Your Newsletter at a Glance

Commentary by C4C

The UAE announces a $30 billion climate investment fund for the developing world with aims to catalyze $250 billion by 2030. COP28 starts with more than $655.9M in pledges for the newly established Loss and Damage fund, still far short of a $100 billion target. The Rockefeller foundation announces a Net-Zero emissions target for its foundation by 2050. Bloomberg Philanthropies and Goldman Sachs pool $25 Million in the Climate and Innovation Development Fund. LeapFrog secures commitments for a $500M Asia-Africa climate strategy. Gates foundation and UAE announce $200M in investments in strengthening agriculture.

Policy & regulatory highlights:

• Cop28 centers on improving food systems sustainability and carbon emissions for future climate negotiations.
• The impact of the IRA begins to show on the global cleantech market, as investment shifts to the US.

Climate & NbS Finance:

• Blackrock estimates that financial institutions could enable as much as $4 trillion in financing for climate action globally through shifts in financing rules.
• Kinterra Capital outraises $500 million target by $65 million in efforts to increase production and supply of critical minerals.

Additional research pieces:

• Reuters reports that deforestation across the amazon continues to slow, falling by 55.8% from this period last year.
• Environmental Finance releases a state of global financing for net-zero report for COP28.

Research and Knowledge Sharing

Grow your climate finance expertise

Climate

BlackRock unveils path to unleashing $4T investment in climate [Bloomberg]

• Researchers from the BlackRock Research Institute estimate that a reform of public financial institutions could free up as much as $4 trillion in total in additional investment to help emerging markets tackle the fallout of climate change. The   Institute laid out how it thinks a reform of multilateral development banks (MDBs) such as the World Bank would enable them to make better use of the capital at their disposal. The world’s largest asset manager has identified the global transition to a low-carbon economy as one of five “mega forces sweeping markets and economies.” Read the original report here.

Biden’s climate law drives global shifts in cleantech supply chain [Illuminem]

• The Inflation Reduction Act (IRA), passed by US President Joe Biden, marks a pivotal shift in global industrial policy. With $370bn dedicated to decarbonizing the US economy and developing domestic clean technology supply chains, the IRA has made the US a prime destination for low carbon technology scale ups, causing a tech drain in some countries and leading to tensions with trading partners like the EU and Canada,.

Property Linked Finance has the potential to unlock up to £70B of investment for UK home energy efficiency improvements [GFI]

• The UK Green Finance Institute (GFI)  released a report claiming that introducing Property Linked Finance (PLF) in the UK could enable billions of pounds worth of investment to improve the energy efficiency of the UK’s homes and commercial buildings. PLF, would enable property owners to fund up to 100% of energy efficiency upgrades upfront. The finance is linked to the building's credit, rather than the property owner. This means the payment obligation transfers to the new owner when it is sold. This is analogous to the PACE financing programs in the US.

Colonial rule nearly doubles UK’s historical contribution to climate change [Carbon Brief ]

• A Carbon Brief analysis shows when taking its colonial history fully to account that the UK is responsible for nearly twice as much warming as previously thought – some 5.1% of the global total. This bumps the UK up to fourth place in terms of its historical responsibility for climate change, still behind the US, China and Russia – but now ahead of India, Brazil and Germany. The argument is based on peer-reviewed data science and incorporates the history of global imperialism.

China set to boost dominance in Asia renewable energy, report says [Nikkei]

• China is set to boost its dominance in renewable energy markets across developing Asian countries as coal-fired power projects are shelved and Beijing turns away from financing emissions-heavy investment abroad, a new report says.

Bloomberg integrates United Nations framework to assess potential company impact on Sustainable Development Goals [Cision]

• Bloomberg announced the launch of a first-of-its-kind tool that investors can use to assess the potential impact of a company's business on any of the United Nations' 17 Sustainable Development Goals (SDGs). To meet the increasing investor demand for objective SDG-related data, Bloomberg has integrated the UN Environmental Programme Finance Initiative (UNEP FI) Sector Impact Map, developed as part of its suite of resources based on its unique holistic impact methodology, into Bloomberg's ESG data offerings. The resource maps more than 500 sectoral activities to 38 impact topics and the SDGs, distinguishing between positive and negative impact a company may have on the environment, people, and economic development.

