This document discusses Althelia Ecosphere, which provides financing for conservation activities and designs products to direct capital towards conservation. It summarizes Althelia's achievements in raising funds, including over €100 million for the Althelia Climate Fund from large institutional investors. Althelia achieves landscape protection by unlocking multiple value streams such as ecosystem services payments and certified commodity purchases. An example investment in sustainable cattle practices in Brazil is illustrated, along with a $133 million loan portfolio guarantee from USAID that substantially reduces investment risk. Next steps discussed include providing more integrated landscape finance and developing green bonds.

1. For illustrative purpose only 1
althelia ecosphere
Sustainable Land Use Funds
Global Landscapes Forum – Paris
6th December, 2015

2. For illustrative purpose only 2
Notice (Althelia Disclaimer)
This document is CONFIDENTIAL AND FOR DISCUSSION PURPOSES ONLY and has been prepared for professional investors by a
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informed decision in relation to any strategies or financial products discussed herein.
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makes no representation, express or implied that that such information is accurate or complete. Other financial institutions or
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scenarios, assumptions, historical performances, indicative prices or examples of potential transactions or returns are included
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potential transactions discussed in this document involve the use of derivatives, which are complex in nature and give rise to
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Financing conservation and transition towards sustainable land use
althelia ecosphere is a platform, initiated with the support of Conservation
International, dedicated to:
1. provide finance to conservation activities at scale and
2. design innovative products to allow capital to flow to conservation
with a set of large investors – public, private and value-driven organisations
looking for impact and market return.

4. For illustrative purpose only 4
Althelia achievements in Fund raising/investment vehicles
Vehicle Amount Comments
Althelia Climate
Fund (ACF1)
EUR100m+ Large institutional investors: AXA,
Credit Suisse, Church of Sweden, EIB,
FMO…
USAID carbon
guarantees
USD133m First Carbon guarantee and Largest DCA
guarantee
Nature
Conservation Notes
EUR15m Structured with Credit Suisse.
Over-subscribed 3 times. Awarded best
deal 2015 by Environmental Finance

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Althelia achieves landscape protection by unlocking multiple value
streams
• Medium-term financing allowing to
generate at the same time
conservation and economical
development;
• Bottom-up approach, leveraging on
concrete, scalable activities
• Multi-stakeholder involvement,
from local communities to global
supply chains
Purchase of
environmentally
cer fied
commodi es
(FSC, cocoa, etc.)
Supply chain
purchaser
Cer fied
commodi es
(FSC, cocoa...)
Pledge and /or
margin
Payment for
Ecosystem services
Illustra ve example of an Investment
Implementa on
Before
(un-sustainable)
A er
(sustainable)
Negave
Environ.
Impacts
Althelia
Climate Fund
Ecosystem
Services
Social
development,
jobs crea on

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Illustrative investment: Sustainable cattle in Brazil
• Cattle intensification and degraded lands restoration through
agroforestry.
• Scaling up a a prototype successfully implemented, following
Embrapa’s Good Agricultural Practices.
• Objectives:
– Full rehabilitation of 10,000 ha of degraded pastures;
– Improvement of the welfare of animals (35,000 heads of
cattle);
– Direct improvement of livelihoods of small ranchers;
– Full certification and traceability of cattle;
– Preservation of c. 25,000 ha of forest which equates to c.9
million tonnes CO2 of greenhouse gas emission avoided.
• Looking at scaling up this approach; there are 27 million heads
of cattle in Mato Grosso

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USAID Loan portfolio Guarantee
• Signed guarantee with the US Agency for International Development (USAID) to
substantially reduce the risk profile of investments.
• The guarantee is for a loan portfolio up to $133m
• It offers a 50% loss guarantee at both investment level and portfolio level. De facto, it
also offers a country risk cover.
• Such guarantees are critical for structuring innovative landscape finance instruments
“With our support of Althelia Climate Fund, the first private sector fund dedicated
to forest conservation at this scale, the U.S. Government is working to move
climate finance into viable commercial markets. This transaction alone will reduce
CO2 emissions equivalent to taking 18.5 million cars off the road for one year.”
John Kerry – US Secretary of State – 24th May 2014

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Next steps
• Need for finance into sustainable land use is huge ; opportunities are equally huge
• Public support critical in this development phase.
• Further integrating the landscape approach by combining:
– Conservation (carbon, PES,…);
– Sustainable supply chains (including marine);
– Rural electrification;
– …
• Developing green(er) bonds:
– Madagascar
– Mato Grosso
– Peru
– …