Innovations in Conservation Finance. Agustín Silvani Managing Director, Carbon Finance Conservation International

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1 Innovations in Conservation Finance Agustín Silvani Managing Director, Carbon Finance Conservation International

2 innovation CI with partners have historically been a leader in developing new sources of conservation finance Debt-for- Nature Swaps Verde Ventures Carbon Fund $121.6 million leveraged in conservation funding, starting in 1987 $23 million non-grant funds invested since 2001 Over $20 million raised in carbon finance since 2009

3 A reminder about CO2 and climate change..

4 16 percent Burning and clearing tropical forests accounts for ~16% of global GHG emissions more than all the world s cars, trucks, ships, planes and trains combined The poor are most impacted by climate change

5 REDD+ has huge potential Investment required Euros billion per year to 2030

6 so the world, including CI, invested

7 ..helping unlock financing.. Althelia Climate Fund REDD focused, $250M target Keystone investors BNP-P, EIB, FMO Sustainable Landscapes Partnerships $37M in public-private facilities meant to spur landscape low carbon investment in Indonesia and Peru

8 ..creating new markets..

9 and all of us developed a small but growing market..

10 Impact to date 18 million hectares Sources: State of the Forest Carbon Markets Ecosystem Marketplace

11 CI Highlights K ha 9.8MtCO2e Deforestation reduced 64% >$20M raised Sources: State of the Forest Carbon Markets Ecosystem Marketplace

12 yet because of the financial crisis and political failures REDD+ faces a huge immediate challenges..

13 today Current investments target energy efficiency + low carbon technologies < 1% forest + land use Existing climate project financing $15 Billion

14 needs There is a need to innovate beyond traditional philanthropic giving if we are to tackle global deforestation Estimated financial needs of existing avoided defor (REDD) projects (20yrs) At least $2.2 billion Source: Ecosystem Marketplace Estimated financing required to reduce defor 50% by 2020 At least $75 billion Source: World Bank, Stern Report

15 A new opportunity? Moving from Socially Responsible Investing, to Impact Investing, to Paying for Impact big shift! ~$3B market Would give an opportunity for conservation projects with no obvious financial ROI Perspectives on Progress is a research report released by J.P. Morgan and the Global Impact Investing Network (GIIN), 2013

16 Zero Forest Cover Loss by 2030 European Union Slow, Halt, and Reverse Forest Loss UNFCCC Zero Net Deforestation by 2020 Consumer Goods Forum

17 Idea: Launch a Forest Impact Bond to finance existing avoided deforestation projects Precedents IFC recently issued $1 Billon green bond, primarily to finance renewable energy projects TNC launched $25M Conservation Note, offering fixed rates of return over 1-5yrs Status: In design phase, concept has been vetted by partners and initial market testing has begun

18 Overview of key partners ISSUER Guarantees returns Manages financial flows and project oversight Marketing Commercial Bank Underwriter Markets bond to existing client base NGO Partner Provides existing REDD projects Ensures environmental integrity of portfolio

19 Highlights Investors would agree to a below market rate of return ( take a haircut ) in exchange for environmental impact The foregone interest is used by the IFC to invest in avoided deforestation projects Investors earn a fixed rate of interest, while generating environmental and social returns that are quantified in terms of acres protected, emissions reduced, and lives improved Cash return Climate return Community return Biodiversity return (tco2 avoided) (livelihoods improved) (acres protected) Investors

20 Overview of Mechanics (sample) IFC (AAA rated) issues bond and guarantees principal and interest payments Full principal amount is used by IFC treasury for general lending, but a percentage of interest payments (haircut) is held back and invested in avoided deforestation (REDD) projects conservation impact $ Investors & partner projects

21 Indicative Headline Terms Nominal Size $100M Aim would be to generate roughly $9-10M for conservation projects Maturity 10 YR The longer the maturity, the more capital becomes available Minimum $5M Ideal would be for fewer, bigger buyers Yield MARKET 75bp Exploring different yield options Current AAA 10yr yields ~ 2% Other Quantified Yield ~ 3 Million tons CO2 reductions Over 500K key biodiversity acres conserved ~ 75,000 livelihoods improved

22 Benefits to investors Flexibility Minimal risk with guaranteed return A way for investors to link their investment portfolio to their environmental goals and outcomes Benefits to Conservation Projects Provides financial security for existing projects Establish a precedent for raising funds from nontraditional donors Potential to replicate and scale up No financial risk to underlying projects, purely an IFC product

23 Potential Buyers Impact Investors focus on forests with a social impact, offering a capital guarantee. No similar product out there Consumer Companies with a forest footprint but with limited CSR capacity or existing NGO relationships Institutional Investors Foundations & Pension Funds could use this to invest according to their mission and goals while helping them meet legal obligations HNW potentially under the "impact investor" category. Attractiveness would be a risk-free way to engage in forest conservation

24 Status Concept has been shared with several potential investors and refined according to feedback Mini road-show Some key hurdles remain before issuance (legal and other) Relevance to Conservation Trust Funds? - As buyer - As issuer - As project supplier - Trust Funds set up to Pay for impact?

25 Thank you!

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