50 Investible Opportunities for a New Nature Economy 2026

CASE STUDY 2 Scalable opportunity example – sustainable cement and concrete blends Sustainable cement and concrete blends substitute all or a percentage of virgin inputs into concrete with waste-derived materials. These blends respond to customer demand and regulatory requirements for circular, more sustainable materials (e.g. EU Waste Framework Directive), while performing similarly or equally to traditional concrete. Nature impact Neutral impact Positive impact Land Ocean Freshwater use Resource use Pollution Co-benefits Climate Social – Sustainable cement and concrete blends reduce pressure on land, raw materials and ecosystems by replacing a portion of virgin clinker or aggregate with alternatives such as industrial byproducts (slag and fly ash) or fines recovered from construction and demolition waste. These alternative inputs reduce the need for new quarrying, while also diverting waste from landfill and decreasing dust, leachate and the risk of soil and groundwater contamination from waste streams.15 If clinker can be replaced, kilns can run less intensively and for shorter durations, which lowers both emissions of greenhouse gas (GHG) and non-GHG air pollutants (including NOx, SO2 and particulate matter) that can affect air quality. Sustainable cement and concrete blends can lower operating expenditure for producers by using inexpensive waste inputs or by reducing clinker content, which reduce kiln fuel and electricity use. However, some blends require additional processing and testing, while gathering waste inputs can create logistical challenges. Sustainable blends often retail at a premium relative to conventional concrete because the latter benefits from economies of scale, established logistics and standardized specifications – but production costs are also coming down over time.High: Sustainable concrete and cement blends are already meeting structural strength and durability requirements, and production is codified in major standards and specifications. Moderate: Many concrete plants can incorporate sustainable inputs into their existing production processes through modest modifications in facilities. Moderate: New waste input supply is widely available. Construction and demolition waste make up one-third of all waste in the EU.16 However, existing building codes and safety/performance standards are largely based on the traditional Portland blend and the process for testing and certifying innovative building materials can be lengthy and varies by region. Enabling policy can build confidence around the benefits and performance of these blends and continue to support demand creation for this new market. Financial institutions have a key role to play in scaling these opportunities up, which typically require demand certainty, a track-record of performance and insurance for residual risks. As a result, suitable financing structures for deployable opportunities typically embed de-risking features within financing mechanisms. Example structures include: –Blended or project financing combined with offtake contracts and performance or credit insurance, which converts expected operating cost savings or revenues into bankable cashflows. –Sustainability-linked loans or bonds, paired with targeted guarantees from a third party to cover some losses or structures with first-loss capital tranches. –Combined equity and debt instruments, with equity financing to support commercial product development (e.g. where technological readiness or market development can be matured) and debt to finance inventory, installations and larger rollout programmes.Financial impact for producers Revenue increase OpEx reduction CapEx reduction –Technological/process maturity Capital intensity Scalability 50 Investible Opportunities for a New Nature Economy 23