Environmental Finance publishes its first COP-focused special report on financing Net Zero [Environmental Finance]

• Environmental Finance's first COP-focused special report covers the latest developments in transition finance and net-zero investment opportunities. It features in-depth analysis from Environmental Finance's editorial team on the major themes surrounding transition, evolving taxonomies, green bonds, regulation, and voluntary carbon markets. Expert insights are provided from S&P Global Ratings on their newly integrated Shades of Green methodology from CICERO, analysis from Barclays on the urgent need to scale the financing of climate technologies, and a call for action from Climate Advisors for investors to capitalize on the opportunities in nature-based solutions and climate-smart tech opportunities in Brazil.

Biden Administration announces rule to cut millions of tons of methane emissions [NY Times]

• The measure requires oil and gas producers to detect and fix leaks of the potent greenhouse gas and was the centerpiece of administration announcement at COP28.  (This has been in the works for years, and faces stiff opposition from oil and gas producers and distributors.)

Nature-based Solutions

World Bank carbon credits to boost international carbon markets [World Bank]

• In an effort that could bolster the flagging VCM and conservation linked carbon, The World Bank’s Forest Carbon Partnership Facility (FCPF) announced ambitious plans to promote growth of high-integrity global carbon markets, with 15 countries set to earn income from the sale of  credits generated from preserving their forests. The 15 countries—Chile, Costa Rica, Cote d’Ivoire, Democratic Republic of Congo, Dominican Republic, Fiji, Ghana, Guatemala, Indonesia, Lao PDR, Madagascar, Mozambique, Nepal, Republic of Congo, and Vietnam.  All are part of the FCPF which has supported pilot programs since 2018 to establish efficient systems for carbon-crediting initiatives.

COP28: Boosting climate resilience of food and agriculture to be focal point at UN climate talks [Carbon Pulse]

• Greater focus will be given to food and agriculture this year at COP28 in Dubai, as the links between food production and climate change become increasingly apparent, with a day dedicated to the topic and a concerted push to get governments to align agricultural policies with their emissions pledges.

EU nature restoration law hurdles opposition to give ‘ray of hope’ [Carbon Pulse]

• The provisional EU nature restoration bill has overcome opposition from agriculture lobbyists, lending a “ray of hope” to the bloc’s environmental future, following approval from the European Parliament’s environment committee (ENVI). ENVI voted in favor of the law by 53 votes against 28, with four abstentions, propelling it to the final stage of Parliamentary endorsement around Feb. 26-29. Learn more about the new law here.

COP28: Initiative launches in bid to bring Indigenous knowledge to the heart of global biodiversity planning [Carbon Pulse]

• A new initiative has launched on the sidelines of COP28 in Dubai that will seek to combine Indigenous knowledge and mapping technology to help governments in their efforts to protect 30% of their terrestrial and marine areas by 2030. Conservation group IUCN, the Indigenous Information Network (IIFB), and technology firm Esri have banded together to set up Act30, and are now calling on governments worldwide to join the initiative. The partners will combine the IUCN Green List Standard, traditional knowledge, and Esri’s geographic mapping tools to identify high-impact, ecologically representative locations suitable for protection so nations can make sure their conservation efforts to meet their Global Biodiversity Framework (GBF) targets are effective.

Amazon rainforest destruction slows sharply across multiple countries year to date, report says [Reuters]

• Brazil has proposed a new $250 billion mechanism for conserving the world’s tropical rainforests. The “Tropical Forests Forever” fund, sourced from governments and the private sector, would disburse money to tropical countries that achieve set thresholds for limiting deforestation. The proposal, conceptually similar to past initiatives, emerges amid a growing interest in nature-based solutions for addressing climate change and other environmental challenges.

