, and what is the timeline for that transition?

A: I believe things will change significantly over the next four years, and there are three elements that I think will shift considerably.

First, I see a broader acceptance and expansion in the deployment of capital for nature-based projects. So, I think there will be a decreasing reliance on philanthropic capital for blended finance structures requiring heavy first-loss tranches. Instead, we will move increasingly toward blended structures involving development banks; I believe the role of these banks, in fact, will grow immensely. BNDES [the Brazilian Development Bank] has already strongly expanded its market presence, as have the IDB [Inter-American Development Bank] and the World Bank.

I think this will increase scale, because capital will come in much larger volumes with a significantly lower need for first-loss guarantees. As you increase predictability, you also expand the pipeline of projects, their recurrence, and the standardization of due diligence and evaluation criteria. This results in projects with a more straightforward lifecycle and, consequently, a lower cost of capital.

I see the future capital structure as something that is, on one hand, simplified, and on the other, equipped with broadened environmental metrics that become standard and frequent. I find it hard to believe that five years from now we will still be allocating capital to infrastructure without heavily factoring in an environmental lens. This is because it is becoming increasingly difficult to secure insurance for long-term operations that ignore environmental risks.

Therefore, the environmental factor will only grow, and I see the capital stack following this trend — underpinning and leveraging this growth.

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? “Look at the track record of the projects. Financing NbS projects today is a highly secure process, and there are many robust projects with a clear track record.”

The most overused buzzword in NbS? “Collateral. Everyone is always very concerned about collateral, and that was a major issue for a long time. However, those concerns have eased because we have found mechanisms to use a portion of the projects' off-take as collateral.”

The most underrated opportunity in nature finance? “Having the courage to structure socio-bioeconomy projects. We still view traditional communities through a 20th-century lens — a condescending one. We treat them as remote, backward communities in need of charity. We need to shift our perspective and recognize that they are the stewards of 80% of the planet's biodiversity. The true wealth of humanity lies with them, and we must provide the means for this infrastructure to thrive.”

A founder or project that inspires you? “I will mention three that are consistently performing very well: Mombak, re.green, and Biomas. Together, they pledge to restore several million hectares over the next 10 years. Considering we have 128 million hectares to restore in Brazil, there is room for about 40 companies of this size. So, we are just getting started. This is a nascent space with massive opportunities ahead. Investors need to act quickly, because early movers will capture the best opportunities.”

Your biggest hope for the future of Nature-based Solutions? “That we stop being a niche parallel to finance and become mainstream finance. Humanity lived for centuries with the gold standard, and we have spent the last 100 years with the dollar standard. But I have no doubt that the true standard is climate and nature. That standard holds the exact same value for everyone; it is universal and fungible. We just haven't made that transition yet, but we are on the threshold of doing so. We are the generation that will make it happen.”

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Deals & Commitments

Commitments

AXA XL partners with Enosis Capital to support up to $3 billion in debt-for-nature transactions [reuters]

Insurance provider AXA XL has agreed to provide political risk and related insurance coverage in partnership with credit fund Enosis Capital to support a pipeline of up to $3 billion in debt-for-nature deals over the next several years. The arrangement aims to lower sovereign borrowing costs and improve deal feasibility for transactions that redirect expensive debt repayments toward conservation of ecosystems such as rainforests and coral reefs. Enosis Capital anticipates the first of more than a dozen such deals could close within six to nine months.

Swedfund commits $20 million to support climate action and green business growth in Africa [mynewsdesk]

Swedfund has committed $20 million to expand climate and green business investment across African markets, targeting sectors such as renewable energy, energy efficiency, sustainable agriculture, and climate-smart infrastructure. The financing is intended to mobilise additional private capital by demonstrating viable climate-aligned investment opportunities across diversified industries. Through targeted equity and debt deployments, the commitment aims to support projects that reduce emissions, enhance resilience, and improve economic growth prospects.

Mars commits $20 million to sustainable rice sourcing and farmer resilience [mars]

Mars has announced a $20 million investment to expand sustainable rice sourcing practices and strengthen climate resilience among rice-producing communities. The funding will support adoption of regenerative farming techniques, water-efficiency improvements, and enhanced soil health across rice supply chains, with a focus on driving measurable reductions in greenhouse gas emissions and improving yield stability.

Bezos Earth Fund commits $4.8 million partnership with Earthshot Prize to support 48 climate and nature solutions [sustainabilitymag]

The Bezos Earth Fund has partnered with The Earthshot Prize to provide $4.8 million in funding over three years to support 48 climate and environmental initiatives. Each year, 16 selected solutions will receive $100,000 to scale their operations and accelerate impact. The initiative targets innovations across climate mitigation, nature restoration, and environmental resilience. The partnership aims to help early-stage climate and nature solutions transition from pilot projects to scalable deployment.

