Canada Pension Plan Investment Board (CPP Investments) has finalised an agreement to invest in the Amazon Reforestation Fund, managed by Brazil-based carbon removal startup investment manager Mombak. As part of the agreement, CPP Investments is set to make a US$500,000 equity investment in Mombak, further pledging up to US$30 million for the Amazon Restoration Fund. The fund will be employed for the reforestation of Brazilian pastureland, utilising a variety of native and biodiverse tree species to facilitate the rejuvenation of the Amazon rainforest. This initiative not only aids carbon sequestration but also generates valuable carbon removal credits, which will be sold worldwide through both spot sales and long-term customer agreements. Bill Rogers, Global Head of Sustainable Energies at CPP Investments, said: “The global economy transition is well underway, and we expect that the value of high-quality, verifiable, nature-based carbon removal credits such as the ones produced through the Amazon Reforestation Fund will continue to rise.” The move marks CPP Investments’ third foray into nature-based carbon solutions and its first investment in Brazilian reforestation. CPP Investments oversee and invest the funds contributed to and held by the Canada Pension Plan – the country’s largest pension scheme.
We are supporting the creation of high-quality carbon removal credits through signing a definitive agreement to make a US$500,000 equity investment in Mombak and commit up to US$30 million to The Amazon Reforestation Fund.https://t.co/HMlv5MhvPN pic.twitter.com/2rxOSiPW4I
— CPP Investments (@cppinvestments) August 22, 2023
