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Show notes
Join me today, where I speak to Tony Simons, Senior Fellow of UNCCD G20 Initiative and CIFOR/ICRAF. His wealth of experience shines through in this conversation, where he describes the Managalas project, in Papua New Guinea, a country with more than 90% forest cover where 97% of the land is community held. The project truly connects how conservation meets community needs. Though carbon is a piece of the puzzle, Tony explains how valuing such a project on carbon alone is a false representation of the value these forests deliver. We discuss the financing mechanism and multi-stakeholder involvement behind this project and much more.
QuotesAnd so the big problem for forest conservation is that forests and forest protection has been equated to carbon and it's so wrong. I mean, we would not allow it or stand for it in any other sector or domain.We want the benefits from forestry at a local level for the communities at a national level in terms of sovereignty and responsibility and at a global level. And we've just hidden those benefits from humanity. And if we really value forests and we think, well, you know, forests were these things created 380 million years ago when CO2 was 4000 parts per million, 10 times what it is today. And it brought down the world's temperature by 10 degrees. Important linksTony Simons LinkedIn: https://www.linkedin.com/in/tony-simons-359b09b/
Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF): https://www.cifor-icraf.org/
Global Canopy: https://globalcanopy.org/
The Managalas Project: https://themanagalasproject.com/
Favourite trees: Guaiacum sanctum, Mangifera indica (mango tree), Quercus robur (oak tree)
Production teamHost: Shauna Matkovich from The ForestLink
Producer and editor: Magdalena Laas from Unscripted Creatives
Details02:03
Overview - Tony's background
05:30
Greenwashing evolution
12:56
Papua New Guinea Managalas Project
17:50
Financial stakeholders - approvers, enablers, and implementers
22:38
Fungible value and non-fungible aspects of the project
27:08
Rules of engagement - corporations and communities
33:31
Local community trust - carbon markets - partners/funders - revenue stream
38:19
What's in it for corporates funding the project?
43:00
Key successes of the project & lessons shared
45:49
Importance of land use planning & management
49:00
Actionable forestry investment advice
Sound libraryNature by MaxKoMusic/Soundcloud
Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
Hosted on Acast. See acast.com/privacy for more information.
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Show notes
Join me today as Peter D’Anieri of Sewall Forestry walks us through their 2024 Forest Investors Survey results. We discuss discount rates across different US forest investment jurisdictions and beyond to more than 40 other geographic/market-oriented regions. We also talk about the contemporary topics of climate and carbon, interest rates, and much more. This is a must-listen episode if you want to get up to speed quickly on investor sentiment across the asset class.
QuoteRecognise that as an investment force, forests are unique because they're a growing asset whose investment attributes are relatively unrelated to, to all other asset classes that people conventionally invest in. Forests are a moderate return risk efficient asset when looked at from an investment perspective, and therefore they deserve to be treated like a core asset in a portfolio.Important linksSewell Forestry: https://www.sewallforestry.com/
Favourite tree: Acer saccharum (sugar maple)
Production teamHost: Shauna Matkovich from The ForestLink
Producer and editor: Magdalena Laas from Unscripted Creatives
Details01:41
Background to Sewell and Peter
03:37
Investment trends in 2024, e.g., discount rates
05:57
Discount rate required for traditional timberland in the US
06:59
Major US regions and regional discount rate differential
10:27
Factors that can impact discount rates, including carbon agreements
12:07
Carbon agreements objectives
13:20
The difference in ESG definitions and questioning on the survey
17:07
Results re. ESG, sustainability and returns
17:57
Impact forestry investment themes
18:46
Surprises in results
20:48
Climate change risks - concerns from respondents & adjustments
23:19
Rising interest rate environment
26:17
Other jurisdictions - appetite for forest investment
27:27
Expansions - Australia, Chile, US
29:08
Compressions?
31:27
Generalisations re. how do these regions compare to the base US discount rate?
34:24
Question on the survey: do carbon projects reduce the incentives for traditional forestry?
35:39
Actionable advice
36:44
Contact details
Sound libraryNature by MaxKoMusic/Soundcloud
Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
Hosted on Acast. See acast.com/privacy for more information.
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In this week’s episode, I speak with Domenico Iannidinardo, CEO of Strategic Natural Resource Consultants. In this conversation, Domenico and I reminisce about our shared history in a natural resource dependent town and how things have come to change (for the better) with respect to recognition of Indigenous Rights. We talk about how Strategic’s recently new ownership model, majority owned by the Ehattesaht First Nation is giving rise to Indigenous leadership in decision-making, integrating First Nations values in how the business is run and opening up new business opportunities for Strategic.
