The NbS Monthy Newsletter - June/July 2026

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The Monthly NbS Investment Newsletter

The Resource for Nature-Positive Allocators

By Capital for Climate | May / June / July 2026 Edition

The Newsletter at a Glance

Welcome to the newest 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. Look past the headline number, though, and almost every deal shares a fingerprint: someone else went first on the risk. We dig into who's actually eating first loss below — and why Brazil is quietly proving that isn't the only way to underwrite nature.

In this issue:

What We're Watching
NbS Investment News and Research Highlights
Extended Market Insights (Deals, Fundings, Commitments, Policy, Finance, Research)
New Opportunities: 10 newly added investable NbS opportunities added to Capital for Climate's NbS Investment Platform.

Have a lead? A gripe? A suggestion? Give us a shout out. We’d love to hear from you.

Julia Lopes, Editor

jlopes@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!

What We're Watching

The headline deals from June and July reveal a strong trend: they needed someone else to go first.

Finance Earth's £64.6M fund clears for Zurich Insurance because a £30M Defra tranche absorbs losses first. The Mekong Earth Regeneration Fund pairs Deutsche Bank with a Green Climate Fund backstop. Costa Rica's REDD+ credits carry a $10/tCO2e floor guaranteed by LEAF and Norway. Ardian needed a €100M Societe Generale anchor just to launch. Four deals, one pattern: institutional money shows up only after someone else agrees to take the first hit.

Why it matters: deal flow is currently gated by who can arrange a first-loss tranche, not by who holds the best asset. Allocators without a blended-finance relationship — DFIs, philanthropies, sovereign co-investors — are seeing a narrower slice of the opportunity set than $14.4B suggests.

One caveat: this is a snapshot, not a law of NbS economics — and Brazil provides counter-examples. According to public data, Mombak's backers (Union Square Ventures, Bain Capital, AXA, Rockefeller Foundation, CPP Investment Board) are pure commercial capital, no first-loss tranche, and it's reportedly selling removal credits above $50/tCO2e — five times LEAF's floor. Re.green raised its first round from the Moreira Salles family's Gávea Investimentos and now has Microsoft offtakes covering 6.5M tons plus an 880,000-tonne Nestlé deal, in a market pricing high-quality Brazilian credits around $55/tCO2e. Neither needed a backstop — scarcity and demand did the work first-loss capital does elsewhere.

Takeaway: first-loss is this month's default wrapper, not a requirement. Mombak and re.green show scarce, high-integrity credits can clear commercial hurdle rates alone — worth watching whether that gap between LEAF's $10 floor and Brazil's $50+ realized prices widens further.

NbS Investment News and Research Highlights

Costa Rica becomes first country to verify REDD+ removals under ART-TREES, unlocking at least $10.9 million in climate finance [undp]

Costa Rica has become the first country to successfully verify national REDD+ removals under ART-TREES — the most rigorous international benchmark for jurisdictional forest carbon credits — covering 1,095,881 tonnes of CO₂ equivalent removed between 2017 and 2019. The verified credits represent at least $10.9 million in potential climate finance, to be purchased by the LEAF Coalition and the Government of Norway at a floor price of $10 per tCO₂e, with proceeds directed toward forest conservation and sustainable livelihoods for Indigenous Peoples, youth, and women.

Kenya commits $495 million to agriculture and climate resilience in national budget [dawan africa]

The Government of Kenya has allocated a KSh64 billion ($495 million) for the agricultural sector in its 2026/27 fiscal plan to lower production costs and insulate smallholders from volatile weather patterns. The framework allocates capital to scale national fertilizer subsidies, fund the Food Systems Resilience Project, and reduce risk for pastoralist livestock systems. This structural spending strategy marks a macro-policy commitment to enhance rural financial inclusion and build adaptive food supply chains across East Africa.

Congo Basin Blue Fund attracts over $3 billion in commitments to fund low-carbon projects across Central Africa [business insider]

Over $3 billion has been pledged to support 63 low-carbon and blue economy projects aimed at protecting the Congo Basin. Major contributions include $1 billion from the World Bank, $600 million from BDEAC, $600 million from the African Chamber of Commerce in Scandinavia, $500 million in guarantees from the African Sovereign Fund, and $320 million from the Green Climate Fund, as part of a broader $5.72 billion initiative.

Ardian launches nature-based solutions fund with $108 million anchor investment from Societe Generale [esg today]

Private markets manager Ardian has partnered with project developer aDryada Advisory to launch the Averrhoa NBS fund, securing a €100 million ($108 million) anchor equity commitment from Societe Generale. Classified under Article 9 of the EU's SFDR, the infrastructure vehicle will deploy large-scale capital into global wetland and mangrove projects. The investment partnership aims to monetize premium, high-integrity carbon credits under corporate offtake agreements, targeting a net sequestration volume of 85 million tons of carbon over a 40-year operational horizon.

