Virtus: Valuing Nature in Climate Finance
Welcome to the July edition of our Virtus newsletter!
This month, we’re seeing bold moves across climate finance including pioneering biodiversity credit frameworks and major investments in nature-based infrastructure and restoration.
In Our Take, Jay digs into the growing momentum around biodiversity credits – what sets them apart from carbon credits, how they’re being structured, and what it will take to unlock their full potential.
On Untangling Climate Finance, Maria Filmanovic, Co-Founder of Abatable, joins us to unpack carbon market risk and share how better data and transparency can drive smarter, more scalable investments.
In What We’re Absorbing, we spotlight three pieces that stirred us this month: the award-winning short film Risky Routes, Jim Harrison’s wilderness-infused Legends of the Fall, and a podcast conversation with our CEO Sean Penrith on connecting capital to climate action.
And in Climate Finance Deals, we track powerful new commitments – from Romania’s first corporate green bond and DevvStream’s digital infrastructure push to groundbreaking afforestation financing in the U.S. and Brazil’s $2.6B bioeconomy pledge.
Finally, we hope everyone is enjoying the summer season!
Gordian Knot Strategies
We are Igniting Climate Solutions: Mobilizing $1 Billion Per Year in Impact Investment by 2030!
Written by: Jay Tipton
At Gordian Knot Strategies, we talk a lot about carbon market and credits. But every so often, our work brings us into conversations and collaborations around another climate finance mechanism – biodiversity credits.
These credits aren’t just a carbon credit knockoff. They represent something fundamentally different, which is the measurable improvement of ecosystems such as wetlands restored, species protected, and habitats reconnected. And while still not as mature as carbon credits, biodiversity credits are gaining momentum.
Protecting biodiversity is both a moral imperative and an economic one. Our food systems, water security, and even climate resilience are tightly linked to the health of ecosystems. Yet, some climate finance tools don’t always address these dimensions.
This “Our Take” looks closer at biodiversity credits – what they are, how they’re being built, where they might go, and what challenges still stand in the way of unlocking their full potential.
To read the rest of this paper, click here.
Client Served in the United States:
A river conservation group engaged us to draw on our Climate Solutions Strategy & Advisory Services. We evaluated their current approaches and recommended alternative fund revenue models to help support their work. The organization is dedicated to ensuring reliable supplies of clean water to protect wildlife habitats around and within rivers, lakes, and streams, and to support farmers and ranchers who grow local food, thereby sustaining our way of life in the Southwest. We assembled a sustainable, efficient, durable, and innovative approach to securing and allocating private sector capital to support river conservation initiatives and benefit the surrounding communities. The work resulted in an implementation plan and strategy that aligned with the organization’s fundraising goals and reflected conservation finance opportunities. We closed our engagement with a facilitated workshop for the staff and select members of the Board of Directors on the proposed strategy we had recommended they pivot to.
“It’s been fantastic working with GKS. The IFNF grant program has benefitted from GKS’ big-picture strategic thinking, and ability to connect strategy to less exciting but equally as important tactical decisions. Of the many positives, I’ve most appreciated GKS’ willingness to re-think assumptions, respond to group feedback and/or research takeaways, and adapt accordingly. They recognize the importance of problem identification, take time to vet assumptions with a range of experts, and are constantly brainstorming new ideas and connecting dots across sectors. GKS brought subject matter expertise, open and questioning minds, and intellectual enthusiasm for big questions and solutions to their work with the IFNF team – it was fun!”
Nathalie Woolworth – Conservation Finance Program Manager, U. S. Forest Service
🎙️ In this episode, Maria Filmanovic, Co-Founder and Director of Abatable, explores how risk, transparency, and data are reshaping the voluntary carbon market. She discusses Abatable’s approach to high-integrity carbon procurement, the launch of their VCM Investment Attractiveness Index, and how better risk analysis can unlock smarter, more scalable climate finance.
Click any of the links below to listen!
Below is a curated selection of standout opportunities brought to you by GKS’s valued clients.
ReSeed: Agriculture Carbon Credits
ReSeed partners with smallholder farmers globally, helping to improve livelihoods, protect vital lands, and ensure ecosystem services are properly recognized and rewarded. Through these efforts, ReSeed generates agricultural carbon credits that drive sustainability. Click here to explore their projects.
Savory Foundation: Carbon Removal Credits – Uruguay Grasslands Regeneration Project
The Savory Foundation along with the Savory Institute, Pampa Oriental, and Cultivo are now offering nature-based carbon removal credits from their Uruguay Grasslands Regeneration Project. This groundbreaking project spans 115,00 hectares, employing Savory’s Holistic Management framework to restore grasslands while supporting local communities and ecosystems.
