Multistakeholder efforts can expand capital access in underserved regions. For example, the Amazonia Bond Issuance Guidelines recently published by the Inter-American Development Bank (IDB) and the World Bank build on ICMA’s standards, adding criteria tailored to conservation, deforestation-free supply chains and local livelihoods in the Amazon.34 Securitization and aggregation could enhance access for smaller initiatives. SLBs often exceed $300 million, making them inaccessible to many nature-positive projects. Standardization of KPIs and structures will be key to enabling scalable bundling.35 To improve the effectiveness of SLBs, stronger design is needed: nearer-term KPI triggers, periodic rate adjustments and layered step-up/step- down structures can better align incentives with nature outcomes. Examples of sustainability-linked bonds and thematic bonds BOX 4 Uruguay: sovereign bond (2022) – $1.5 billion36,37,38 Focus: greenhouse gas (GHG) reduction and native forest expansion Uruguay issued a $1.5 billion SLB linked to national targets on GHG emissions and a 4% increase in native forest cover from a 2012 baseline. The bond included a coupon reduction for surpassing targets. It drew strong investor demand and was 4x oversubscribed. Coordinators included Crédit Agricole CIB, Santander, BNP Paribas and IDB. Natura: SLB (2024) – ~$240 million39,40 Focus: Bio-based ingredients and Amazon bioeconomy Brazilian cosmetics giant Natura issued a ~$240 million SLB tied to its goal of increasing bio-based ingredients from 44 to 49 by 2027. Missed targets trigger a coupon step-up. The issuance aligns with Natura’s broader sustainability vision and attracted investment from IDB and the International Finance Corporation (IFC). Ørsted: blue bond (2023) – €100 million41,42 Focus: Offshore biodiversity protection and marine ecosystem restoration Ørsted issued a five-year €100 million blue bond to fund marine ecosystem restoration near its wind farms – marking the first corporate blue bond. Privately placed and arranged by NatWest Markets, investors included APG Asset Management. Issued under IFC Blue Finance Guidelines, proceeds support reef and seafloor restoration towards Ørsted’s 2030 net-positive biodiversity goal. 17 Finance Solutions for Nature: Pathways to Returns and Outcomes

Finance Solutions for Nature 2025