50 Investible Opportunities for a New Nature Economy Supplementary Appendix 2026

66 Battery recycling is the process of recovering valuable materials from end - of - life batteries, such as lithium - ion, cobalt, manganese, copper, and aluminium – Reduced resource eed : Recycling batteries recovers valuable materials like lithium, cobalt, and nickel, reducing the demand for primary resource extraction and land use from mining activities. – Reduced pollution: Recycling prevents hazardous materials (e.g. lead, mercury and cadmium) from entering landfills Archetype Ecosystem Nature impact Transformative impact Suitability of financing and de - risking instruments Technological / process maturity Capital intensity Scalability Bonds Loans Equity Other De - risking Commercial bonds Thematic bonds Sustainability - linked bonds Impact bonds Commercial loans Thematic loans / project finance Sustainability - linked loans Impact loans Commercial equity Private equity Venture capital Impact equity Blended finance Insurance Advanced market commitments Legend: Low High Low suitability High suitability Payments for ecosystem services Land ecosystem Ocean ecosystem Freshwater use Resource use Pollution Co - benefits Climate Social ✓ ✓ – Lack of end - of - life batteries to recycle currently limits scalability – Technological improvements : Some technologies (e.g. pyrometallurgy and hydrometallurgy) are commercially available but ongoing R&D is yielding new methods for recovering valuable metals. – Financing suitability characteristics: High capital expenditure and moderate scalability makes it attractive for project finance, and sustainability - linked loans. Both equity and debt instruments suitable, depending on specific company size, but both well - established and early - stage companies are active in the area. Venture capital is also suitable for early - stage companies active across all value chain steps. Sustainability - linked and thematic instruments suitable as sustainability targets can be monitored (e.g. meeting thresholds on metals recovery rates). – Nascent but rapidly growing market : New revenue opportunities from recyclers and established battery and auto manufacturers – Significant capital investment in specialized technologies and facilities is required Negative impact Positive impact Financing target Innovators Chemicals, Plastics & Pharma Construction Materials Energy Mining Technology Transportation & Logistics Cross - sectoral Automotive Fashion & Textiles Leisure Waste Management Metals & Steel Agri, Food & Forestry Conditions Limited behavioural “rebound effects” in consumption Financial impact Revenue increase✓ Opex reduction – Capex reduction – Battery recycling FINANCING THE NATURE - POSITIVE TRANSITION