The Deforestation Action Tracker 2023: An essential stocktake of finance sector action on deforestation [Global Canopy]

• Global Canopy’s Deforestation Action Tracker monitors financial institutions with significant climate commitments including those in Race to Zero and Glasgow Financial Alliance for Net Zero (GFANZ), to track their action on deforestation, conversion and associated human rights abuses. Among other findings, the report claims 75% of financial institutions have no deforestation policy.

Natural capital: UK’s ecosystems valued at £1.5trn [Edie]

• UK's Office for National Statistics (ONS) revealed in a new report that the total asset value of ecosystem services in the UK stands at £1.5trn, with nature contributing more than £45bn to the economy each year.

AI's contribution to eco initiatives [Tech EU]

• Artificial Intelligence (AI) has evolved into a global force, reshaping everything from healthcare diagnostics to predictive analytics in finances. Nevertheless, we rarely hear about the advantages of using AI in ecological initiatives - learn more about how the technology is addressing challenges around biodiversity monitoring, ecological predictions, and optimizing agriculture.

Study warns against overreliance on IUCN Red List in conservation policies, funding [Carbon Pulse]

• The IUCN Red List of Threatened Species is incomplete, partially outdated, and has several other limitations suggesting it should not play the critical role it does in determining conservation policy-making and funding for governments, NGOs, and philanthropists, a new study has claimed. Check out the full pre-print here.

Dubai firm’s Africa ambitions raises carbon colonialism concerns [Bloomberg]

• While a new UN market for the international trading of carbon credits begins to take shape, Blue Carbon, a firm backed by an Emirati royal family, has been on the hunt. This summer, it sought to gain rights to 10% of Liberia’s landmass to generate carbon credits, and it’s been discussing similar deals with several countries across the continent, including Zimbabwe, Zambia and Tanzania. The Liberia deal and the prospect of others like it are giving rise to concerns of “carbon colonialism” – whereby foreign entities gain control over forest land on the continent to offset the emissions from rich, polluting countries, with very little benefit to local communities. Experts say governments must carefully weigh benefits.

Technologies to decarbonise the agri-food sector in Asia identified in 2023 Asia Food Challenge Report [Cision]

• PwC, Rabobank, Temasek and Terrascope have launched the third edition of the biennial Asia Food Challenge Report , focused on the opportunity to decarbonise the agri-food value chain in Asia. In total, Asia is responsible for 42% of all global emissions from agri-food, in a region with only 35% of the world's arable land. The good news – there are readily available technologies and practices to address this. We quantified the impact of more than 20 of the most suitable technologies, which have the potential to reduce CO2e emissions from agri-food in Asia by 12% (840 Mt CO2e) by 2030. This is the equivalent of all CO2e emissions from global aviation in 2022. Read the full report here.

Indigenous Peoples-led nature credit framework launched by Pollination arm [Carbon Pulse]

• Indigenous Peoples-led nature credit framework launched by Pollination arm. The framework provides the pillars of activity seen as needed to deploy a just nature credit market that supports the agency of IPLCs, said the non-profit arm of investment and advisory firm Pollination. The report follows three years of research by the foundation in collaboration with Ampliseed network, which includes IPLC organizations such as the Australian Indigenous Desert Alliance. Read the original report here.

Top development banks to launch debt-for-nature swap 'task force' [Reuters]

• The world's top multilateral development banks are set to launch a global "task force" at the COP28 climate summit in the coming days to scale up the number and size of 'debt-for-nature' swaps that countries can do. The task force creation is the most significant step so far in showing that the global club of multilateral lenders, which between them have trillions of dollars worth of firepower, will significantly ramp up their support for these deals. It will initially be chaired by the Inter-American Development Bank (IDB) and the U.S. International Development Finance Corporation (DFC).

Chocolate prices are rising everywhere as cocoa rots in West Africa [Bloomberg]

• Punishing rains and the relentless creep of black pod disease push futures to their highest since the 1970s.

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Climate Finance ≥ $100M

Commitments

COP28: US Energy Transition Accelerator to launch in April, mobilize up to $207B in carbon finance by 2035 [Carbon Pulse]

• The US-led Energy Transition Accelerator (ETA) jurisdictional carbon crediting mechanism to phase out coal globally will launch next April as an operational framework. Initial pilot countries were also revealed.