China completes $885 million sovereign green bond issuance in Hong Kong [esg news]

China has successfully raised RMB 6 billion ($885 million) through its second sovereign green bond offering, which was listed in Hong Kong. Investor demand was exceptionally strong, reaching RMB 62.4 billion ($9.2 billion) and marking the deal as 10.4 times oversubscribed.

WEF publishes report on path towards a regenerative blue economy [safety4sea]

The World Economic Forum has released a new report detailing strategies to transition from the degradation of marine ecosystems to a regenerative blue economy. The research explores actionable frameworks for sustainable ocean management and the integration of decarbonization initiatives in the maritime sector.

TNFD releases discussion paper on state of nature measurement [tnfd]

The Taskforce on Nature-related Financial Disclosures (TNFD) has launched a new discussion paper focusing on the standardization of metrics for measuring the state of nature. The paper aims to guide financial institutions and corporations in assessing their nature-related dependencies, impacts, risks, and opportunities. By providing a structured framework, TNFD aims to improve consistency across corporate environmental reporting.

Frontier commits $915 million to next phase of carbon removal growth, doubling total funding to $1.8 billion [frontier]

Frontier is committing an additional $915 million to its portfolio companies, bringing total commitments to $1.8 billion since its 2022 launch. The funding will concentrate on a narrower set of companies with gigaton-scale potential and deals backed by clear long-term demand, signaling Frontier's shift from broad early-stage funding toward fewer, larger offtake agreements as the sector matures.

Extended Market Insights

Deals

Morocco strengthens sustainable forest management through the 'Inclusive and Sustainable Forests in Morocco' initiative with a $127 million financing package [morocco world news]

Morocco, through its National Agency for Water and Forests (ANEF), is advancing its sustainable forest management efforts under the 'Inclusive and Sustainable Forests in Morocco' initiative. This project is supported by a €110 million ($127 million) financing package provided by the European Investment Bank to support national parks, watershed management, and forestry infrastructure.

Global Environment Facility approves $6.4 million grant for Papua New Guinea highland conservation [global issues]

The Global Environment Facility has approved a $6.4 million grant to launch a community-led conservation framework across 700,000 hectares of critical highland ecosystems in Papua New Guinea. Implemented alongside the FAO and backed by $16.7 million in projected co-financing, the project will support 10 conservation areas, extending sustainable environmental practices across 1.6 million hectares to benefit 21,000 people.

Tencent, Google, and McKinsey sign 10-year offtake agreements for 635,000 agroforestry carbon removal credits from Thryve.Earth's Sulawesi project [yahoo finance]

Tencent has signed its first carbon removal credit deal outside China, entering a 10-year offtake agreement with Singapore-based developer Thryve.Earth for 300,000 credits from an agroforestry project on the Indonesian island of Sulawesi. Google and McKinsey signed separate 10-year agreements from the same project for 260,000 and 75,000 credits respectively. The Sulawesi project uses a multi-layer mixed farming system designed to sequester carbon while generating farm income.

Amazon signs offtake agreement for 1.95 million tonnes of carbon removal credits from South Africa spekboom restoration project [infrastructurenews]

Amazon has committed to a large-scale nature restoration program in South Africa's Eastern Cape, aimed at restoring over 50,000 hectares of land through the planting of 180 million spekboom succulents. The initiative is expected to inject more than $500 million into local communities through wages, procurement, and landowner payments while also facilitating the purchase of 1.95 million tons of carbon removal credits.

Tasmania Natural Asset Trust invests $142 million in sustainable forestry plantations in Tasmania [carbonherald]

The newly launched Tasmania Natural Asset Trust (TNAT) has secured $142 million in investment to fund sustainable forestry plantations and ecological restoration. Managed by Gresham House Asset Management, the platform focuses on converting degraded farmland in northern Tasmania into productive timber land and conservation sites, while generating Australian Carbon Credit Units (ACCUs).

U.S Department of Agriculture invests $310 million to expand farm conservation and natural resource efficiency across the nation [bocaratontribune]

The U.S. Department of Agriculture (USDA) has announced a $310 million investment through the Regional Conservation Partnership Program (RCPP). This initiative provides funding to support farmers, ranchers, and forest landowners in improving operational efficiency and implementing conservation activities for natural resources.

Hawai‘i Sea Grant secures $2.4 million investment for local coastal resilience and blue economy workforce [hawaii.edu]

The U.S. Congress has authorized the National Sea Grant College Program through 2031, with the Hawai‘i delegation specifically securing $2.4 million in federal funding for the University of Hawai‘i Sea Grant College Program. This allocation supports regional sustainability efforts, including sustainable aquaculture, ecosystem restoration, and the development of a resilient blue economy workforce in the Pacific region.

MSCI acquires First Street for $120 million to integrate physical climate risk data into financial decision-making [msci]

MSCI Inc. has announced the acquisition of First Street, a provider of physics-based climate risk data and analytics covering properties worldwide, for $120 million at closing with potential additional payments tied to revenue thresholds. The integration will enable quantified assessments of physical climate risk across more than 2 billion structures globally, helping investors, lenders, and insurers embed climate risk directly into investment and risk workflows. The transaction is expected to close in the third quarter of 2026, subject to regulatory approval.

