November 4 - November 8, 2024

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In this Week’s Issue: $3.8 billion across 22 deals in Transition Finance ($2.9 billion), NbS ($254 million), Carbon Removal ($26 million), Hard-to-Abate industries ($510 million), and the Blue Economy ($59 million).

10 Essential Deals and Commitments:

Transition Finance

• California voters approve a $10 billion climate bond measure
• Vattenfall secures a $2.18 billion decarbonization credit facility
• Statera Energy secures $510 million in debt financing
• Jupiter Power closes financing for a $225 million BESS portfolio

Nature-based Solutions

• Global Biodiversity Framework Fund receives $163 million in pledges
• Pymwymic closes $75 million Health Food Systems Impact Fund II

Hard-to-Abate Emissions

• Archer signs a 100 electric aircraft, $500 million purchase deal with Sumitomo
• Prometheus Materials receives $10 million for C02 removal verification in cement

Carbon Removal

• Kruger invests $23.75 million in the Wayagamack carbon capture project
• Artio raises $709,000 to develop insurance products for carbon removal projects

Blue Economy

• Ulysses raises $2 million for seagrass restoration drone development

News Highlights

Policy and Regulation

• An inconclusive COP16 threatens pathways for biodiversity funding
• The Green Climate Fund raises payment rates for REDD+ to $8 per ton
• Incoming Trump admin puts COP29 negotiations into doubt

Climate & NbS Finance

• Nature Finance launches NatureAlign to support financial institutions' alignment with the GBF
• Evercomm and CTBC bank announce a Southeast Asia-focused green finance platform

Emerging Science

• A new Nature article examines natural forest regeneration's global potential
• Mongabay examines the paradoxes of enhanced rock weathering implementation
• Finance for Biodiversity releases a biodiversity-climate nexus report

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Nature-based Solutions ≥ $1M

Commitments and deals

Deals

AgDevCo invests $9.5 million in Agventure to support regenerative agriculture in Kenya [globenewswire]

• AgDevCo has made a $9.5 million mezzanine loan investment in Agventure, a Kenyan farmer-owned business focused on regenerative agricultural practices for non-irrigated cereal systems. The investment will support Agventure’s growth in canola oil production and enhance its platform for supplying certified seeds to farmers. Agventure works with over 700 farmers to promote sustainable farming and supplies a variety of food crops to the local market. This funding aims to help increase food security and reduce reliance on imports.

Campbell Soup and Kind Snacks secure $3.7 million total in funding for regenerative agriculture projects [agriculturedive]

• Campbell Soup Company and Kind Snacks have launched initiatives to promote regenerative agriculture with support from the U.S. Department of Agriculture. Campbell’s received $3.4 million to support sustainable practices among California tomato growers, while Kind will invest over $300,000 in regenerative almond farming. Both projects aim to improve soil health, water use efficiency, and resilience against climate change. These efforts align with the companies’ broader sustainability goals, with Kind targeting 100% regenerative almond sourcing by 2030.

Eatable Adventures invests $2.1 million in seven agri-food startups focusing on sustainability and innovation [foodbev]

• Eatable Adventures has invested €2 million ($2.1 million) in seven agri-food start-ups, expanding its portfolio to 16 companies. The investments, made through its €30 million fund, focus on sustainability, resource efficiency, and social impact, supporting innovations in biotechnology, AI, IoT, and genetics. The start-ups aim to address challenges like waste reduction, supply chain optimization, and sustainable packaging. The seven startups include:

1. Beadroots, a developer of algae-based hydrogels to optimize water use, increasing productivity by 30%.
2. Aflabox, whose technology uses AI and UV light for instant mycotoxin detection in food.
3. Alkelux, a provider of antimicrobial solutions derived from licorice byproducts to reduce food waste and extend shelf life.
4. Asteasier, which derives an affordable, natural astaxanthin from microalgae for nutrition and aquaculture.
5. Nous, which is creating a caffeine alternative with environmental benefits.
6. Vortex, a recycler that turns agricultural waste into high-value ingredients.
7. Mama Science, a biodegradable packaging producer that aims to extend food shelf life by 70%.

• These companies are expected to use these investments to reduce over 10,000 tons of CO2 emissions, cut water usage by 30%, and create around 60 jobs.