German utility RWE boosts green investments to €55B ($59.9B) [Emerging Technology News]

• German utility RWE has increased its capital expenditure on green projects and now says it will invest €55 billion across renewable energy, batteries, flexible generation and hydrogen projects worldwide by 2030. The company updated its "Growing Green" investment program, which was launched two years ago. The new strategy was presented at the company's Capital Markets Day in London. RWE, which aims to become a net zero emitter by 2040, said it had already invested €20 billion net since 2021 and would look to accelerate income from decarbonization operations.

UAE president announces $30B fund to bridge climate finance gap [Reuters]

• United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion to climate strategies and $5 billion to incentivize investment flows into the Global South. In collaboration with global asset managers BlackRock, Brookfield, and TPG, ALTÉRRA has committed $6.5 billion to climate-dedicated funds for global investments.

The Rockefeller Foundation targets net zero for its $6B endowment [Cision]

• The Rockefeller Foundation announced that it will target net-zero greenhouse gas (GHG) emissions for its endowment by 2050, making it the largest private U.S. foundation to date to pursue a net zero endowment. In addition to reducing net GHG emissions in its approximately USD 6 billion endowment, The Rockefeller Foundation aims to contribute to the global decarbonization effort, accelerating the work needed to meet the goals of the 2015 Paris Agreement. Along with regular reporting of progress, The Rockefeller Foundation will also convene investors, peers, and experts to advance broader collaboration towards net zero, with the first event to take place in early 2024.

NDRC Green Climate Fund pledge tracker: $3.2B committed at COP28 [NRDC]

• To help assess the state of play on the Green Climate Fund’s second replenishment, NRDC is tracking the pledges and will provide updates as new announcements come in throughout the year. So far, $3.2B has been committed at COP28 by 5 countries: Portugal ($4.3M), Switzerland ($148.0M), Estonia ($1.1M), Italy ($324.1M), and USA ($3B).

GCL SI receives approval for its RMB4.8B ($678.7M) private placement from Shenzhen Stock Exchange [Cision]

• GCL System Integration Technology Co., Ltd. plans to issue a maximum of 1,755,094,928 shares to specific investors (<30% of total share capital) on the Shenzhen Stock Exchange. Net proceeds of RMB 3.4 billion will be allocated to support the 20GW (10GW in the second phase) high-efficiency solar cell project in Wuhu, Anhui province.

NRDC's COP28 climate fund pledge tracker shows $655.9M pledged to address loss and damages in developing nations, $31.8M to the Adaptation fund ($687.7M) [NRDC]

• Governments formally established the fund the developing nation loss and damage fund on the first day of COP28. Following its adoption, a number of governments immediately stepped forward to make pledges to the new fund, currently totalling $655.9M. The newly launched fund has not yet announced a specific target amount that it is aiming to raise, however it is estimated that developing nations must commit $100B annually to address inequities in climate finance. In addition, $31.8M has so far been pledged to the Adaptation fund by Denmark and Switzerland.

LeapFrog secures commitments from Temasek, EIB for $500M Asia-Africa climate strategy [Dealstreet Asia]

• Global impact fund manager LeapFrog Investments has secured commitments from Singapore state investor Temasek and the European Investment Bank (EIB) for its $500 million climate strategy targeting Asia and Africa.

BP to become 100% owner of solar developer Lightsource bp ($332M) [Renewables Now]

• British oil and gas giant BP Plc (LON:BP) has agreed to buy the 50.03% stake it does not already own in UK-based global solar developer Lightsource bp. BP will acquire the 50.03% interest from Lightsource bp’ founders, management and staff at a base equity value of GBP 254 million (USD 322m/EUR 294m). Further payments could be made over time, dependent on company performance and the market value of pre-agreed divestments. The deal is expected to close in the middle of 2024.

KKR veteran Sanjay Nayar backs climate fund seeking to raise $250M [Dealstreet Asia]

• Sanjay Nayar, co-founder of Sorin Investments and former CEO of KKR India, is backing a venture capital firm seeking to raise as much as $250 million to invest in climate tech startups. According to Nikkei Asia, Nayar is now focusing on investments in the venture capital world.

