Finance Solutions for Nature 2025

35. Climate Bonds Initiative. (2024). Sustainability-Linked Bonds: Building a High-Quality Market. https://www.climatebonds. net/files/documents/publications/Sustainability-Linked-Bonds-Building-a-High-Quality-Market.pdf . 36. Ministry of Economy and Finance of Uruguay. Uruguay’s Sovereign Sustainability-Linked Bond (SSLB). https://sslburuguay.mef.gub.uy/30687/20/areas/uruguays-sovereign-sustainability-linked-bond-sslb.html. 37. Anthropocene Fixed Income Institute (AFII). (2025). Uruguay Sustainability-Linked Bond: market update. https://anthropocenefii.org/downloads/AFII_Uruguay-SLB-market-update.pdf. 38. Inter-American Development Bank (IDB). (2022). Uruguay Issues Global Sustainability-Linked Bond, with IDB Support. https://www.iadb.org/en/news/uruguay-issues-global-sustainability-linked-bond-idb-support . 39. Natura. Natura &Co Integrated Report 2024. (2024). https://api.mziq.com/mzfilemanager/v2/d/67c3b7d4-64ea-4c2f- b380-6596a2ac2fbf/6067074e-ae16-50cf-da41-1dd5a7067e81?origin=1. 40. Luiza de Carvalho, A. (2024). Natura raises R$1.3bn in green bonds. International Valor Business. https://valorinternational.globo.com/business/news/2024/07/10/natura-raises-r13bn-in-green-bonds.ghtml. 41. Ørsted. (2024). Summarized blue bond impacts 2024. https://cdn.orsted.com/-/media/www/docs/corp/com/ sustainability/2025/summarized-blue-bond-impacts-2024.pdf. 42. Ørsted. (2024). Our blue bond is enabling resilient renewable energy projects that contribute to a sustainable ocean economy. https://orsted.com/en/who-we-are/sustainability/biodiversity/blue-bonds. 43. International Capital Markets Association (ICMA). (2024). The Principles announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates. https://www. icmagroup.org/News/news-in-brief/the-principles-announce-guidance-for-green-enabling-projects-and-guidelines-for- sustainability-linked-loan-financing-bonds-sllb-alongside-other-important-updates/. 44. Loan Market Association (LMA). (2018). Green Loan Principles: Supporting environmentally sustainable economic activity. https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/LMA_Green_Loan_Principles_Booklet%20 220318.pdf. 45. Loan Syndications and Trading Association (LSTA). (2025). Sustainability Linked Loan Principles (SLLP). https://www.lsta. org/content/sustainability-linked-loan-principles-sllp/. 46. International Finance Corporation (IFC), World Bank Group. (2023). Biodiversity Finance Reference Guide: Building on the Green Bond Principles and Green Loan Principles. https://www.ifc.org/content/dam/ifc/doc/mgrt/biodiversity-finance- reference-guide.pdf. 47. MSCI. (2025). MSCI Labeled Bond and Loan Assessment Methodology. https://www.msci.com/ documents/1296102/30916262/MSCI%2BLabeled%2BBond%2Band%2BLoan%2BAssessment%2BMethodology.pdf . 48. Exchange rates based on average EUR to USD exchange rates in 2024, which is equivalent to EUR 907 billion. For statistics, see BBVA Corporate & Investment Banking. (2025). Green and Sustainability-Linked Loan. https://www.bbvacib. com/green-and-sustainability-linked-loan-newsletter/. 49. World Economic Forum. (2025). Nature-Positive: Corporate Assessment Guide for Financial Institutions. https://www. weforum.org/publications/nature-positive-corporate-assessment-guide-for-financial-institutions/. 50. Cambridge Institute for Sustainability Leadership (CISL), University of Cambridge. (2025). Building Capacity to Identify and Assess Nature-Related Financial Risks. https://www.cisl.cam.ac.uk/news-and-resources/publications/building-capacity- identify-and-assess-nature-related-financial-risks. 51. Sintropica. (2025). Issue of Green Rural Product Certificate (CPR-Verde). https://sintropica.eco.br/en/services/issue-of- green-rural-product-certificate-cpr-verde/. 52. Ongena, S. et al. (2022). Green versus sustainable loans: The impact on firms’ ESG performance. Centre for Economic Policy Research (CEPR). https://cepr.org/voxeu/columns/green-versus-sustainable-loans-impact-firms-esg-performance. 53. Nordea. (2022). Nordea issues innovative bond to fund sustainability-linked loans. https://www.nordea.com/en/news/ nordea-issues-innovative-bond-to-fund-sustainability-linked-loans/. 54. BBVA. (2022). BBVA creates the ‘water footprint’ loan and launches it worldwide together with Iberdrola. https://www.bbva. com/en/sustainability/bbva-creates-the-water-footprint-loan-and-launches-it-worldwide-together-with-iberdrola/. 55. DBS Bank Ltd. (2025). One Raffles Quay secures landmark SGD 1.13 billion sustainability-linked loan with DBS as anchor lender and sole sustainability coordinator. https://www.dbs.com/newsroom/One_Raffles_Quay_secures_landmark_ SGD_1_13_billion_sustainability_linked_loan_with_DBS_as_anchor_lender_and_sole_sustainability_coordinator . 56. Tornator. (2020). Tornator acquires EUR 350 million in green bank loan funding. https://www.tornator.fi/en/2020/03/12/ tornator-acquires-eur-350-million-in-green-bank-loan-funding/. 57. Law, J. (2024). Tornator refis and extends green bank facilities. GlobalCapital. https://www.globalcapital.com/ article/2dtwh57oria8t5t59z7y8/syndicated-loans/tornator-refis-and-extends-green-bank-facilities. 58. Intrinsic Exchange Group. Why NACs, How NACs work, How NACs Value Nature, Use Cases [Information sheets]. https://www.intrinsicexchange.com/en/home. 59. Depillis, L. (2024). Nature Has Value. Could We Literally Invest in It? The New York Times. https://www.nytimes. com/2024/02/18/business/economy/natural-assets.html. 60. Pollination Group. (2024). State of Voluntary Biodiversity Credits Market. https://pollinationgroup.com/global-perspectives/ state-of-voluntary-biodiversity-credit-markets/. Finance Solutions for Nature: Pathways to Returns and Outcomes 47