Peritus Capital secures term loan for Oberland Agriscience’s sustainable protein production expansion [morning star]

• Peritus Capital has secured an undisclosed term loan for Oberland Agriscience to support its expansion in sustainable protein production. The funding will enable the Halifax-based company to scale operations, including equipment acquisitions and working capital, at its new 108,000-square-foot facility. Oberland Agriscience specializes in producing Black Soldier Fly Larvae (BSFL) for aquaculture, pet food, and agriculture, diverting waste and reducing carbon emissions. The loan will help increase production capacity, aiming for 3,500 tons of dry protein annually.

DBS arranges green loan (at an undisclosed amount) for Singapore's first circular biomass power plant [the asset]

• DBS, in partnership with Rexus Bioenergy, has arranged a green loan, at an undisclosed amount, to finance the construction of Singapore's first circular biomass power plant, the RExus Waste Wood-to-Energy Plant. The 13-megawatt facility will process 100,000 tonnes of plant and wood waste annually and power part of Google’s Singapore data centers under a 10-year supply agreement. The plant will explore carbon capture technology and generate byproducts for agricultural use. Upon completion in 2026, the facility will be certified under the I-REC standard.

Fund Formation

Global Biodiversity Framework Fund raises $163 million in pledges from COP16 [environmental finance] [environmental finance]

• The Global Biodiversity Framework Fund has raised $163 million in pledges at CBD COP16 in Cali, with contributions from Denmark, New Zealand, Norway, and Quebec, increasing total pledges to $396 million. The funds are still a fraction of the $30 billion that the Global Biodiversity Framework calls to be delivered to biodiversity finance by 2030.

Pymwymic closes $76 million for Healthy Food Systems Impact Fund II [siliconcanals]

• Amsterdam-based impact investment firm Pymwymic has closed its Healthy Food Systems Impact Fund II at €71.5M (USD 76 million), exceeding its €70M (USD 74 million) target. The fund, backed by over 250 private investors and seven institutional investors, focuses on early-stage agri-food scale-ups with solutions in sustainable farming, food waste reduction, and regenerative agriculture.

Abrdn and Palladium launch nature regeneration investment partnership in Scotland [environmental finance]

• Abrdn and Palladium Group have launched a program to invest in nature regeneration projects across Scotland, focusing on woodland creation, peatland restoration, and biodiversity enhancement. In collaboration with NatureScot and the Nature Investment Partnership, the projects aim to generate carbon credits for the voluntary market, with potential future revenue from biodiversity credits. Palladium will develop the projects, while Abrdn seeks to attract private capital, mainly from pension funds, targeting a 7-8% return. The UK's National Wealth Fund is expected to invest, pending approval.

Transition Finance ≥ $100M

Commitments and deals

Commitments

EDP buys 44.3 MWp of solar parks in Brazil [renewables now]

• EDP - Energias de Portugal has acquired 44.3 MWp of solar distributed generation parks in Brazil from Grupo Tangipar for BRL 218 million ($37.5M/€35M). The purchase includes 16 projects across Bahia, Mato Grosso, Mato Grosso do Sul, and Paraná, with 5 operational and 11 under construction, set for completion by 2025. The transaction, which is pending approval from local antitrust authorities, supports EDP's target of reaching 500 MWp of installed capacity by 2026.

Deals

Vattenfall opens $2.18 billion credit line to support decarbonization [renewables now]

• Vattenfall AB has secured a €2 billion ($2.18B) revolving credit facility linked to its sustainability performance, replacing its previous credit line from 2020. The new facility's margin is tied to the company's progress in meeting Scope 1 and 2 greenhouse gas emission intensity targets, aligned with its 2030 sustainability goals. The loan, maturing in three years with two one-year extension options, was arranged by a consortium of 15 banks, including Barclays, BNP Paribas, and Rabobank. The proceeds will support Vattenfall's general corporate needs.

Statera Energy secures $510 million debt financing for Thurrock flexible generation project [theenergyst]

• Statera Energy has secured £395 million (USD 510 million) in debt financing for its Thurrock Flexible Generation project, which includes a 300MW battery storage system and a 450MW flexible generation plant. The financing, arranged through a syndicate of global banks including Lloyds, NatWest, Santander, SEB, Siemens Bank, and Natixis, will support both the Thurrock Storage and Thurrock Power projects. Once operational, Thurrock Storage aims to be the UK's largest battery energy storage site, while Thurrock Power will provide critical grid-balancing capacity. The project is expected to begin delivering electricity by 2025.