The launch of Dutch Future Fund II offers a €200M ($217.9M) boost for Dutch startups and scaleups [Tech EU]

• Invest-NL and the European Investment Fund (EIF) announced the launch of Dutch Future Fund II (DFF II). This investment agreement, building on the success of its predecessor, Dutch Future Fund I, allocates a minimum of €200 million in capital to Dutch venture capital funds. DFF II specifically aims to enhance the investment environment for Dutch startups and scale-ups in sectors such as energy transition, deep tech, circular economy, and agrifood.

STANLIB to invest in South Africa energy transition via new fund ($162M) [Renewables Now]

• South African investment firm STANLIB is launching a new fund that will seek to support the energy transition in South Africa by providing financing for renewable and decentralized energy, green hydrogen infrastructure and sustainable transportation among others. The STANLIB Khanyisa Energy Transition Fund is backed by ZAR 3 billion (USD 162m/EUR 147m) of renewable energy independent power producer programme (REIPPP) assets seeded from Standard Bank and Liberty Group Limited. It is expected to grow into a USD-1-billion (EUR 910m) fund over time.

Deals

SB Energy closes financing for 1.3 GW of US solar with IRA adders ($2.4B) [Renewables Now]

• SB Energy Global LLC said it has secured USD 2.4 billion (EUR 2.2bn) in funding in first of kind deals to support a 1.3-GW portfolio of solar projects that use adders in the US Inflation Reduction Act (IRA) for domestic content and energy communities. The portfolio includes four projects that are all located in energy communities affected by recent coal closures or fossil fuel retirements. The four projects, Orion I, Eiffel, Orion II and Orion III, will sell about 75% of their output to Google for powering the technology group's growing data center operations in Texas.

Acciona Energia secures €750M ($816.9M) green loan [Renewables Now]

• Spanish renewables pure-player Acciona Energia (BME:ANE) has successfully arranged a EUR-750-million (USD 817.5m) green financing loan to support its renewable energy projects, one its banks has announced. CaixaBank SA said that it served as the sustainability coordinator for the loan, which Acciona Energia signed with nearly 30 Spanish and international financial institutions.

Bloomberg Philanthropies and Goldman Sachs catalyze ~$500M of investment in the clean energy transition in South and Southeast Asia via allocation of $25M [Bloomberg Philanthropies]

• Bloomberg Philanthropies and Goldman Sachs announced that the Climate Innovation and Development Fund (CIDF) has completed allocating its $25 million in philanthropic concessional capital to help advance sustainable low-carbon economic development in South and Southeast Asia. Launched in 2021 and managed by the Asian Development Bank, the CIDF unlocked approximately $500 million in private-sector and government investments in climate solutions to help accelerate the transition to net zero emissions.

Atlas renewable energy receives loan from BNDES for Latin America's largest solar PPA ($447.8M) [Cision]

• Atlas Renewable Energy, an international developer and independent power producer active in Latin America, secured a $447.8 million (equivalent to R$2,18 billion) loan from the Brazilian development bank (BNDES) to build the Vista Alegre Solar Plant. With an installed capacity of 902 MWp, equivalent to 768 MWac, the plant will produce an average of 200 MW or 2TWh annually, preventing 2.4 million tons of CO2 during its 20-year operation – equivalent to producing enough power to supply over 3 million people.

Primergy secures $300m debt and tax equity investment for Prairie Mist Solar Project [Businesswire]

• Primergy Solar LLC ('Primergy'), a leading developer, owner, and operator of utility-scale solar and storage projects, announced that it closed commitments for $300 million in debt finance and tax equity investment for the 100 MWac Prairie Mist Solar Project in Ashley County, Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility. The debt facilities are led by a syndicate comprising of Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank, and SMBC. The Prairie Mist financing also includes a tax equity investment led by an affiliate of The PNC Financial Services Group, Inc.

