Brazilian startup Mombak is launching a $150 million reforestation fund backed by a BNDES credit line. The initiative includes a multiyear carbon credit purchase deal with Salesforce, highlighting a shift as industrial sectors begin buying carbon removals alongside technology companies.
Mombak, a Brazilian startup focused on nature-based carbon removal, has officially launched its second reforestation fund with a target of $150 million. This capital is intended to scale large restoration projects across the Brazilian Amazon. The fundraising effort received an early boost from the Brazilian state development bank, BNDES, which provided a credit line of approximately $38.88 million. This support from a state-backed institution is a significant factor in financing the upfront costs associated with large-scale land restoration.
The initiative has also secured a multiyear carbon credit agreement with Salesforce. Historically, the market for high-quality carbon removal credits has been driven heavily by technology giants looking to offset the energy consumption of data centers and AI infrastructure. However, the agreement with Salesforce points to a broader trend where companies outside the technology sector, such as those in mining, steel, and oil, are entering the market to secure long-term, verified carbon removal offsets to meet their net-zero goals.
While this movement signals growth in the environmental commodities sector, there are distinct risks associated with nature-based carbon removal projects that participants and observers often monitor. Unlike technological carbon capture, which is more predictable, nature-based projects are subject to biological and physical variables. These risks include the potential for forest fires, illegal logging, or changes in regulatory standards regarding how carbon credits are verified and counted. If these factors are not carefully managed, they can impact the 'permanence' of the stored carbon, which is a key metric for the value of these credits.
Mombak successfully issued its first batch of credits earlier this year and is now looking toward a larger issuance of roughly 80,000 metric tons by the end of 2026. For those watching the carbon market, the progress of this new fund will serve as a test case for how nature-based solutions can scale efficiently. The key monitorable will be the company's ability to maintain high-quality verification standards while expanding its project footprint, as global demand for verified offsets continues to grow.