Rockefeller Foundation commits $4 million to Alder Point Capital Management to build climate-resilient forests and farmland in the US [impactalpha]

The Rockefeller Foundation has committed $4 million to Alder Point Capital Management to support the firm's acquisitions of timberland and farmland in rural US communities. Alder Point partners with local farmers, foresters, and operators to restore soil, water, and forest health on the land it acquires, including a recent blueberry farm purchase in Oregon's Willamette Valley that combines regenerative production with conservation.

Mexico secures $1.2 billion in corporate co-investment for water infrastructure and sustainability initiatives [mexicobusiness]

Mexico's National Water Commission (CONAGUA) has mobilized MX$21 billion (approximately $1.2 billion) in cumulative private corporate co-investment to support the National Agreement for the Human Right to Water and Sustainability. This public-private initiative funds environmental restoration, irrigation modernization, and sanitation projects, including collaborations with major companies like Heineken and Michelin, to address water stress through 2030.

Morocco strengthens sustainable forest management through the 'Inclusive and Sustainable Forests in Morocco' initiative with a $127 million financing package [morocco world news]

Department of the Interior invests $44.79 million in North American Wetland Conservation Projects [u.s. department of the interior]

The U.S. Department of the Interior has approved $44.79 million in North American Wetlands Conservation Act grants across 16 projects in 16 states, matched by over $88.98 million in partner contributions. The grants will conserve, restore, or enhance 185,203 acres of wetland and upland habitat for migratory birds. Notably, the announcement comes alongside a separate $22.6 million allocation from the Migratory Bird Conservation Fund for three national wildlife refuges, bringing the total federal commitment in this round to over $67 million — significant given current US federal conservation budget pressures.

US federal infrastructure program allocates $57.4 million for Caño Martín Peña estuarine restoration in Puerto Rico [san juan daily star]

A $57.4 million federal contract has been awarded to launch major dredging works for the Caño Martín Peña ecosystem restoration project in San Juan. Funded via US infrastructure legislation, the project will clear and reconstruct tidal channels to reconnect the San José Lagoon with San Juan Bay, directly restoring degraded mangro

ve systems and improving urban estuarine health.

ECOncrete secures $14 million in funding round to expand global marine infrastructure capacity [esg today]

New York-based marine construction tech firm ECOncrete has successfully raised $14 million in a new funding round to scale its bio-enhancing concrete solutions. The company aims to use the capital to expand its global capacity, meeting rising demand for coastal infrastructure that improves biodiversity and climate resilience.

Fundings

Finance Earth achieves $86.4 million first close for largest UK nature restoration fund [agfunder]

Environmental asset manager Finance Earth has secured a £64.6 million ($86.4 million) first close for its Big Nature Impact Fund LP, establishing the largest nature-as-infrastructure investment platform in British history. The vehicle utilizes a blended architecture, leveraging a £30 million ($40 million) cornerstone piece from Defra as a first-loss capital buffer to absorb downside operational risks for private commercial institutional backers like Zurich Insurance Group. The 12-year fund will bypass pre-verification credit speculations, partnering directly with landowners to generate institutional-grade returns exclusively from fully certified carbon and biodiversity net-gain credits.

Bonnefield announces second close of agribusiness fund in Canada [bonnefield]

Bonnefield Financial, a Canadian agriculture-focused investment management firm, has announced the final close of the Bonnefield Agribusiness Fund LP I, with capital commitments of over $150 million. The fund will invest non-controlling capital in established lower-middle market businesses operating in the middle of the agriculture value chain, incl. primary and value-add processors, food and ingredient manufacturers, and adjacent businesses.

Anterra Capital announces USD 100 million first close for Fund III in Amsterdam [eu startups]

Amsterdam-based Anterra Capital has reached a €86 million (USD 100 million) first close for Fund III, targeting the transformation of the food and agriculture sectors through life-science and artificial intelligence innovations. The overall goal is to back science-driven companies with real unit economics, moving away from heavily hyped, capital-intensive vertical farming models that recently faced bankruptcies and controversy. The fund will mobilize resources alongside institutional co-investments from partners like Rabobank and Novo Holdings to scale sustainable solutions.

IDH launches CRIA Fund in Brazil [idh]

CRIA Fund is a new financial mechanism designed to facilitate access to credit and accelerate the sustainable transition of livestock farming among small and medium-sized producers in the Amazon region of Brazil. Structured by IDH in partnership with manager Violet, the fund starts with an initial funding round of $10 million and with the ambition to reach $50 million by 2030, with 1,000 farmers served and 150,000 hectares covered by sustainable practices.

InvestEco Sustainable Food Fund IV holds a final close with USD 74 million in Toronto [business wire]

Toronto-based InvestEco Capital announced the final close of Sustainable Food Fund IV with C$106 million (approximately USD 74 million) to invest in high-growth companies. The overall goal is to support the sustainable food sector, mobilizing funds with co-investments from Farm Credit Canada, Export Development Canada, and the Business Development Bank of Canada.

