Calculus Carbon | Institutional Market-Making for Nature-Based Solutions and Carbon Finance

IDH Cameroon PES Hub as a project-finance structure with sequenced tranches and a USD 6.7M private-commitment covenant.

Private Commitments Are Underwriting Evidence: Reading The IDH Cameroon PES Hub As A Project-Finance Structure

Project Finance · Nature Finance · Cameroon · 24 September 2026 Private Commitments Are Underwriting Evidence: Reading The IDH Cameroon PES Hub As A Project-Finance Structure The IDH Cameroon Investment and Payment for Environmental Services Hub disburses USD 24.6M from CAFI in three performance-linked tranches, gated on signed private-company contracts and independent

Article 6.2 project finance thesis: authorisation as one-time gate, corresponding adjustment as biennial covenant.

One Authorisation, Many Reports: Article 6.2 as a Recurring Sovereign Covenant

Project Finance · Article 6.2 · Ghana · 17 September 2026 One Authorisation, Many Reports: Article 6.2 as a Recurring Sovereign Covenant The Letter of Authorisation is a one-time gate at financial close. The corresponding adjustment is a sovereign covenant that repeats every biennial cycle for the full life of the

Investor-Level Guarantees Are Unlocking European DFI Capital Into Global South Nature Funds

The EFSD+ Carbon Sinks facility applies the guarantee at the LP ticket, not the fund vehicle. Six commitments cluster in seven weeks.

Ghana Article 6.2 programme: 91 projects in national pipeline, 11 authorised for transfer, 12.7 Mt ITMOs, 47% of budget.

Ghana's 91 Projects and 11 Approvals: A Carbon Pipeline Is Not Financeable Supply

Article 6.2 · Ghana · Project Finance · 14 September 2026 Ghana’s 91 Projects and 11 Approvals: A Carbon Pipeline Is Not Financeable Supply Ghana’s 10 September 2026 progress report shows 91 projects in the national pipeline and 11 authorised for international transfer under Article 6.2. Those 11 approvals

Editorial hero: US Bank followed the two-step playbook JPMorgan used before Charm.

Before a Bank Underwrites Carbon Removal, It Buys It. The US Bank Carba Offtake Is a Diligence Move.

Project Finance · Carbon Removal · 8 September 2026 Before A Bank Underwrites Carbon Removal, It Buys It. The US Bank Carba Offtake Is A Diligence Move. US Bank’s first carbon removal offtake, with Minnesota biochar developer Carba, is not a scale-up story. It is a learning move that mirrors the

Article 6.2 senior debt facility with the offtake as collateral. Calculus Carbon.

Article 6.2 Just Got a Senior Debt Facility. The Offtake Is the Collateral.

Africa Go Green's USD 10.7M senior debt facility to BioLite in Zambia, secured on a Swiss compliance MOPA under the Zambia-Switzerland Article 6.2 bilateral, is the cleanest project-finance receipt Article 6.2 has produced to date.

First-loss layer where NbS blended finance is being repriced. Calculus Carbon analysis.

The First-Loss Layer Is Where NbS Blended Finance Is Being Repriced

Mirova's Sustainable Land Fund 2 targets a 20 percent junior equity tranche with a 15 percent floor, down from the LDN Fund's roughly 20 percent first-loss layer. That compression is the pricing signal for institutional capital in NbS.

Cream hero on the Senken-Carbonsate 50,000 tonne Namibia biomass storage offtake framed as a project-finance test

Contract First, Capacity Second: How A 50,000 Tonne Namibia Biomass Storage Offtake Reprices Project Finance For Permanent Removal

Project Finance · Permanent Removal · 1 September 2026 Contract First, Capacity Second: How A 50,000 Tonne Namibia Biomass Storage Offtake Reprices Project Finance For Permanent Removal Senken and Carbonsate’s 17 August 2026 announcement of a 50,000 tonne offtake for the Otjiwarongo biomass storage project in Namibia is a

Commodity trading houses as CORSIA compliance intermediaries. Analysis by the Calculus Carbon Capital Markets Desk.

Commodity Trading Houses As Compliance Intermediaries: How Their Positions Reprice Developer Risk In CORSIA

Marex, Econetix and Ecoeye are taking three different positions in the CORSIA compliance stack. Each one reprices a specific risk that used to sit on the developer.

A Legal Route Is Not a Revenue Contract cover card, cream background

A Legal Route Is Not a Revenue Contract. What Vietnam's Resolution 235/NQ-CP Actually Delivers.

Vietnam's Resolution 235/NQ-CP approves the Article 6.2 implementation agreement with Singapore. The bilateral route is open. The project rules that make it financeable are still pending.

Verra approves insurance to replace AFOLU buffer pool. Cashflow shifts to insurer-backed cover.

Insurance Over Buffer Pool Contributions: The Cashflow and Debt Service Test for Durability Risk

Verra's durability pilot lets insurance replace buffer pool contributions. The project finance question is whether cover pricing, renewal and tenor align with issuance timing and debt schedules.

Calculus Carbon long-form cover, Green Earth Uganda payment-on-delivery VERPA and pre-financing gap.

A Long-Term Buyer Does Not Remove Pre-Financing Risk. It Makes the Risk Visible.

Project Finance · Nature-Based Solutions · 17 August 2026 A Long-Term Buyer Does Not Remove Pre-Financing Risk. It Makes the Risk Visible. Green Earth's Uganda Bulindi Verified Emission Reduction Purchase Agreement contracts USD 4.8M of future sales on a payment-on-delivery basis. The four-year gap between capex and first payment

Calculus Carbon partners with institutions in market-making for Nature-Based Solutions, carbon finance, and Natural Capital projects across London, Singapore, and Bangalore.

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