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

From a Guarantor to a Cocoa Buyer: How Belterra's Second BNDES Loan Was Built Around a Contracted Crop

Belterra's first BNDES loan needed a guarantee mechanism funded by Fundo Vale. Its second, 2.5 times larger, arrives with a 15-year cocoa purchase contract. The case shows how a contracted commodity can carry nature-based project debt, with carbon as upside.

Citi's USD 72M Outcome Bond for Applied Carbon: A Fixed Coupon Exchanged for Delivery-Linked Returns

Citi's USD 72M principal-protected note for Applied Carbon applies the World Bank outcome-bond model to a single commercial project. The structure is replicable where three conditions hold: protected principal, a creditworthy offtaker and an established arranger.

Contracted Is Not Delivered: How Delivery Insurance Changes What A Lender Will Lend Against A Carbon Removal Offtake

Contracted tonnes and delivered tonnes are separate numbers, and a lender sizes debt on the second. Two September 2026 financings show how delivery insurance narrows the gap.

A Financing Line, Not A Residual: Where Community Benefit Sits In A Nature Project's Debt Model

The Africa Nature Impact Fund will back only projects that send a substantial share of gross carbon value to host communities. For a lender, that share is a financing line, not a residual.

The Crowd Writes The First Cheque: How Retail Capital In Nature Projects Shapes What A Lender Asks For Later

French developers are raising early nature project capital from hundreds of retail investors. The first cheque carries the risk a lender will not, but who writes it shapes what the lender asks for later.

Counted, Not Contracted: Reading The OECD's Biodiversity Finance Estimate As A Lender

The OECD's new estimate of global biodiversity finance counts spending and investment. A project lender needs something narrower: contracted, dated receipts. The contract, not the market total, is the repayment source.

The Small Cheque Before The Loan: How Carbon Removal Pre-Purchases Build The Path To Project Finance

Small upfront pre-purchases fund the first verified tonnes of carbon removal. That delivery record is what later offtake buyers and lenders price.

A Fund Target Is Not A Project Loan: Reading Mombak's Amazon Raise As A Capital Stack

Mombak's USD 150M fund target, Salesforce offtake and 25-year BNDES loan are three layers of one capital stack, not one headline.

The Parent Balance Sheet Is The Collateral: How Commodity Incumbents Finance Their Carbon Removal Divisions

Exomad Green and Sirius Regenerative turn timber and palm residues into biochar. Lenders price the parent's credit history, not a carbon start-up's promise.

The Warehouse Comes Before The Fund: Reading Impact Earth's Tropical Resilience Fund As A Project-Finance Sequence

Impact Earth's Warehousing Facility funds the first TREF loans before first close. For senior investors, a seeded portfolio is easier to underwrite than a blind pool.

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

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