Livelihoods launch new Carbon Fund 4 with a USD 171 million target [esg today]

The Livelihoods Carbon Fund 4 has been launched with backing from Danone, Mars, and other corporate partners, securing a first close of €124 million (USD 142 million) toward a €150 million (USD 171 million) target to develop community-led nature solutions. The overall goal is to sequester up to 10 million tons of CO2 over 25 years and sustainably improve rural living conditions for 500,000 people. The initiative mobilizes private capital to support long-term co-investments in large-scale projects, including agroforestry, mangroves, and regenerative agriculture.

New Forests launches USD 700 million global natural capital fund in Sydney [carbon herald]

Sydney-based New Forests has launched the Global Landscape Opportunities strategy with a USD 700 million target to invest across forestry, agriculture, biodiversity, and carbon markets. The overall goal is to provide institutional investors with a globally integrated portfolio that supports long-term returns, climate stability, and sustainable land use.

Pictet raises $253 million for first environment co-investment fund [capital riesgo]

Pictet Alternative Advisors has successfully closed its first dedicated environmental co-investment vehicle, Environment Co-Investment Fund I, raising $253 million in committed capital. The fund exceeded its original $200 million target and will focus on diverse environmental challenges, including greenhouse gas reduction, pollution control, and the circular economy.

Mekong Earth Regeneration Fund launches $200 million fund to support sustainable agriculture in the lower Mekong region [dtinews]

The Mekong Earth Regeneration Fund (MERF) has been established with an initial target of up to $200 million to advance regenerative agriculture, sustainable forestry, and low-emission aquaculture across Vietnam, Laos, and Cambodia. Managed by Deutsche Bank and supported by the Green Climate Fund, the 12-year initiative utilizes a blended finance model to mobilize private capital and aims to reduce emissions by 8.5 million tonnes of CO2e while improving livelihoods for nearly 313,000 direct and indirect beneficiaries.

Catalyst Fund reaches $30 million second close for African climate resilience startups [dabafinance]

Pan-African venture capital firm Catalyst Fund has reached the second close of its debut fund with $30 million in commitments. The fund aims to support 40 early-stage startups across Africa focusing on climate resilience solutions in sectors such as agriculture, energy, and fintech.

Lloyds Banking Group and Wildfarmed launch Food & Nature Resilience Fund [esg today]

Lloyds Banking Group and Wildfarmed have launched the Food & Nature Resilience Fund to support UK farmers in adopting regenerative agriculture practices without sacrificing food production. The fund aims to overcome the financial barriers cited by 92% of farmers, with participants including Severn Trent, Affinity Water, and AXA XL.

British International Investment (BII) targets $20 billion in new climate and development investment for developing countries [the independent]

The UK government, through its development finance institution British International Investment (BII), has launched a new strategy to mobilize £15 billion ($20 billion) in new investment for developing countries over the next five years. The plan aims to use £8 billion of its own funds while 'crowding in' the remaining £7 billion from private investors to support climate finance, health, and gender equality initiatives.

S2G Investments closes $1 billion Solutions Fund I to back growth-stage resource solutions [s2ginvestments]

S2G Investments has held the final close of its Solutions Fund I at $1 billion to address the financing gap for growth-stage physical economy businesses. Launched in mid-2024, the two-year raise has already deployed $300 million across 10 companies. Capital will target businesses in North America and Europe operating across food and agriculture, energy infrastructure, and ocean systems to improve system efficiency and resilience.

Amundi leads $3.4 billion Global Green Bond Initiative Fund to unlock climate finance in emerging markets [esg news]

Amundi has launched the Global Green Bond Initiative Fund, a blended finance vehicle targeting €3 billion ($3.4 billion) to accelerate climate investment in emerging markets. The fund is backed by €1 billion in public equity from multilateral development banks, designed to crowd in €2 billion in private institutional capital.

ICO invests $26 million in Azora European Climate Solutions Fund for green infrastructure projects [capital-riesgo]

Spain's Instituto de Crédito Oficial (ICO) has committed up to €22.5 million ($26 million) to the Azora European Climate Solutions Fund. The investment, supported by the EU's InvestEU programme, focuses on financing renewable energy, sustainable mobility, and energy efficiency projects across Europe.

BTG Pactual closes $1.24 billion reforestation fund for degraded land restoration in Latin America [global aginvesting]

BTG Pactual Timberland Investment Group has successfully closed its Latin American Reforestation Strategy fund, securing $1.24 billion in commitments from a diverse group of global institutional investors. This fund targets the restoration and conservation of 660,000 acres of land, aiming to combine commercial forestry with carbon removal and biodiversity protection efforts across the region.

Ecobank Transnational Incorporated completes $450 million green bond issuance for sustainable agriculture and natural capital in Africa [financial afrik]

Ecobank Transnational Incorporated (ETI) has successfully placed a $450 million Tier 2 eurobond to fund sustainable agriculture and natural capital projects across Africa. The bond features a 10.25-year maturity with an early redemption option after 5.25 years.