Liberia, Conservation International and EPA launch $233,000 natural capital accounting grant programme [frontpageafricaonline]

Liberia’s Environmental Protection Agency, in partnership with Conservation International, has launched a $233,000 grant programme to support natural capital accounting for forests, coastal systems, and other ecosystems. The initiative will provide technical assistance and capacity building for national institutions and community stakeholders to measure and value ecosystem services such as carbon storage, watershed protection, and biodiversity. The programme aims to integrate natural capital metrics into policy and planning to strengthen investment decision-making and resource management. By improving data and valuation frameworks, the effort seeks to enable clearer economic signals that can inform future public and private financing for conservation and sustainable development.

UK launches second phase of Malaysia-UK climate change fund to support green finance and carbon markets [theedgemalaysia]

The UK government has launched the second phase of the Malaysia-UK Partnering for Accelerated Climate Transitions (PACT) Fund, committing up to £2.9 million ($3.9 million) over the next two years to support Malaysia’s climate priorities. The programme aims to expand green finance mechanisms, strengthen carbon market infrastructure, and build institutional capacity for nature and land-use investment frameworks. Project delivery is led by Palladium International alongside consortium partners, following consultations with Malaysian stakeholders. The fund is intended to provide roadmaps and tools for public and private sector actors to stimulate climate capital flows and support Malaysia’s climate and energy transition goals.

Deals

BNDES approves up to $56 million for BTG Pactual Timberland Investment Group’s Latin American reforestation strategy [igrownews]

Brazil’s development bank BNDES has approved up to $56 million in financing for BTG Pactual Timberland Investment Group (TIG) to support reforestation and ecological restoration projects in Brazil. The strategy targets about $1 billion of investment to restore roughly 270,000 hectares of degraded land, focusing on native forest and savanna restoration and carbon credit generation. Conservation International will act as impact adviser. The approval follows other BNDES backing for large-scale restoration platforms including the Patria Reforestation Fund, Mombak, and Flying Rivers (eB Capital).

Paris-based Equitable Earth raises $15 million to scale nature-based carbon certification [eu-startups]

Equitable Earth has raised €12.6 million ($15 million) in a Series A round to expand its certification platform for nature-based carbon projects, bringing total funding to over €25 million ($29.8 million). The round was led by a U.S.-based family office, with participation from existing investors including AENU, noa, and LocalGlobe. The new capital will be used to scale technology, data systems, and global certification capacity.

IFC announces inaugural $100 million climate transition bond investment [netzeroinvestor]

The International Finance Corporation (IFC) has made its first investment in a $100 million climate transition bond, marking the organisation’s entry into this financing instrument. The proceeds are designated to support projects that reduce greenhouse gas emissions and facilitate transitions to lower-carbon operations across emerging-market economies. The bond is structured to align with recognized climate-related investment criteria, targeting sectors with identifiable pathways to emissions reduction.

Regenerative agri-business, Packhorse Pastoral Company, raises $41.5 million in first funding round [superreview]

An Australian regenerative agriculture company, Packhorse Pastoral Company, has completed its first major funding round, securing A$62.5 million ($41.5 million) from domestic and international institutional investors. The capital will be used to scale soil-health and sustainable land-management practices across broadacre and horticultural operations. Investors include superannuation funds and global asset managers seeking exposure to climate-aligned agricultural assets.

Frontier secures $44.2 million offtake agreement for biowaste carbon removal with NuLife Greentech, Google, and Stripe [ESGdive]

Frontier has signed a $44.2 million offtake agreement with NuLife Greentech, supported by commitments from Google and Stripe, to purchase carbon removal outcomes derived from industrial biowaste processing. The agreement covers biogenic carbon removal generated through NuLife’s technology, which converts organic waste into durable carbon storage products. Under the deal, Frontier will market the removal credits to participating buyers over a multi-year term, providing revenue visibility for project development.

GigaBlue raises $20 million to scale ocean-based carbon removal solution [esgtoday]

GigaBlue has secured $20 million in financing to expand deployment of its ocean-based carbon removal technology, which focuses on enhancing natural biological processes to sequester CO₂. The capital will support scaling of field operations, technology development, and validation efforts to increase removal capacity. Investors include strategic backers interested in carbon removal pathways that complement nature-based and engineered solutions.