Voltalia raises $348.2 million in syndicated debt [renewables now]

• Voltalia SA has increased its syndicated bank loan facility to €324 million ($348.2M) from €294 million following a successful syndication. The loan, initially signed in July with nine banks, now includes 11 lenders, with Itau Bank and Standard Bank joining. The facility consists of a €176.4 million revolving credit line and a €147.6 million term loan, both linked to sustainability targets. The funds will be used to redeem convertible bonds due in 2025 and support Voltalia’s renewable energy investments.

Jupiter Power closes a $225 million debt financing deal for BESS portfolio [renewables now]

• Jupiter Power LLC, based in Austin, Texas, has secured a $225 million debt financing package to support the expansion of its energy storage portfolio. The deal, arranged by Barclays Bank, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation, includes up to $175 million in letters of credit and $50 million in revolving loans. Jupiter Power has a 12 GW development pipeline and 2,575 MWh of battery storage systems either operational or under construction, including the 200-MW/200-MWh Crossett and 200-MW/400-MWh Callisto I projects in Texas.

Romania issues $75 million to support PV manufacturing [renewables now]

• The Romanian Energy Ministry has signed contracts to distribute nearly €70 million ($76.3M) in grants for a 1.5-GW solar panel manufacturing plant and five large-scale battery energy storage system (BESS) projects. €32.9 million will support Helomit Srl’s solar panel factory in Barlad, while the remaining funding will go to five battery storage projects, adding almost 800 MWh of capacity. Notable grants include €9.9 million for a 300-MWh project in Ialomita and €10.7 million for a 199.1-MWh project in Caras-Severin. These projects help Romania meet 20% of its energy storage targets.

ZE Energy Raises $57 million to fund European expansion [esg today]

• ZE Energy, a Paris-based developer of hybrid photovoltaic power plants with energy storage, raised €54 million  ($57.8 million) to support its expansion in Europe. With plans to reach 900 MW of PV production and 600 MWh of storage by 2026, the company aims to leverage its combined solar generation and storage model to stabilize energy prices and mitigate market volatility, an approach that has gained attention due to recent fluctuations in solar energy prices. The funding round was led by Amundi Energy Transition and included participation from The Climate Infrastructure Fund and existing investors.

EBRD approves $26.7 million loan to GarantiBBVA Leasing for green investments in Türkiye [yahoo finance]

• The EBRD has approved a €25 million (USD 26.7 million) loan to GarantiBBVA Leasing under the Green Economy Financing Facility (GEFF) Türkiye framework to support sustainable projects in Türkiye. The loan will finance energy efficiency, renewable energy, and climate resilience initiatives, building on prior facilities. It aims to strengthen GarantiBBVA Leasing's green offerings, with a focus on supporting both women-led and men-led businesses. The initiative aligns with EBRD’s goals to promote low-carbon economies and will include technical support and potential grants for project implementation.

Mizuho acquires minority stake of $20 million in Pollination to support decarbonization and nature solutions [esg today]

• Mizuho Bank has acquired a minority equity stake of $20 million in Pollination, a climate and nature solutions firm, forming a strategic partnership to assist Mizuho’s clients with decarbonization initiatives. The partnership will help Pollination expand its reach in key markets and support its investment and decarbonization strategies. Pollination, which works with financial institutions, governments, and companies to implement net zero and nature-positive transitions, will leverage the partnership to enhance its services in sectors like natural capital, biodiversity, and carbon markets.

Fund Formation

4impact raises $73 million for second fund to support digital sustainability startups [carbonherald]

• Dutch venture capital firm 4impact has raised €68 million (USD 73 million) for its second fund (Fund II) to support digital startups advancing sustainability solutions in northwestern Europe. Fund II has already backed six companies, including Carbonfuture, Coolgradient, and Deftpower, focusing on carbon removal, energy optimization, and cleantech. The fund has received backing from investors such as Invest-NL, the European Investment Fund, and Oost NL.

NBI launches three new sustainable investment funds targeting climate, senior loans, and global bonds [wealthprofessional]

• National Bank Investments (NBI) has launched three new funds: the NBI Senior Loan Fund, NBI Global Climate Ambition Fund, and NBI Sustainable Global Bond Fund. These funds, managed by AlphaFixe Capital, Amundi Canada, and Nuveen Asset Management, aim to meet specific investment goals with a focus on sustainability. The Senior Loan Fund targets high income from corporate loans, the Climate Ambition Fund focuses on long-term growth with a reduced carbon footprint, and the Sustainable Global Bond Fund seeks income and growth through sustainable bond investments.