Commitments

Nigeria Ministry of Marine and Blue Economy explores strategic financing partnerships for maritime projects [thefact]

The Nigerian Ministry of Marine and Blue Economy is actively seeking non-interest financing through Jaiz Bank to support infrastructure development, inland waterways, and aquaculture. As part of a broader strategy to bridge the sector's funding gap, the Ministry is currently evaluating a £1 billion ($1.34 billion) financing facility in the United Kingdom to boost long-term investment.

Indonesia launches Carbon Unit Registry System and approves first four forestry carbon projects covering 224,000 hectares [antara news]

Indonesia has launched its Carbon Unit Registry System (SRUK) and approved four entities to participate in carbon trading, including social forestry schemes covering 224,000 hectares. The project aims to generate a transaction value of approximately Rp5 trillion (US$276 million) to support forest farmer groups and Indigenous communities through carbon dioxide equivalent trading.

Japanese Government commits $6.2 billion for novel food technologies [greenqueen]

The Japanese government has unveiled a 2040 public-private investment roadmap, which includes $6.2 billion (¥1 trillion) allocated specifically for novel food technologies. This initiative, part of a larger $2.3 trillion strategic sector plan, focuses on developing animal-free proteins and functional nutrition to advance Japan's bioeconomy goals.

Green Climate Fund (GCF) Board approves $369.1 million in new climate finance for 10 projects across developing countries [environewsnigeria]

The Green Climate Fund (GCF) Board has approved a new package of climate finance totalling $369.1 million to support 10 projects focused on adaptation and resilience across Africa, Asia, the Pacific, and the Middle East. Including co-financing, the total portfolio value reaches $700.6 million. The meeting also greenlit investments in Central Asia that bring GCF-led investment in the region to $4.43 billion — more than doubling since the regional model was introduced less than two years ago.

Azorean Government commits over $48.6 million for nature conservation and management of protected areas [plusnews]

The Azorean Government has invested over €45 million ($48.6 million) through the EU LIFE Programme to support the preservation, management, and enhancement of protected natural areas in the Azores. Regional secretary Alonso Miguel emphasized that these funds, alongside an additional €2.5 million ($2.7 million) spent on operational capacity and equipment, are critical for strengthening regional environmental enforcement, monitoring, and literacy.

Khyber Aquaculture launches India's largest trout farming facility with $120 million investment in Kashmir [weareaquaculture]

Khyber Group has launched India's largest fully integrated Himalayan trout farming facility in Kashmir, representing an investment of ₹100 crore (approximately $120 million). The project utilizes advanced recirculating aquaculture system (RAS) technology and aims to produce 1,500 metric tons of trout annually, with plans to scale production to 7,000 metric tons within five years.

UK Climate Change Committee calls for $14.7 billion annual investment to meet adaptation priorities [insideecology]

The Climate Change Committee (CCC) has published a report identifying eight priority areas for the UK to address climate-related risks, including overheating, flooding, and water shortages. The report estimates that an annual investment of £11 billion ($14.7 billion) is required to implement necessary adaptation measures and protect against potential annual economic losses of £60 billion to £260 billion ($80 billion to $348 billion) by 2050.

Canada and Alberta strike agreement on carbon pricing and 75 million tonne contract pool to de-risk clean infrastructure [prime minister of canada]

Canada and Alberta have reached an implementation agreement to align climate policies, targeting a carbon price of $130 per tonne by 2040 and jointly issuing 75 million tonnes of Carbon Contracts for Difference (CFDs). The agreement specifically supports the Pathways Project, which is expected to generate $16.5 billion in GDP and reduce annual emissions by 16 million tonnes, while also targeting a 75% reduction in methane emissions by 2035.

Namibia and WWF launch Namibia for Life initiative with $61.4 million conservation funding commitment [informante]

Namibia, the World Wildlife Fund (WWF) Namibia, and various stakeholders are set to sign a funding agreement worth over N$1 billion (approximately $61.4 million) to bolster long-term conservation. Operating under the Namibia for Life initiative and the Project Finance for Permanence model, the agreement aims to secure sustainable financial systems and policies to protect conservation efforts in the country.

News & Research

Policy and Regulation

Western Balkans align policy and finance to advance Nature-based Solutions for ecosystem restoration [iucn]

Representatives from across the Western Balkans are convening to accelerate the implementation of the Green Agenda, focusing on ecosystem restoration and Nature-based Solutions (NbS). The conference highlights the importance of the WB6 Forest Landscape Restoration (FLR) Plan and explores mechanisms to mobilize finance for regional conservation initiatives. While specific project values remain undisclosed, the effort aims to translate policy commitments into scalable, investment-ready nature initiatives across the region.

President von der Leyen calls for an international alliance to reinforce global ocean observation [european commission]

European Commission President Ursula von der Leyen has announced a proposal for an International Alliance dedicated to strengthening global ocean monitoring and observation efforts. This initiative is designed to provide comprehensive support for the OceanEye project.