"Our Indigenous stakeholders know as much as anyone about perseverance and sustainability; they are the descendants of rich and respected cultures that know how to integrate strategy and vision into everyday decisions. And it takes time."
Produced byHost: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Important linksStrategic Natural Resource Consultants Inc (SNRC): https://snrc.ca/
Favourite tree: Yellow cedar
Details02:19
Domenico's background
05:08
Overview of Strategic Natural Resource Consultants
07:48
How to integrate Indigenous involvement and advocacy
10:19
First Nations included at the highest strategic levels
11:53
Cultural awareness and training
12:35
Measure cultural line as a corporation
13:31
Board composition
15:40
Chief Simon John on native ownership and strategic decision-making
17:22
Indigenous leadership model
18:55
Expansion moving forward
21:23
Actionable advice
22:05
Contact details
Sound libraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In today’s conversation, I’m joined by MaryKate Bullen and Juan Pablo Lankenau of Forest Investment Associates. We discuss FIA’s journey and how the organization’s investing and forest management approach have evolved over the years. Where ensuring sustainable forest management and fiduciary duty remain paramount – the company is finding new ways to bring climate and nature objectives ‘to the front seat’ in what they do. We talk about the mindset shift behind this evolution and the opportunities that are emerging.
Quote
Juan Pablo: "This is a very active asset class that requires hands-on work. Our products, which are seedlings, logs, and fertilizer, are very physical, clunky, heavy, and expensive to transport, right? So, making sure to understand all of those dynamics and how they exist in the real world is critical for any newcomer who is thinking about investing in our asset class."
MaryKate: "Don't lose sight through the complexity and confusion and the headlines of the real potential that exists with those real assets"
Show notesHost: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Important linksForest Investment Associates (FIA): https://www.forestinvest.com/
Favourite trees: California Redwood & Araucaria araucana (Monkey Puzzle)
Register for the Theory of Change Webinar: Theory of Change Webinar
Details03:04
FIA's investment and forest management philosophy
06:13
FIA's business culture
08:05
FIA's geographical expansion and approach
14:29
Impact forestry investment - what is it?
18:48
Aspects of driving the mind-shift towards ESG & responsible investment
23:21
Forestry and climate change challenge/Sustainable forest management
28:35
Biases (Juan Pablo)
32:35
Change in approach to due diligence and supply chain
42:33
Biases (MaryKate)
45:00
Success stories
47:39
Future of FIA
50:37
Demystify forestry investment
51:44
Actionable advice
54:33
Contact details
Sound libraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In today's conversation, I chat with Peter Kristensen, Director, Head of Biomass Sustainability at the Danish energy company, Ørsted. Peter describes Ørsted's transition plan and how they are using nature-based solutions to abate their remaining emissions (only 2%!) after executing their ambitious Science-based targets emission reduction plan. In this conversation, we discuss why Ørsted has targeted the global south for their NbS project development, why they do everything in-house and explains some of the great projects they are supporting. Lots of boots on the ground lessons from this chat!
Host: Shauna Matkovich - The ForestLinkProducer: Magdalena LaasQuotes19:05
"One thing is sure: if you don't have local partners who are really committed, have the knowledge, and so on, then it is a no-go."
27:29
"I would encourage people to ensure the financing that they need before they start knocking on doors. Otherwise, we'll jeopardise this whole carbon market project; I don't think anyone will benefit."
Important LinksPeter Kristensen LinkedIn: https://www.linkedin.com/in/peter-k-kristensen-gcb-d-106a32/
Ørsted: https://orsted.com/
Favourite trees: Oak and Scots Pine
Details00:58
Intro to Ørsted
02:55
Ørsted's nature-based solutions - science-based targets (reduce emissions) & carbon projects
04:24
Why Global South
05:32
Projects
09:51
Design and execution standards
11:22
Internal and external contributors
13:01
Local community participation, agreement, and remuneration
15:04
Using, selling. retiring carbon credits
16:33
Run daily business and operations (system evaluation)
18:01
Learning curve with each project
19:57
Evaluate a local partner
21:00
Government support/legislation
21:47
Exit strategy
24:00
Extra benefits - education
24:40
Next steps (target of 2%)
26:26
Must ensure financing - actionable advice
29.27
Contact details
Sound LibraryNature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In today's episode we dig into all things technical site evaluation with Dr. Colin Smith of Paperbark Consulting. Colin is an expert soil scientist, and today he shares his vast experience in plantation forestry, giving insights that will support investors (and forest managers for that matter) with what considerations should be made and questions should be asked when evaluating several technical plantation management factors. We talk about where certain tree species do best and get into specifics on soil, water, climate, the importance of research, ecological deserts and more.