Varaha raises $20 million investment and launches biochar carbon removal partnership [esgdive]

India-based carbon removal developer Varaha has secured a $20 million investment led by WestBridge Capital as part of a broader $45 million funding round aimed at expanding its carbon removal platform. The company also launched the Varaha Industrial Partners Program, which enables industrial facilities with biomass and gasification capacity to generate verified carbon removal credits using Varaha’s measurement, reporting, and verification systems. Varaha develops carbon removal projects across biochar, enhanced weathering, afforestation, and regenerative agriculture.

Swedfund invests $17.3 million in Gondwana platform to scale nature-based projects [mynewsdesk]

Swedfund has committed €15 million ($17.3 million) to Gondwana, a new investment platform focused on scaling nature-based climate projects across Africa, Latin America, and Southeast Asia. The platform, developed by NbS project developer hummingbirds, will finance activities including forest conservation, reforestation, mangrove restoration, agroforestry, and clean cooking solutions. Swedfund is investing alongside development finance institutions Proparco and British International Investment, with additional risk mitigation supported by an EU EFSD+ Carbon Sink guarantee.

ADB approves $10 million financing for forest landscape restoration project in Laos [laotiantimes]

The Asian Development Bank (ADB) has approved $10 million in financing for the Responsible Forestry Project Phase I in Laos, comprising a $5 million concessional loan and a $5 million grant. The initiative aims to restore degraded forest landscapes and strengthen sustainable forest management practices. The project will support community-based forestry and improved forest governance while enhancing biodiversity and carbon sequestration outcomes. The program forms part of broader efforts to strengthen climate resilience and rural livelihoods in Laos’ forestry sector.

Sri Lanka to launch $2.6 million natural capital valuation project for coastal and marine ecosystems [ft]

Sri Lanka has announced a $2.66 million project to conduct natural capital valuation of its coastal and marine ecosystems, including mangroves, coral reefs, and seagrass habitats. The initiative aims to quantify ecosystem services such as carbon sequestration, fisheries support, and coastal protection to inform policy, investment, and sustainable management decisions. The valuation effort will support integration of ecosystem values into national accounting and development planning, potentially laying groundwork for future incentive structures or financing mechanisms tied to preservation and restoration.

Proba raises $1.5 million to scale Scope 3 reductions across agri-food supply chains [floridatoday]

French nature tech startup Versant has raised €500,000 ($564,000) in seed funding to Dutch climate tech startup Proba has raised €1.25 million ($1.5 million) to expand its platform for certifying Scope 3 emissions reductions in agricultural supply chains, with planned expansion into the United States and Brazil. The company converts fertiliser-related emissions reductions into traceable “Impact Units,” each representing 1 tonne of CO₂e verified through independent auditing. The platform is designed to help agri-food companies quantify and finance supply-chain decarbonisation aligned with frameworks such as SBTi and the GHG Protocol.

Foresight Natural Capital signs $160,000 forestry collaboration with Dumfries & Galloway Woodlands [foresight]

Foresight Natural Capital has signed a three-year collaboration agreement with Dumfries & Galloway Woodlands to support community-led forestry projects in southwest Scotland. The partnership includes an initial £35,000 ($46,800) contribution in year one and could mobilize up to £120,000 ($160,000) over the three-year period for local woodland initiatives. Planned activities include habitat restoration, woodland infrastructure improvements, and skills and education programs linked to community forestry.

Inter IKEA Group acquires 24,000-hectare Baltic forestry portfolio from CapMan Natural Capital [investinag]

Inter IKEA Group has completed the acquisition of a 24,000-hectare sustainable forestry portfolio in the Baltic region from CapMan Natural Capital. The portfolio comprises certified forests managed under sustainable forestry practices, with a focus on long-term timber production, biodiversity conservation, and carbon sequestration.

Microsoft’s Climate Innovation Fund backs Pantheon Regeneration to scale peatland carbon removal [reuters]

Microsoft’s Climate Innovation Fund has made a strategic investment in Pantheon Regeneration to support expansion of its ecological restoration and carbon removal projects, including commercial peatland restoration in the United States. The capital is intended to accelerate Pantheon’s project pipeline and increase its capacity to restore peatlands, ecosystems with high carbon density that can contribute to durable carbon sequestration.

Cultivo expands U.S. grassland restoration investment with acquisition of Kateri [agfundernews]

Cultivo has acquired Kateri, a grassland conservation and carbon-credit developer, to strengthen its portfolio of U.S. grassland restoration and carbon-credit strategies. The acquisition integrates Kateri’s existing project pipeline and stakeholder relationships into Cultivo’s broader natural-capital investment platform. The expanded portfolio will continue to advance grassland restoration, enhance soil carbon sequestration, and support biodiversity outcomes across working lands.