SBTi finalizes long-awaited update to corporate net-zero standard [esg dive]

The Science Based Targets initiative (SBTi) has finalized Version 2.0 of its Corporate Net-Zero Standard, set for target-setting validation starting in February 2027. The framework introduces a tiered company classification system (Category A and B), mandating near-term five-year targets for Scope 1 and 2 emissions across all tiers. It institutes a strict implementation hierarchy requiring firms to prioritize direct, activity-level emission reductions over indirect actions or market instruments. A new framework requires large companies to purchase carbon removal credits for ongoing emissions from 2035 onward, starting at a minimum 1% threshold.

House of Lords Committee recommends nature-based solutions to address drought risks [prolandscapermagazine]

The House of Lords Environment and Climate Change Committee has released a report urging the UK government to implement widespread nature-based solutions to improve water security amid climate change and population growth. The committee warns that without urgent action and improved water storage and reuse strategies, daily public water demand in England could exceed supply by 5 billion liters by 2055.

How nature-based solutions help vulnerable and marginalized communities overcome climate injustice [global voices]

This research piece explores how nature-based solutions spearheaded by Indigenous and local communities address climate change impacts. It emphasizes ecosystem restoration and biodiversity support as key tools for advancing climate justice, though no specific deal size or financial investment was disclosed.

Cambodia ranked world's top country for natural environment in global index [vietnamplus]

Cambodia has achieved the top global ranking in the Natural Environment category for 2026 by U.S. News & World Report, highlighting its systemic advancements in biodiversity conservation and resource management. The nation currently protects 73 designated conservation areas spanning over seven million hectares, representing roughly 41% of its total land area. This recognition validates the country’s active Circular Strategy on Environment, which leverages massive nationwide reforestation campaigns to build climate resilience and anchor a target of carbon neutrality by 2050.

NbS Finance and Nature Finance

TNC & Forest Trends examine the state of private investment in nature in "Gaining Ground" 2026 report [forest trends / the nature conservancy]

A new report co-published by The Nature Conservancy and Forest Trends, tracking over a decade of private capital flows into nature, finds that annual private investment has grown fivefold since 2016, exceeding $14 billion in 2025 and surpassing $60 billion deployed in total. Drawing on 1,731 transactions and survey data from 70 institutions representing $207 trillion in AUM, the analysis finds investment heavily concentrated in familiar forestry and agricultural asset classes in North America and Latin America, while high-impact ecological restoration and NatureTech remain reliant on concessional and blended finance. A growing share of deals use multi-revenue stream structures — bundling commodity production with carbon and biodiversity credits — to attract institutional capital and buffer against market volatility.

COP30 special envoy argues nature investment is critical economic infrastructure to guard against future financial shocks [wef]

Writing for the World Economic Forum, COP30 Special Envoy for the Bioeconomy Marcelo Bicalho Behar argues that biodiversity loss and deforestation are increasing the likelihood of economic shocks that could surpass the 2008 financial crisis, with up to $1 billion in Europe-bound Amazon soy trade at risk annually from deforestation-linked drought. The piece calls on governments to fund the Tropical Forest Forever Facility — launched at COP30 as a global endowment paying developing nations for forest ecological services — which has six months to reach its $10 billion target.

Landseed launches to build a financial market for verified conservation outcomes [agfundernews]

Landseed, a new company cofounded by Holdfast Collective executive director Greg Curtis, conservation biologist Eric Dinerstein, and Alex Roessner, has launched a model using ground sensors to measure ecological outcomes beyond carbon — tracking wildlife presence, soil moisture, water quality, and soil carbon every 10 minutes. The company has raised $500,000 to date, including a $400,000 investment from the Richard King Mellon Foundation, and says it will not own or trade the resulting credits itself, positioning Landseed instead as a verification and data layer. Curtis frames the offering as "a new commodity class, grounded in property law and ecological science," distinct from standard carbon-only credits, with potential buyers including corporates, municipalities, and foundations.

NatureFinance proposes resilience-linked insurance premium subsidies as an adaptation-economy equivalent to solar's feed-in tariffs [naturefinance]

NatureFinance's engagement brief argues that insurance premium subsidies, if tied to measurable adaptation outcomes, could scale climate risk coverage in low- and middle-income countries much as feed-in tariffs once did for solar power. The report estimates agricultural insurance subsidies already cost governments roughly $20 billion annually worldwide, and lays out five design principles — including linking subsidies to verified risk-reduction KPIs and reflecting resilience gains in sovereign credit assessments — using Brazil's and Uganda's rural insurance programs as case studies. The authors caution that subsidies work best alongside, not in place of, other risk-reduction measures.

With $400 billion in assets, Temasek deepens climate adaptation and nature-based investment focus [impactalpha]

Temasek, Singapore's $400 billion state-owned investment fund, detailed S$49 billion ($38 billion) in "sustainable living" investments in its latest sustainability report, one of four structural themes guiding its portfolio. The fund's impact team is prioritizing climate-resilient agriculture, infrastructure, cooling solutions, and water across Asia, Africa, and Latin America. This week Temasek backed Rize, which helps smallholder rice farmers cut water use and methane emissions — part of a broader pattern that includes stakes in Aurora Sustainable Lands (US timberland/carbon credits) and Emerald Technology Ventures' Global Water Fund.