Achmea IM to launch corporate green bond fund by the end of 2024 [environmental finance]

• Achmea Investment Management plans to launch the Achmea IM Euro Corporate Green Bond Fund by the end of 2024, marking its first corporate green bond fund. The fund launch is the first dedicated green bond strategy from Achmea IM since it launched its flagship €1.2 billion (USD 1.28 billion) Achmea IM Euro Green Bond in 2018. The €190 billion (USD 203 billion) asset manager aims to leverage the euro-denominated corporate green bond market’s maturity and diversity, which now includes issuers beyond financials and utilities.

Green Bonds ≥ $100M

Commitments and deals

New Issuances

California passes $10 billion climate bond ballot measure [canary media]

• California's Proposition 4 ballot measure, which would approve a $10 billion bond package focused on climate resilience, mitigation, and adaptation, has passed with 58% approval, marking the largest climate bond approved across the country with other issuances including a $6 billion bond in New York and a $2 billion land and water conservation bond in Minnesota. Earmarked expenditures once the bond is raised include $3.8 billion for water projects, $1.5 billion for wildfire programs, $1.2 billion for coastal resilience, $475 million for offshore wind development, $325 million for transmission grid projects, $50 million for long duration energy storage, and $500 million for reducing heat exposure.

Completed Issuances

R.Power raises $130.6 million in green bonds for solar and storage projects in Poland [pv-tech]

• Polish solar developer R.Power has raised PLN530 million (USD 130.6 million) through green bonds to finance new solar and storage projects in Poland. The funds will refinance existing bonds and support the development of additional capacity. The European Bank for Reconstruction and Development (EBRD) has committed PLN127.8 million (USD 30.1 million) to the project, with R.Power matching the investment in battery storage systems. The five-year bonds will bolster R.Power's 839MW solar capacity and its 29GW project pipeline across six European countries.

Carbon Removal ≥ $1M

Commitments and deals

Commitments

Climeworks in talks with Hong Kong investors to fund $2 - $3 billion carbon capture projects [scmp]

• Climeworks, a Swiss carbon capture company, is in talks with Hong Kong investors to fund large-scale projects valued between $2 - $3 billion. The company, which has developed the world's largest direct air capture plant, is seeking investors with long-term horizons to help expand its operations, including plants in Iceland and Louisiana. Climeworks aims to capture 2 million tonnes of CO2 annually by 2030, with a goal of 1 billion tonnes by 2050.

Deals

Kruger commits $23.75 million to carbon capture project at Wayagamack Mill [carbon herald]

• Kruger Inc. has committed $23.75 million to a carbon capture project at its Wayagamack Mill in Trois-Rivières, in collaboration with Mantel Capture Inc. The project, supported by the Canadian and Quebec governments, will test a new molten borate salt-based carbon capture technology in an industrial setting. If successful, the technology could help Kruger reduce its carbon footprint and move toward carbon neutrality. Full-scale operations are expected to begin in fall 2025.

Dutch startup SeaO₂ raises $2.14 million to advance seawater CO₂ removal technology [eu-startups]

• Dutch startup SeaO₂ has secured over €2 million (USD 2.14 million) to advance its Direct Ocean Capture (DOC) technology, which extracts CO₂ from seawater, returning carbon-free water to enhance the ocean's CO2 absorption. The funding will support SeaO₂'s transition from prototype to pilot plant with an annual capacity of 250 tons of CO2 by the summer of 2025, alongside scaling operations and implementing a Monitoring, Reporting, and Verification (MRV) system. SeaO₂ aims to remove one megaton of CO2 by 2030 and one gigaton by 2045.

Artio secures $709,000 funding to develop insurance solutions for early-stage carbon removal projects [fintech global]

• London-based climate InsurTech startup Artio has raised £550,000 (USD 708,000) in funding, led by Lifetime Ventures with support from SFC Capital. The funding will help Artio develop risk modeling platforms and insurance solutions for early-stage carbon removal projects. These products aim to reduce investment risks, fostering the growth of reliable carbon credit supply to meet climate goals. Artio plans to launch its first offerings in early 2025, in collaboration with Lloyd’s Lab partners.

Hard to Abate Sectors ≥ $1M

Commitments and deals

Commitments

DG Fuels to build $5 billion sustainable jet fuel plant in Moorhead [star tribune]

• DG Fuels announced a $5 billion sustainable aviation fuel (SAF) plant in Moorhead, Minnesota, which will convert agricultural and timber waste into jet fuel. The facility, set to begin production in 2030, is expected to create 650 jobs. This project is part of Minnesota's broader push to increase SAF production and reduce the carbon footprint of air travel.