Solum Partners completes strategic investment in Greenyard (at an undisclosed amount) to expand sustainable produce supply chain [perishablenews]

Solum Partners has finalised a strategic investment in Greenyard, a global fresh produce and horticulture company, aimed at accelerating sustainability initiatives within the produce supply chain. The capital infusion is intended to support adoption of regenerative farming practices, improved resource efficiency, and expanded market access for climate-aligned produce.

Kita insures carbon removal credit deal structured as balance sheet assets [carbonherald]

Carbon credit insurer Kita has insured a multi-year forward purchase agreement between global law firm Clyde & Co and advisory firm Nature Broking for carbon removal credits. The insurance provides protection against non-delivery of the underlying credits, enabling the buyer to account for the credits as long-term balance sheet assets rather than operating expenses. The structure supports advance procurement of carbon removal supply while mitigating project delivery risk.

Fund Formation

Gresham House’s sustainable forestry strategy attracts Australian super fund at $290 million first close [globalaginvesting]

Gresham House has achieved a €250 million ($290 million) first close on its sustainable forestry strategy, anchored by a commitment from a major Australian superannuation fund. The strategy focuses on afforestation, sustainable timber production, and carbon credit generation across European and global timberland assets. Capital raised will be deployed toward plantation establishment, sustainable forest management, and carbon-linked natural-capital initiatives.

British International Investment anchors $1.1 billion blended finance fund with Allianz [bii]

British International Investment (BII) has provided an anchor commitment to Allianz’s €1 billion ($1.1 billion) blended finance fund targeting climate and sustainable development projects in emerging markets. The strategy aims to mobilise private capital by combining concessional and commercial funding. The fund will allocate around 75% to climate mitigation investments such as renewable energy and sustainable infrastructure, with approximately 25% directed to climate adaptation projects.

Superorganism closes $25.9 million debut biodiversity venture fund [prnewswire]

Superorganism, a venture capital firm focused exclusively on biodiversity and nature-positive technologies, has closed its first fund at $25.9 million. The fund will invest in early-stage companies developing solutions across areas such as ecosystem monitoring, restoration technologies, and biodiversity data analytics. Backers include strategic investors and family offices seeking exposure to early-stage nature tech and biodiversity innovation.

London CIV launches natural capital strategy with three cornerstone commitments [netzeroinvestor]

London CIV, which manages ~£30 billion (~$40.1 billion) in assets for 31 London boroughs and Buckinghamshire, has launched a natural capital strategy seeded with an initial £75 million ($100 million) commitment from Barnet Pension Fund, alongside backing from Camden and Islington pension funds. Over the past year, the platform made three cornerstone investments totaling £255 million ($341 million): (a) £135 million ($180 million) to JP Morgan Campbell Global’s Forest and Climate Solutions Fund, (b) £60 million ($80 million) to a UK forestry strategy managed by Gresham House, and (c) £60 million ($80 million) to Manulife’s Timberland and Farmland Fund.

CapMan Natural Capital announces first close of European Forest Fund IV [news.cision]

CapMan Natural Capital has held the first close of its European Forest Fund IV, targeting institutional capital for sustainable timberland and forest-related natural-capital investments across Europe. The fund will allocate capital to afforestation, forest management, and carbon credit-linked forestry projects designed to generate long-term cash flows from timber and ecosystem services. Initial commitments at first close indicate investor interest in diversified natural-capital strategies that combine forestry returns with climate and biodiversity outcomes.

ALTÉRRA and BBVA to launch $1.2 billion climate co-investment fund [esgtoday]

UAE-backed climate investment platform ALTÉRRA, with a planned anchor commitment of $250 million from Spanish bank BBVA, is establishing a new $1.2 billion co-investment vehicle focused on climate-aligned assets. The fund, named the ALTÉRRA Opportunity Fund, will invest across climate infrastructure, private equity, and private credit with themes including energy transition, industrial decarbonization, climate technology and sustainable living. It is intended to support global deployment of institutional capital across regions such as North America, Latin America and Europe.