SLM Partners publishes impact report highlighting organic farming investment success and regenerative strategies [family wealth report]

SLM Partners has published its sixth impact report, detailing the successful exit of a pilot organic farmland programme in the US Midwest that yielded a gross IRR of 10.1%. The report emphasizes the potential of long-term lease structures to mitigate financial risks for farmers transitioning to organic practices while offering investors returns that exceeded standard cropland indices.

FASB provides accounting guidance for environmental credits and carbon offsets [bloomberg tax]

The Financial Accounting Standards Board (FASB) has issued new guidance to clarify how companies should recognize and measure environmental credits, including carbon offsets and renewable energy certificates, in their financial statements. This update aims to resolve long-standing ambiguity in US accounting rules regarding environmental credit reporting and disclosures.

Nuveen Natural Capital analyzes farm margin pressures amid high fertilizer prices and muted commodity outlook [agri investor]

Nuveen Natural Capital's global head, Martin Davies, reports that farm margins are currently being squeezed by a combination of high fertilizer costs and stagnant commodity prices. The research highlights potential risks, noting that prolonged conflicts or global food reserve depletion could eventually trigger a delayed, significant price spike in staple commodities.

UNEP FI releases briefing paper on bank contributions for climate development [unepfi]

During the 2026 Financing for Development Forum in New York, UNEP FI launched a briefing paper clarifying the role banks play in sustainable finance. This report provides a framework for evaluating bank contributions to global climate development goals.

Study evaluates role of nature-based carbon credits in corporate climate commitments [sustainability]

A research paper published in Sustainability analyzes how allowing companies to utilize nature-based carbon credits in their voluntary climate commitments can scale global mitigation goals as effectively as expanding corporate climate pledges three-fold. The researchers focus on the strategic integration of forest-based offsets to accelerate short-term sustainability targets, noting its capacity to complement emission reductions across the energy sector.

Vietnam diversifies financing mechanisms for nature conservation [vov]

Vietnam is increasingly diversifying its financial mechanisms to support nature conservation, with trillions of Vietnamese dong (equivalent to several hundred million USD) mobilized annually for forest protection and community livelihood support. This policy effort aims to build a more sustainable economic model for biodiversity conservation.

Emerging Science & Research

Amazon Conservation maps "flying river" pathways, linking Brazilian deforestation to rainfall loss in Peru and Bolivia [amazon conservation]

A new white paper from Amazon Conservation maps the seasonal atmospheric moisture pathways — "flying rivers" — that carry over 70% of annual rainfall from the Atlantic across the Brazilian Amazon to sensitive areas in Peru and Bolivia. The dry season pathway is flagged as highest-risk, threatened by the planned paving of highway BR-319, which could trigger up to 5 million hectares of additional deforestation. The report recommends adding moisture transport as a criterion for conservation funding decisions at vehicles including the Amazon Fund, ARPA, and the Tropical Forests Forever Fund.

HyperCoast open-source geospatial software launches to streamline coastal mapping [hypercoast]

A new open-source Python package and QGIS plugin called HyperCoast has launched to simplify the visualization and processing of hyperspectral remote sensing data in coastal zones. The tool streamlines data access from active spaceborne missions—including NASA’s EMIT and PACE—allowing researchers to extract spectral signatures and model dynamic processes in aquatic environments. The project provides environmental managers with the data pipelines needed for objective coastal ecosystem monitoring.

New machine learning framework maps first global agricultural field boundary dataset [arxiv]

A new pre-print paper presents the first globally consistent agricultural field boundary dataset at 10-meter resolution, mapping 3.17 billion fields across 241 countries. Using a U-Net segmentation model applied to Sentinel-2 satellite imagery, the framework shifts remote-sensing analysis from abstract pixels to the actual physical units where farming decisions occur. This open-source mapping project aims to improve global crop yield forecasting, food security monitoring, and the spatial verification of nature-based agricultural programs.

World Bank's Forest Carbon Partnership Facility supports ecotourism and community livelihoods through emissions reduction agreement in the Dominican Republic [world bank]

A feature from the World Bank highlights how the Dominican Republic's Emission Reductions Payment Agreement with the Forest Carbon Partnership Facility (FCPF) is generating community economic opportunities alongside forest conservation. Under the agreement, the country receives financing for reducing carbon emissions by keeping forests standing, with 30% of those funds directed toward strengthening protected area management and ecotourism infrastructure. Protected areas in the Dominican Republic receive more than 2 million visitors annually, with forests covering roughly 25% of the country's territory and supplying 85% of its water.

