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

ContentsForeword Executive summary04. 06. References 38.08.01 The opportunity and the imperative 16.02 The Brazilian market – accelerating now 30.03 Unlocking the next phase of growth in Brazil and beyond Acknowledgments This document was prepared by the The Climate Champions Team, Capital for Climate, Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) and Brunswick Group. The authors would like to thank Deloitte for sharing initial results from their forthcoming NbS Risk Capital Value Chain Report. We would also like to thank the following organizations for their partnership and invaluable input into the development of the report: Ambition Loop, Climate Policy Initiative, FAMA Capital, GFANZ, Groundswell, Institute for Climate and Society, JGP Asset Management, Nature4Climate, NatureFinance, Sustainable Investment Management, UNEP, onepoint5. And the following individuals who are quoted in the report: Daniel Brandão (Partner and Nature-based Solutions Director at Vox Capital); José Pugas (Partner & Head of ESG at JGP, Marcello Brito, Executive Secretary, Amazon States Consortium); Marina Procknor (Partner, Mattos Filho); Joaquim Levy (Chair GFANZ Brazil); Patricia Espinosa (CEO and Founding Partner of onepoint5, former Executive Secretary of the UNFCCC and Chair of GFANZ Latin America); Pedro Moura Costa (Founder and CEO at Sustainable Investment Management); Tiago Gomes (Partner at Fama re.capital); Valéria Paye (Executive Director of the Podáali Fund). The development of the report was funded by the Gordon and Betty Moore Foundation. Disclaimer The document does not contain legal, accounting, investment, or tax advice of any kind. The reader is responsible for obtaining independent advice concerning these matters. This advice may affect the messages in this document. Further, no undertaking has been made to update these materials after the date hereof, notwithstanding that such information may become outdated or inaccurate. The materials have been collected with diligence and consent and to our knowledge does not include any confidential information. The information is collected with the purpose of informing potential interested parties about the existence of relevant climate projects and does not provide any basis to make investment decisions. It is the reader’s responsibility to conduct their own research and due diligence on a project before proceeding. The materials shall not be copied or given to any person or entity other than the reader (‘Third Party’)  without  prior written consent. These materials are meant for discussion purposes only, they are limited and do not include subsequent developments and conversations. Third Parties may not, and it is unreasonable for any Third Party to, rely on these materials for any other purpose whatsoever. To the fullest extent permitted by law (and except to the extent otherwise agreed in a signed writing), the authors and owners of this document shall have no liability whatsoever to any Third Party, and any Third Party hereby waives any rights and claims it may have at any time with regard to the services, this presentation, or other materials, including the accuracy or completeness thereof. The document does not provide fairness opinions or valuations of market transactions, and these materials should not be relied on or construed as such. The data has not been independently verified nor are the assumptions used in these analyses. Changes in the underlying data or operating assumptions will clearly impact the analyses and conclusions. Scaling nature finance now 03 02