45927 - CCF Pilot

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Summary of Investment Information

Project Number

45927

Company Name

Carbon Opportunities Fund LP

Date SPI Disclosed

Sep 7, 2022

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Jul 15, 2022

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 5, 2025

Department

Regional Industry - FIG LAC

Industry

Financial Markets

Previous Events

Approved : Jul 15, 2022
Signed : Jul 25, 2022
Invested : Nov 23, 2022

Sector

Exchanges (Trading Systems)

Project Description

The Project consists of an early-stage capital investment in a fund that buys and sells carbon credits from nature based projects. This is a pilot investment that is meant to be a transactional, pass-through instrument to validate concepts. The initial investment in the fund will be US$10m pari passu between four partners including IFC.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	2.0

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Equity	Others (only if UoP is not available)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The most significant, expected Project-level outcomes are increased access to financing for producers of NBS carbon credits and increased access to carbon credits for purchase by entities seeking to use the credits, both of which will contribute to the global transition to net-zero emissions. Beyond the Project-level outcomes, IFC anticipates that the investment will support the growth of the carbon credit market.

E&S Category Rationale / Risks and Mitigation

The key E&S risks related to the Project derive from the Carbon Opportunities Fund LP's capacity to identify E&S risks associated to projects from which carbon credits will be acquired. Potential risks from acquired underlying carbon-producing projects are related to labor and working conditions associated to land management and restoration activities, as well as adequate assessment of potential impacts on stakeholders such as affected communities including indigenous people.

The Carbon Opportunities Fund LP has an ESMS in place that includes policy, procedures, responsibilities and tools for undertaking E&S risks management. Directly supported projects by the Carbon Opportunities Fund LP are reviewed on an E&S risk materiality assessment, which include GIS screening, desk review, site visits and legal E&S review, while the carbon credit acquisition process has simplified procedures and rely on third party certification (e.g.: Verra, Gold Standard and CCB). For E&S attributions, Cultivo currently has knowledgeable trained staff, led by a Vice President of Sustainability, responsible for the ESMS implementation. The manager has communication channels with external stakeholder adequate to the E&S risks of its portfolio including phone and e-mail contacts available in its website. For real assets supported project, stakeholder consultation is performed by the Project Officer. As part of this project Carbon Opportunities Fund LP will be required to enhance its ESMS procedures to screen carbon credits acquisitions against high risk activities, in addition to the IFC Exclusion List, reputational risks and applicable E&S laws and regulations. The project sponsor Cultivo and the Carbon Opportunities Fund LP will also be required to provide staff training and periodically report to IFC.

Contacts

For Inquiries About the Project, Contact

Cultivo Land PBC
Rebeca Bravo
Head of Finance
+ 1 925 463 8833
Rebeca.bravo@cultivo.land
Pleasanton, CA 94588
https://cultivo.land/

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Task Title & Description	Anticipated Completion Date
ESMS enhancement	08/12/2022

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