Deals

Archer signs $500 million electric aviation deal with Sumitomo [esg today] [reuters]

• Archer, an electric aircraft manufacturer, has secured an agreement with Japan Airlines and Sumitomo's joint venture, Soracle, for the purchase of up to 100 electric aircraft valued at $500 million, aiming to launch advanced air mobility (AAM) services in Japan with Archer's zero-emission Midnight eVTOL aircraft. The initiative, which includes plans for a public demonstration at the 2025 World Expo, would include pre-delivery payments based on aircraft delivery milestones and comes at a delicate time for the electric aircraft vehicle industry.

Prometheus Materials is awarded a $10 million grant from the US DOE for cement carbon removal [carbon herald]

• The U.S. Department of Energy (DOE) is allocating $10 million to a collaboration involving the National Renewable Energy Laboratory, Oak Ridge National Laboratory, Lawrence Livermore National Laboratory, and Prometheus Materials to develop methods for measuring, reporting, and verifying CO2 removal in cement and concrete. The project aims to advance carbon removal technologies, improve life-cycle analysis, and enhance data access through interactive tools, ultimately supporting carbon-negative cement processes and market transformation, while engaging disadvantaged communities and contributing to climate solutions.

Blue Economy ≥ $1M

Commitments and deals

Deals

Ulysses raises $2 million for seagrass restoration drones [tech]

• Ulysses Ecosystem Engineering, an Irish startup specializing in autonomous marine drones, raised $2 million in pre-seed funding to scale its technology for large-scale seagrass restoration, aiming to enhance ocean biodiversity and carbon sequestration. The company’s drones, which automate seagrass seed collection and planting, aim to make restoration 10 times cheaper and 100 times faster than traditional diver-led methods.

Research and Knowledge Sharing

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Policy and Regulations

Failure to agree on a financing mechanism threatens the implementation of GBFF [environmental finance]

• While important progress was made on Indigenous representation, digital sequencing of genetic resources, and data governance and biodiversity strategy adoption, the lack of an agreement on how to finance the global biodiversity framework has raised serious questions about the future of global cooperation on biodiversity. After a 24-hour negotiating session failed to yield results, the conference was suspended due to a lack of quorum, and negotiators are unlikely to be able to reconvene for some time, potentially not until CBD COP17 in Armenia. No agreement was reached on tracking GBF targets as well, leaving proponents of the agreement with few means of funding plans or tracking progress globally.

Trump Victory raises questions for COP 29 and US role in climate fight [nature] [trellis]

• Nature has published an analysis of how a 2nd Trump presidency is likely to impact the COP29 climate talks, which have begun in Baku, Azerbaijan. The election is already threatening to derail agreements to scale climate finance for vulnerable countries and with a potential exit from the Paris Agreement also a near-term possibility. This analysis was echoed by Trellis, who pointed to the removal of the SEC corporate disclosure mandate for climate impacts, potential changes to the IRA and a cessation of DOE LPO loans, and a boost in fossil fuel productions, as likely short-term impacts of the election results.

Eiopa proposes higher capital requirements for insurers holding fossil fuel assets [environmental finance]

• The European Insurance and Occupational Pension Authority (Eiopa) has recommended increased capital requirements for European insurers holding fossil fuel assets, citing higher transition risks. The proposal suggests raising capital charges by up to 17% for fossil fuel stocks and 40% for related bonds, aligning requirements with actual risk exposures. The report also calls for enhanced governance and risk management measures in response to sustainability risks, including social risks. Eiopa's recommendations are now under review by the European Commission for potential implementation.

Green Climate Fund adopts new REDD+ results-based payments policy [carbon herald]

• The Green Climate Fund (GCF) has adopted a new policy to integrate REDD+ results-based payments into its standard project cycle, offering more predictable financing for developing countries to reduce deforestation and emissions. The policy raises payment rates to $8 per ton, a 60% increase, and is expected to direct significant funding toward eligible nations from 2024 to 2027. This initiative also supports sustainable forest livelihoods and biodiversity conservation while aligning with the GCF’s existing environmental and social frameworks.

