Impact Palm oil is the largest vegetable oil market in the world and is one of the main causes of deforestation of tropical forests. INOCAS has identified an opportunity for the production of oils from the macaúba plant to provide a sustainable, impactful alternative to palm oil farming. They’re on a mission to prove the scalable potential of this market: – Reduce pressure on existing forests and other important ecosystem hotspots – Use land to act as an effective carbon sink – Integrate cultivation with livestock farming to maximize land use The company establishes partnerships with family farmers to plant macaúba in systems combined with pastures and crops, seeking to diversify production in a sustainable manner. INOCAS provides technical assistance, investments and assumes costs related to planting, while farmers contribute land and labor. At harvest, the division of the fruits is shared between the company and the producer. It offers complementarity to Brazilian cattle grazing, with research showing that grass in pasture can grow better in the light shade of the palm – benefiting both INOCAS and local cattle farmers. After harvest, INOCAS makes full use of macaúba fruits, producing pulp and almond oils, cakes used in animal feed, endocarp granules and carbon credits generated by planting. As of 1H24, INOCAS’ projects have sequestered 76,703 tons of CO 2e and planted 3,031 hectares – around half the size of Manhattan – of macaúba. The projects have positively impacted 301 smallholder farmers, increasing income and diversifying production. Growth trajectory The project is starting to attract investors, receiving a follow-on investment of R10m (~USD$1.8m) in June 2024 from the Fundo de Biodiversidade da Amazônia (ABF), a blended finance vehicle managed by the UK consultancy Impact Earth. In partnership with the 20x20 Initiative , World Resources Institute (WRI), Instituto Agronômico de Campinas (IAC), Universidade Federal de Viçosa (UFV), Althelia and Natura , the company is carrying out new prospecting to identify the best regions and strategies aimed at expanding the project to 30,000 hectares by 2030. The partnership with Natura demonstrates the potential use of macaúba in cosmetics. See sources and learn more at INOCAS website, Capital for Climate investment page , Climate Ventures and CIF report on sustainable macaúba-based silvopastoral systems. Case examples: Nature finance in action in Brazil Numbers and trends tell only part of the story. INOCAS Scaling a sustainable, impactful alternative to palm oil Case study On the ground, new project investments and partnerships are demonstrating tangible success, showcasing the ability to generate both economic growth and meaningful returns while: – Improving farming practices – Mitigating climate change – Halting biodiversity loss, protecting forests and restoring degraded land – Enhancing climate adaptation and resilience – Facilitating a just transition – Empowering indigenous peoples Below are a handful of examples showcasing some of the promising investable Nature-based Solutions in the market today, and the innovative financing mechanisms driving them. The volume and value of NbS projects and deals are increasing, so while each project remains relatively small as the market continues to evolve, their growth potential is evident. Together, these examples offer a snapshot of what is possible and highlight the opportunity ahead. Scaling nature finance now 23 22References 03 Unlocking the next phase of growth in Brazil and beyond Foreword 02 The Brazilian market – accelerating nowExecutive summary01 The opportunity and the imperative

Scaling nature finance now The opportunity for investors in Brazil and beyond