Quotes:4:16
"The most dangerous thing in a forestry investment plan is a spreadsheet"
43:37
"Make sure they get a good independent opinion about what they're up to. In some cases, consultants try to make projects look good to attract investment, and I think there is a big danger in that; not to be seen as a wet blanket, but I think people need a realistic appraisal."
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Important links:Dr. Colin Smith's email: [email protected]
Linkedin: linkedin.com/in/colin-smith-900b051a
Favourite trees: Acacia Sieberiana and Eucalyptus deglupta
The Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF): CIFOR
Theory of Change Webinar: Theory of Change Webinar
Details:00:44
Professional background and focus of work (Paperbark Consultancy)
04:09
The complicated process of forest management
05:54
Interesting assignments (real stories)
09:05
Macro-level technical considerations when investing in forestry
13:08
Micro-level technical considerations
15:41
Issues with native species
17:56
Dispell myths around Eucalyptus, specifically water usage
23:30
Irrigation of plantations
30:59
Climate change & species matching
36:25
Invest in research and technical expertise
39:03
Info on sustainability studies - eucalyptus & PH levels of soil (CIFOR)
43:36
Actionable advice for forestry investors
44:46
Contact details
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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As there are no widely accepted definitions in the lexicon that makes up responsible investing, semantics are important. This is because how you define terms like ESG, sustainable and impact investing as they relate to forest investments will have different implications - it could be in the types of forests you invest, the geographies of your investment, the end markets, return expectations and so on. In this episode, I take you through the definitions of these terms that I apply in my work and provide you some examples to make sense of it. I argue that its not the definition per se that matters, only that everyone in your organization shares the same definition and that you apply it credibly and consistently. I explain why an integrated approach to ESG, sustainable and impact investing will put your forest investments in the best position to succeed.
"Integrating these three features is the best way to future-proof your forest investments for financial performance and long-term social and environmental benefit."
Show notes:
Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Important links:
Webinar: Theory of Change Webinar (subscribepage.io)
Favourite tree: Arbutus menziesii - Wikipedia
Details:
02:47ESG investing
05:01Sustainable investing
07:02Impact investing
11:09Integrated approach
14:12How to apply an integrated approach
15:15Webinar
15:37Actionable advice for forest investors
Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Anthony Traina, Co-Founder of Tropical American Timber, a value-added producer and distributor of tropical hardwoods. We talk about lesser-known species as well as household names in tropical hardwoods. We discuss sustainability and trust—two key factors in determining where Anthony has sourced his wood to date and where he is looking to expand in the future. We also discuss the conundrum of certification relating to market demand and administrative and cost burden.
"Really look at the people on the ground and talk to them and get to know them to build that trust to see where the investments are going and being directed and that the projects are coming along as talked about. How are the communities interacting with the project?"
Show notes:
Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Important links:
Tropical American Timber: https://tropicalamericantimber.com/
LinkedIn: https://www.linkedin.com/in/anthony-traina-974b2753/
Details:
01:43
Overview of Anthony's professional journey
05:19
Species of trees sourced and markets
09:26
Where timber/trees/wood is sourced from
12:39
Legal requirements for importing tropical hardwood
18:52
Interesting anecdote of Martin Guitar company requiring a single tree
20:10
Certification, sustainable harvesting, and forest investor (asset) requirements
25:47
Source countries in South America
27:50
Quality of product, sustainability, trust, and marketability
29:47
Business challenges
30:35
Main buyers
32:10
Actionable advice for forest investors
Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today in the second of a two-part series, as I speak with Anne Valto, Senior Development Impact Advisor at Finnfund - the Finnish Development Finance Institution. In our conversation, Anne describes how Finnfund evaluates impact in deal due diligence. She explains how often their investees are not initially well capacitated to manage for impact, and how they are supporting to resolve this. We talk about why Finnfund normally does not invest into 3rd party managed, forest asset only models, finding the balance between impact and financial objectives and impact permanence at exit. If you haven’t listened to the first episode, please go back and listen to my conversation with Peter Chappell on breaking down risks in emerging markets.
“In forestry and in biodiversity, as in most impact indicators, the high risk usually means that there are more opportunities to gain as well.”
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details
03:39
Impact evaluation in deal due diligence and the 5 dimensions of impact
05:00
Development Effectiveness Assessment Tool
06:21
How Finnfund goes beyond IFS PS to evaluate net biodiversity gain
07:51
How Finnfund supports traditional timberland managers to integrate impact
11:38
Biodiversity trainings for investees
11:52
Biodiversity pilot with MLR in Nicaragua
13:20
Sustainability capacity within Finnfund investee companies
14:29
Why Finnfund normally does not invest into 3rd party managed, forest asset only models
16:50
Finding the balance between impact and financial objectives
19:19
Does targeting impact mean forgoing returns?
