Aug 2015 – Mar 2019
Working with business to capture and store carbon through reforestation in Brazil
Brazil – Latin America
To accelerate reforestation efforts in Brazil by combining conservation practices with business acumen from commercial plantations.
$4,220,000 Grant Value
$200,000 evaluation budget
Norway's International Climate and Forest Initiative -
Through the project - called VERENA - our partners are working to strengthen the economic and investment case for reforestation with native species in Brazil by removing the barriers that hinder private sector investments.
By linking conservation and business, and improving the regulatory framework, these efforts will create the conditions needed to encourage private investment for reforestation with native species and accelerate large-scale carbon capture initiatives in Brazil.
As a result of the bilateral agreement signed by the Brazilian and US governments in 2015 to foster economic cooperation between the two countries, an Investment Forum was held in early October on forest economics in New York. The VERENA team participated in the Investment Forum in New York organised by the UN Foundation, during which the VERENA project was invited to present their innovative economic model, a financial model of restoration using native species in Brazil, galvanising support of the VERENA approach from private investors, NGOs, and governments representatives from both countries.
The investment will contribute to Brazil’s goal of net zero deforestation by 2020.
The VERENA model was presented to a group of Brazilian investors in August 2016 in a prototype test to better determine the variables and assumptions inherent in the work. The outcome was a more robust business model, built upon on-the-ground data from about 5,000 hectare of forest plantations representing two ecosystems (i.e. Amazon and Atlantic Forest) in Brazil, for the development of native species restoration investments.