Spain awards €150M ($163.4M) in subsidies in green H2 tender [Renewables Now]

• The Spanish ministry for the ecological transition announced that it has awarded EUR 150 million (USD 163.4m) in state aid to incentivise green hydrogen production and consumption in industrial settings in Spain. The funds will be distributed to 12 projects selected under the ministry’s second pioneering H2 programme (H2 Pioneros), a competitive procedure aimed at gathering green hydrogen proposals for the hard-to-decarbonise industries.

MCE receives $158M grant to help fund low-cost all-electric upgrades for power customers

[North Bay Business Journal]

• San Rafael-based MCE (Marin Clean Energy) received a $158 million grant from the California Public Utilities Commission this fall that will help fund low- and no-cost all-electric upgrades to more than 3,600 low-and middle-income households. MCE officially engaged is first utility-scale, solar-plus-storage project in October by purchasing power from the Clearway’s Daggett 3 energy hybrid facility in San Bernardino County. With its multiple energy partners, it began operating in August as one of the largest hybrid power facilities in the U.S. and the biggest in California.

ZeroAvia announces completion of $116M Series C funding round [Cision]

• ZeroAvia announced that it has completed its Series C funding round at a total of $116m. The UK Infrastructure Bank joins the round as a cornerstone-level investor alongside co-leads Airbus, Barclays Sustainable Impact Capital and NEOM Investment Fund (NIF) as announced in September, with the Series C round set to accelerate the company's journey to certification of its first engines and advance R&D that will scale the hydrogen-electric engine technology for larger aircraft.

PE consortium invests growth capital into Mylight150 ($108.9M) [Real Deals]

• Eiffel Investment, Andera Partners and Azora Capital have co-led a €100m growth capital investment round in Mylight150. Founded in February 2014 and headquartered in Lyon, Mylight150 designs and distributes cleantech products and services, including solar panels and virtual electricity storage.

New investment firm aims to scale up urgently needed battery materials ($565M) [Canary Media]

• Kinterra Capital has raised a $565 million private equity fund dedicated to investing in new mines and processing plants to supply battery and EV factories.

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Nature-based Solutions ≥ $1M

Commitments

Brazil proposes $250B “Tropical Forests Forever” fund for rainforests [Mongabay]

• The proposal is for a mechanism to capture resources from sovereign wealth funds and transfer them to countries as remuneration for the conservation and recovery of vegetation. What was shown was a conceptual proposal for a global financial instrument, initially funded by resources from sovereign wealth funds, to remunerate the approximately 80 countries that work to protect their tropical forests. The government's ambition is to raise US$250 billion. Sovereign funds manage US$12 trillion, and the 13 largest belong to just eight countries.

IDB Group aims to triple climate financing over next decade ($150B) [IDB]

• The Inter-American Development Bank Group (IDB Group) is planning to triple direct and mobilized climate financing for Latin America and the Caribbean to $150 billion over the next decade with the support of its member countries, including through the anticipated recapitalization of its private-sector arm, IDB Invest. By reaching this goal, the IDB Group would become one of the first multilateral development banks to fulfill the G20’s recommendation that they triple climate financing.

N4C COP28 Daily Brief Day 4: On-the-ground news team uncovers $8.9B in commitments to NbS [N4C]

• Eleven deals for NbS arrive from several regions, with most activity focusing around African forest conservation, however $250M from ORCA goes towards the blue economy, with agriculture solutions also mentioned in some deals. Keep up with COP28 in real-time and register for N4C's daily newsletter brief here.

$200M commitment to innovation for small holder farmer climate adaptation in sub-Saharan Africa and South Asia from Gates Fdn and UAE [Bill and Melinda Gates Foundation]

• The Bill & Melinda Gates Foundation joined the United Arab Emirates (UAE) to accelerate the development of innovations that will help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adapt to climate change. Together, they made new commitments totaling US$200 million in response to immediate and long-term threats to food security and nutrition caused by climate change.