SPUN publishes first global maps of arbuscular mycorrhizal fungal network density and biomass [mongabay]

A new study in Science by researchers with the Society for the Protection of Underground Networks (SPUN) has produced the first global density and biomass maps of arbuscular mycorrhizal fungal networks, built from more than 16,000 soil cores across nine biomes and calibrated with robotic imaging of over 300,000 living hyphae. The research estimates these networks move roughly 4 billion tons of CO2 equivalent into soils annually — about 11% of global human-related emissions — with grasslands holding an estimated 40% of total fungal biomass. Croplands showed roughly half the network density of wild ecosystems, and 90% of fungal biodiversity hotspots lie outside protected areas.

Study reveals first-generation REDD+ forest projects over-credited avoided deforestation by nearly eleven times [nature]

A new study published in Nature Communications synthesizes evaluations across 44 first-generation REDD+ projects and finds they claimed an aggregate of 10.7 times more avoided deforestation than justified. This widespread over-crediting was driven by selection bias in project control areas and flawed ex ante modeling. The authors argue that transitioning to independent, ex post certifications against credible counterfactuals is critical to restore market integrity and help close the $216 billion annual forest financing gap.

NVIDIA open-sources Earth-2 AI model stack to democratize global weather forecasting [linkedin]

NVIDIA has open-sourced its Earth-2 suite of weather and climate AI models on GitHub and Hugging Face, shifting professional-grade forecasting capabilities out from behind national laboratory firewalls. The stack incorporates the Atlas model for 15-day global forecasting, StormScope for short-term storm dynamics, and CorrDiff for ultra-fast regional downscaling. By enabling smaller operations to fine-tune and run sophisticated atmospheric models on independent hardware, this release drastically lowers capital entry barriers for commercial climate-tech applications and sovereign risk planners.

10 Newly Added Pipeline Investable Opportunities

Biotrop — Opp. Size $100M

Biotrop develops microbial inputs for large-scale agriculture, focused on soil health and biological nitrogen fixation. The company generates revenue through the sale of bioinsecticides, biofungicides, and inoculants to farmers and cooperatives.

Big Nature Impact Fund — Opp. Size $74M

The Big Nature Impact Fund finances nature-based infrastructure projects, such as woodland creation and peatland restoration across England. The vehicle generates revenue through the sale of verified carbon credits and statutory biodiversity units. It differentiates itself via a landowner partnership model and a thirty million pound first-loss capital structure from Defra to protect private investors.

Entosystem — Opp. Size $58M

Entosystem operates a 100,000-square-foot automated black soldier fly facility that converts agri-food waste into alternative proteins and agricultural inputs. It generates revenue through the sale of insect-based protein meals, entomological oil, and organic frass fertilizers. The firm states its zero-waste circular model reduces greenhouse gas emissions by 85 percent compared to traditional disposal methods.

Aruna — Opp. Size $50M

Aruna operates an e-commerce platform that links Indonesian coastal fishers to international markets while it facilitates marine resource conservation. The entity generates revenue through direct seafood sales, such as traceable crab and tuna, to wholesale buyers. It differentiates itself with a physical network of 150 local hubs and GPS trackers for catch traceability.

BeeHero — Opp. Size $50M

BeeHero provides precision pollination for commercial agriculture through IoT sensors and AI analytics. The entity generates revenue via pollination service fees paid by specialty crop growers. It differentiates itself with dual-layer hardware of in-hive and in-field sensors that process 25 million daily data points to curtail colony collapse, per company reports.

Redefine Meat — Opp. Size $50M

Redefine Meat creates plant-based meat alternatives to lower agricultural greenhouse gas emissions and reduce land use. The Israeli entity generates revenue through wholesale product sales to restaurants and retail supermarket chains.

Ballagro — Opp. Size $40M

Ballagro develops and manufactures microorganism-based biological crop protection and nutritional products for agricultural use. The company generates revenue through the direct sale of biopesticides and biofertilizers, as well as via distribution agreements. It differentiates itself through a specialized focus on fungi-based biosolutions, supported by two proprietary industrial facilities in São Paulo and a commercial partnership with FMC Corporation.

Taranis — Opp. Size $40M

Taranis equips agricultural retailers with drone-captured aerial imagery and artificial intelligence to deliver leaf-level crop threat assessments. The entity generates revenue through annual software subscriptions priced per subscribed acre. It differentiates itself via a 0.3-millimeter per pixel resolution capability, which optimizes field chemical applications and reduces local agricultural runoff.

SeeTree — Opp. Size $35M

SeeTree operates a data platform for orchards and forestry that combines aerial drone surveillance, ground sensors, and artificial intelligence to monitor individual tree health, predict crop yields, and verify carbon offsets. The company generates revenue through software subscriptions and carbon credit verification sales. Founded by former intelligence officers, the enterprise applies military-grade remote sensors to agriculture.

Vitales — Opp. Size $30M

Vitales is a Brazilian agricultural biotechnology firm that pairs biological crop protection products with geospatial soil analysis to improve farm yields. The entity generates revenue through the sale of bio-based pest control formulations and fees for its soil evaluation service. Backed by the UbyAgro Group, the business stands out with spatial data tools that pinpoint bio-agent application areas.

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

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The NbS Monthly Newsletter | May, June, July 2026

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