Michigan launches the Michigan Climate Investment Accelerator to drive clean energy funding [kresge]

• The State of Michigan has launched the Michigan Climate Investment Accelerator to attract investment for clean energy projects across the state. The initiative will help community lenders access federal funding from the Greenhouse Gas Reduction Fund (GGRF) and deploy capital for green energy solutions. The Accelerator aims to create jobs, lower energy costs, and support Michigan’s climate goals under the MI Healthy Climate Plan. The initiative includes the Michigan Climate Investment Fund and the Michigan Climate Investment Hub to foster collaboration between state, federal, and private stakeholders.

South Dakota votes down carbon pipeline [carbon herald]

• South Dakota voters failed to approve SB201, which would have authorized a pipeline to transport captured carbon across the state, following its referral to the ballot by opponents of the measure. The law failed to reach the 59% threshold required for passage, though supporters of the pipeline have expressed plans to continue seeking approval.

Finance Research and Updates

Evercomm partners with CTBC Bank to develop an AI-powered Green Finance Platform for low-carbon transition in Southeast Asia [yahoo finance]

• Evercomm and CTBC Bank have formed a strategic partnership to develop an AI-powered Green Finance Management Platform, aimed at supporting Southeast Asian businesses in transitioning to a low-carbon economy. The platform will provide real-time insights to assess and manage the carbon impact of financial portfolios, helping institutions track sustainability targets and align with global net-zero goals. The collaboration also includes tools for GHG inventory reporting, emission reduction planning, and decarbonization strategies, expanding CTBC’s sustainable finance products and supporting businesses' decarbonization efforts.

Nature Finance launches NatureAlign tool to help financial institutions achieve nature-positive outcomes [fintech global]

• NatureFinance has launched NatureAlign, a tool designed to help financial institutions align their portfolios with nature-positive outcomes using the Biodiversity Plan framework. The tool aggregates biodiversity and water scarcity data to assess and improve environmental strategies, helping institutions integrate nature considerations into their financial decision-making. NatureAlign also links to key sustainability frameworks, offering tools to set nature-related targets and reduce environmental impacts. The tool aims to drive progress toward nature-positive economic activities, supporting financial institutions in managing nature risks and opportunities.

Gulfstream completes emissions testing with 100% sustainable aviation fuel on g700 [aviation week]

• Gulfstream Aerospace has completed ground emissions testing of 100% neat sustainable aviation fuel (SAF) with zero sulfur on its G700 aircraft. The testing, conducted at Gulfstream’s Savannah facility with fuel provided by World Energy, showed promising results, including minimal sulfur contamination and a decrease in greenhouse gas production. Gulfstream aims to use these results to guide the industry’s efforts in reducing the climate impact of business aviation. The testing involved partnerships with organizations like the FAA, NASA, and Rolls-Royce.

Emerging Science

Nature article examines the global potential for natural forest regeneration [nature]

• A new article in Nature examines the current global potential for natural regeneration in deforested tropical regions worldwide. The study looks across current pantropical natural forest stocks to estimate primary areas for natural reforestation and found that 215 million hectares have potential for natural forest regeneration, with an above-ground carbon sequestration potential for 23.4 GT C over 30 years.

Deforestation in the Brazilian Amazon and Cerrado continues to fall [ap]

• Deforestation in the Brazilian Amazon continues to fall, dropping 30.6% from 2023, with 6,288 square kilometers being cleared from August 2023 to July 2024. Deforestation in the Cerrado also saw a 25.7% decline, the first in 5 years, though 8,174 square kilometers were still cleared in the savannah.

Enhanced rock weathering shows promise, raises questions [mongabay]

• Recent studies have found Enhanced Rock Weathering (ERW) to be successful at removing carbon from the atmosphere at scale while also supporting soil fertility and crop production on treated fields. A new article in Mongabay analyzes the potential and open questions of ERW technology, along with the difficulties projects face in verifying impact and operating at scale. While research is generally positive on the potential for ERW to provide long-term carbon removal, open questions like heavy metal contamination from Olivine and the actual levels of carbon capture achieved by the projects, suggest that more study is needed before large-scale adoption.

Finance for Biodiversity releases report on biodiversity-climate nexus [finance for biodiversity]

• Finance for Biodiversity has released a new primer on how financial institutions can understand the nexus between biodiversity and climate change, and how their actions on climate and nature can work synergistically to address both crises.

DOE releases CDR primer [carbon herald]

• The US Department of Energy Office of Fossil Energy and Carbon Management has launched a new primer on carbon dioxide removal credits, with a focus on how individuals and organizations can purchase and use CDR credits to achieve climate transition goals.

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