News & Research

Policy and Regulation

Coalition to Grow Carbon Markets expands government membership to scale high-integrity carbon credit demand [jakartaglobe]

The Coalition to Grow Carbon Markets, a government-led initiative to strengthen corporate demand for high-integrity carbon credits, has expanded its membership to 11 governments. Co-chaired by the UK, Singapore, and Kenya, the Coalition aims to align policy frameworks and mobilise private capital into carbon credit markets that support climate and development goals. Launched at London Climate Action Week 2025, the group has introduced Shared Principles for Growing High-Integrity Use of Carbon Credits to provide clearer guidance for corporate participation. The initiative seeks to increase investment into emissions reduction and nature-based solutions projects by improving policy coordination and market confidence.

ISEP report urges UK to designate natural capital as critical national infrastructure [isepglobal]

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.

Singapore carbon tax rises to $35/t as government targets $39-63/t by 2030 [spglobal]

Singapore’s carbon tax increased to S$45 per tonne of CO₂ ($35/t) in 2026-2027, forming a central element of the country’s decarbonisation strategy. The government plans to raise the tax to S$50-80/t ($39-63/t) by 2030, while monitoring global climate policy developments and competitiveness impacts. The tax applies to roughly 50 large facilities across power, manufacturing, waste, and water sectors, which together account for around 70% of Singapore’s national emissions. The policy aims to provide a price signal for emissions reductions while supporting investment in energy efficiency and low-carbon technologies.

In case you missed it: U.S. withdraws from Paris Agreement and multiple climate institutions [esgtoday]

Earlier this year, the United States announced plans to withdraw from the Paris Agreement and several international climate and sustainable development initiatives, following a presidential memorandum directing the cessation of participation in certain multilateral climate bodies. The move includes steps toward exiting the United Nations Framework Convention on Climate Change (UNFCCC) and reducing engagement with international climate cooperation platforms. The decision alters U.S. participation in the central framework governing global climate commitments and international climate finance discussions.

NbS Finance

McKinsey report finds corporate nature commitments growing but uneven in execution [mckinsey]

A McKinsey analysis of Fortune Global 500 sustainability reporting shows that corporate commitments to nature, spanning water, forests, biodiversity, chemicals, and nutrients as well as carbon, have increased in breadth since 2022. Progress on quantified, time-bound targets remains uneven across regions and sectors, with a rising share of companies setting targets across multiple nature dimensions but substantial variation in pace and depth of action. The report highlights that while acknowledgments of nature issues are rising faster than formal targets, consistent data tracking and follow-through on commitments are needed to translate pledges into measurable impact. It suggests that clearer frameworks and regulatory alignment could help companies integrate nature-related performance into mainstream business strategies.

Natural capital gains attention among UK family offices as investment theme [newprivatemarkets]

Natural capital is emerging as an investment theme among UK family offices, according to research by Foresight Group and Campden Wealth. The survey of 51 single-family offices found that 55% have already invested in natural capital strategies, including regenerative agriculture and forestry. Interest is expected to increase, with 59% indicating they are likely to allocate more capital over the next one to three years. Drivers include financial return potential, climate risk mitigation, and portfolio diversification.

Two-thirds of ESG funds update names after new EU sustainable fund naming rules, ESMA study finds [esgtoday]

A study by the European Securities and Markets Authority (ESMA) finds that roughly two-thirds of funds previously marketed under “ESG” or sustainability-oriented labels have changed their names following implementation of new EU sustainable fund naming regulations. The findings reflect regulatory efforts to address investor clarity and reduce greenwashing by aligning fund names with disclosed investment objectives and sustainability criteria. The study highlights varied approaches across asset managers as they adapt product labels, classifications, and marketing to meet the updated requirements.

Foresight Group report highlights trend of natural capital moving into mainstream investment [foresight]

Foresight Group has published an analysis showing that natural capital, including forestry, sustainable agriculture, and ecosystem service, is increasingly being integrated into mainstream institutional investment strategies. The report points to expanding asset flows into afforestation, carbon-linked forestry, and nature-related credit markets, driven by evolving regulatory frameworks and emerging financial products. It highlights that improved data, risk-management tools, and structured investment vehicles are enabling greater private-capital participation in natural-capital assets.

Emerging Research

WRI releases State of Climate Action 2025 tracking progress toward the Paris 1.5°C goal [worldresourcesinstitute]

The World Resources Institute has published the State of Climate Action 2025 report, assessing global progress against pathways consistent with the Paris Agreement’s 1.5°C target. The report translates long-term climate goals into near-term, sector-specific benchmarks across energy, industry, transport, land use, and food systems. It identifies gaps between current trends and required action, highlighting where emissions reductions and system transitions are off track. The analysis provides a data-driven framework for policymakers, investors, and corporates to evaluate alignment with global climate objectives.

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The NbS Monthly Newsletter | January, February 2026

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