Brazil's Amazon Reforestation Fund Targets $150 Million, Salesforce Joins Carbon Removal Buyers
Mombak, a Brazilian carbon removal company, has launched its second reforestation fund, aiming to raise $150 million to finance restoration projects in the Amazon. The company has also secured a multi-year carbon removal purchase agreement with Salesforce, adding another major corporate buyer to its client base, which already includes Google, Microsoft, and McLaren Racing. The new fund has access to a R$200 million (approximately $38.9 million) credit line from Brazil’s Climate Fund, operated by the state development bank BNDES. Mombak's first fund, which raised $120 million, supported restoration across 15 Amazon farms, resulting in the planting of nearly 15 million native trees and the issuance of over 21,000 tonnes of CO2 removals, certified by Isometric. This early delivery of credits, two years ahead of schedule, is a significant achievement in the voluntary carbon market, which has often faced delays.