The project, under Verra’s VM0032 Methodology for Sustainable Grasslands, anticipates an annual issuance of around 152,000 credits, beginning in 2026, and addresses the UN’s Sustainable Development Goals – 8: Decent Work and Economic Growth, 13: Climate Action, 15: Life of Land, and 17: Partnership for the Goals.
To learn more about this project and its impact, click here.
If you want to connect about the project, email us here.
This month, we’re absorbing a toad’s-eye view of migration, Jim Harrison’s nature-rich fiction, and a podcast on scaling climate finance through nature-based solutions with our own CEO.
🎥 “Risky Routes,” the winner of Bloomberg’s Green Docs competition, is a powerful six-minute short film highlighting the everyday dangers faced by migrating toads, and the humans stepping in to help. Directed by Thomas Klaper, Jonas Steiner, and Roman Willi, this Swiss-made documentary captures the quiet heroism of volunteers who rescue toads from busy roads during their annual journeys. With humor, empathy, and striking nighttime cinematography, the film underscores the broader challenges wildlife face in a human-dominated world.
📚 While not overtly about climate change, nature is a powerful, ever-present force in Jim Harrison’s “Legends of the Fall,” a masterful trilogy of novellas. In “Revenge,” a man’s life is violently upended by love and betrayal. “The Man Who Gave Up His Name” follows Nordstrom, a man wrestling with his appetites for food, dance, and women. The title story, “Legends of the Fall,” is a sweeping saga of three brothers marked by love, war, and wilderness. As we read these stories, we’re reminded why we do the work we do — to protect the wild, beautiful world that shapes us all.
🎙️ In “The Future of Finance – From Carbon Markets to Climate Action: Nature-Based Solutions with Sean Penrith” host Georges Dyer speaks to our very own, Sean Penrith, CEO of Gordian Knot Strategies, about unlocking capital for climate impact. With a goal of mobilizing $1 billion annually by 2030, Sean shares hard-earned insights on the role of voluntary carbon markets, nature-based solutions, and the systemic shifts needed to align finance with meaningful climate outcomes. It’s an honest, forward-looking conversation on investing with purpose.
This month’s climate finance deals highlight momentum in nature-based solutions, digital innovation, and scalable carbon removal. Click the article title for the link.
Romanian utility Electrica has issued the country’s first-ever corporate green bond, raising €500 million with strong investor interest, oversubscribed more than 10 times. The European Investment Bank (EIB) participated in the transaction, which will fund renewable energy generation and storage projects under Electrica’s Green Financing Framework. The five-year bond, rated BBB by Fitch, is listed on both the Luxembourg and Bucharest stock exchanges. This landmark deal signals growing confidence in Romania’s sustainable finance market and advances EU-aligned climate goals.
DevvStream Corp. has secured a securities purchase agreement for up to $300 million in senior secured convertible notes to advance its blockchain-based treasury and tokenization platform for sustainability-linked infrastructure. The first $10 million tranche was funded on July 18, with 75% of proceeds allocated to liquid digital assets that support 24/7 liquidity and can serve as collateral. This initiative complements DevvStream’s core carbon asset business and aims to unlock new revenue streams while reducing reliance on equity financing. The strategy positions DevvStream at the intersection of environmental finance and digital innovation.
Chestnut Carbon has closed a pioneering $210 million non-recourse project finance facility—the first of its kind for a U.S. voluntary carbon removal afforestation project. Led by J.P. Morgan and backed by a syndicate including CoBank and Bank of Montreal, the deal is underpinned by Chestnut’s long-term carbon removal offtake agreement with Microsoft. This transaction demonstrates that nature-based carbon projects can be structured as bankable assets, setting a new benchmark for financing in the voluntary carbon market. The facility equips Chestnut with the capital to scale its afforestation efforts while creating a replicable model for institutional investment in high-integrity carbon removal.
Brazil Bioeconomy Coalition Commits $2.6 Billion to Forests and Indigenous-Led Projects
The Brazil Restoration and Bioeconomy Finance Coalition (BRB) has committed $2.6 billion to forest restoration and Indigenous-led bioeconomy projects, 26% of its $10 billion target for 2030. The funds will support protection of 2 million hectares across Brazilian biomes and prioritize nature-based, community-driven solutions. A new study highlights 37 high-impact Indigenous and local initiatives, aiming to guide future investments. The announcement comes as Brazil prepares to host COP30, spotlighting its leadership in climate and nature finance.
At Gordian Knot Strategies, we’re building a global database of impact investors to help mobilize $1 billion annually in climate finance by 2030. If your organization is interested in providing funding for climate or environmental projects, we invite you to fill out our Impact Investor Information Form. Your contact details will remain confidential, and we’ll only connect you with aligned opportunities. There is no fee to participate.
To access the form click here.
Interested in connecting with us on climate finance, impact investment, climate solutions strategy, or carbon credit development and commercialization? Book a 30-minute conversation with Gordian Knot Strategies here to discuss how we can support your goals.
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