Bezos Earth Fund announces $57m for the future of food, supporting bold action for food systems transformation as part of $1b commitment [Cision]

• The Bezos Earth Fund called for a greater focus and commitment to transforming our food systems as countries signed a declaration announced at COP28 to better integrate food into their climate goals. The Earth Fund announced $57 million in food-related grants to tackle the dual threats of climate change and biodiversity loss, as part of its $1 billion commitment to tackling the food system's impact on climate and nature. It will allocate the remaining $850 million by 2030 to support ambitious implementation of the emerging global agenda on food systems and climate.

UK pushes ahead with mandatory biodiversity net gain law, announced £15.8M ($20.1M) for conservation [Carbon Pulse]

• The UK government will lay biodiversity net gain (BNG) before parliament on 30 Nov. in a step towards making the law mandatory, it announced among a raft of nature-related pledges. The government announced a package of other nature commitments including £15 million to support protected areas, £2.5 mln to help children experience the green outdoors, and £750,000 to recover England’s temperate rainforests.

Deals

Countries commit $890M to accelerate agricultural innovation and address climate and food crises [CGIAR]

• CGIAR, the world’s largest publicly-funded agricultural research network, has secured more than USD 890 million to accelerate progress against the ongoing global food and climate crises. With this funding, CGIAR will expand its work supporting smallholder farmers in low- and middle-income countries to shape more resilient, sustainable, and equitable food systems, reduce emissions from farming, and boost access to nutritious, healthy diets.

NFWF and NOAA announce $144M in grants to support coastal resilience projects [NFWF]

• The National Fish and Wildlife Foundation (NFWF) and NOAA announced $144 million in new grants to support natural infrastructure projects in 31 coastal states and U.S. territories. These grants will support design and implementation of projects to enhance the resilience of coastal communities and improve habitat for fish and wildlife across the U.S. The 109 grants announced will generate more than $97 million in matching contributions for a total conservation impact of $242 million.

Costa rica and ghana agree landmark deals to supply forest carbon credits to LEAF Coalition buyers [Emergent]

• Costa Rica and Ghana have become the first forest governments to finalize Emissions Reductions Purchase Agreements (ERPAs) with Emergent to supply high-integrity jurisdictional REDD+ emissions reductions and removals credits to LEAF Coalition buyers. These landmark agreements, potentially worth over $60 million in total for credits from 2017 to 2019, are the first globally to involve funds from multiple corporate buyers alongside the public sector. At least ten corporate buyers from the LEAF Coalition including Bayer, Capgemini, McKinsey, PwC and Walmart Foundation will purchase credits from the governments of Ghana or Costa Rica.

Plant-based milk maker Ripple Foods raises $49M on back of ‘explosive growth’ in kids’ products [AgFunder News]

• Pea milk maker Ripple Foods has raised $49 million in a new round, taking its cumulative funding to more than $274 million. According to a SEC filing, Berkeley, California-based Ripple Foods has raised $49.2 million from a total offering of $55.4 million via a combination of equity, debt, and securities that can be obtained in the future through the exercise of an option or warrant.

Amazon invests R$90M ($18.4M) to generate carbon credits in the Amazon [Reset]

• E-commerce giant Amazon signed a contract with startup Belterra to generate carbon credits by restoring the Amazon rainforest, while benefiting small farmers in the region. The company's investment starts at R$90 million, but can be multiplied many times over, depending on the success of the venture. In addition to investing in the project, Amazon also has the option of converting a small equity stake in the Brazilian startup in the coming years. Belterra was one of the many companies that presented at C4C's recent roadshow event on November 14th.

Salesforce Ventures and Female Founders Fund back Kenyan climate-tech Amini in $4M seed round [Tech Crunch]

• Amini, a Kenya-based climate-tech startup bridging the environmental data gap in Africa, has raised $4 million in a seed funding round led by Salesforce Ventures and the Female Founders Fund. Climate-tech VC Satgana also participated, alongside other investors, including Pale Blue Dot and Superorganism, which had previously backed the startup in its $2 million pre-seed round earlier this year. Amini mainly pulls data from satellites and integrates it with other datasets to develop a platform that enables the creation of real-time monitoring tools and ML models to support insights into diverse actions, such as flood detection, biodiversity monitoring, and agriculture input practices.