23:40
Low hanging fruit for impact creation in forest investments
26:01
Impact permanence at exit
30:11
Actionable advice for investors new to the asset class
Significant quotes:[5:50] In forestry and in biodiversity, as in most impact indicators, the high risk usually means that there are more opportunities to gain as well.
[17:42] So that's our role, taking more risks than, than a commercial investor would be willing to, to take.
[25:02] It's often that you actually don't need to do that much to give a little bit of push for regeneration and restoration. In the environments where we operate, the more challenging part is then to also keep people out.
[28:01] So if we would totally lose the impact for big money as an impact investor, I think that would be quite a red flag for us.
Links mentioned:Finnfund: https://www.finnfund.fi/en/
MLR Forestal: https://mlr.com.ni/
Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today in the first of a two-part series, as I speak with Peter Chappell, Investment Manager at Finnfund - the Finnish Development Finance Institution which, like the country, has a long history of investing in forests. In our conversation, Peter explains why Finnfund’s mandate is for greenfield investments, and why financial viability is one of their primary impact criteria. We discuss the risks in the emerging markets where Finnfund invests, compared to those in timberland core markets. We discuss how to evaluate risk and the merits of forest investment in emerging markets, and talk about why its important to go in with an experienced partner. Next week, be sure to tune in, where we discuss the impact-side of Finnfund’s forest investment approach with Anne Valto.
“But actually, our thesis is quite strong that ultimately the realisation of these positive impacts can only be sustained through financially viable, financially sustainable, you know, long term, successful businesses.”
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details
01:36
Introduction to Finnfund and their approach to forest investment
04:54
Financial instruments used by Finnfund in forest investment
07:02
Timberland in core versus emerging markets
11:03
Real vs perceived risk
13:33
Greenfield vs brownfield
16:27
Tips for investors considering emerging markets for the first time
19:51
Red flags to look out for in emerging market deal evaluation
22:16
Impact in emerging markets vs core markets
27:53
Challenges leading to emerging market track record
30:46
Other benefits of emerging market forest investment
Significant quotes:[14:48] "One of the issues we have as a DFI is that actually a pure brown field operation doesn't actually fit our mandate because we need to ensure we're making impact."
[21:10] "Generally speaking, execution risks are the big risks."
[25:32] "But actually, our thesis is quite strong that ultimately the realisation of these positive impacts can only be sustained through financially viable, financially sustainable, you know, long term, successful businesses."
Links mentioned:Finnfund: https://www.finnfund.fi/en/Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Aleksandra Holmlund, CEO of Qarlbo Biodiversity for a glimpse into the biodiversity crediting mechanism she has championed in Sweden. In this conversation we explore the biodiversity finance mechanism developed in cooperation with the Swedish University of Agriculture that focuses on production forest landscapes. In a nutshell, the mechanism works from a baseline of business as usual forestry and attributes any net gains in biodiversity to come from conservation, restoration or diversification of forest management activities. In addition to the mechanics, we discuss the sentiments of key participants in making this biodiversity credit transaction work – the forest owner and the credit buyer. Tune in to learn more about this very pragmatic approach to biodiversity finance in production forests and see if you can learn a thing or two to apply in your own forest investments.
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
01:26 Introduction to Alexandra and her background
03:06 Mechanism for biodiversity credit system in production forestry in Sweden
06:20 Example of integration of timber management and biodiversity management
08:50 Proportion of land dedicated to each (specific property owner)
10:12 Carbon credits in Sweden
11:51 Effect of policy changes and legislation on biodiversity offsets and markets
14:16 Buyer’s motivation of obtaining biodiversity credits (specific example)
17:05 Local or global market opportunities?
19:04 MRV process for conservation, restoration and diversification & target setting
22:24 Market price for biodiversity & loss of harvesting income
23:22 Interest from forest owners in biodiversity pilot project
24:15 Funding?
25:06 Duration of commitment by forestry owner (20+ years)
25:48 Mitigate risk of forestry owner quitting project
26:52 Development of biodiversity certification – Swedish Biodiversity Alliance
29:10 Methodology applicable in another jurisdiction
31:30 Data collection methods & fine-tuning metrics
34:26 Actionable advice for investors
Significant quotes:[10:49] At this early stage, where we are in the development of the biodiversity credit market, I’d say it is better to keep carbon and biodiversity apart just to be on the safe side, not to trigger any unwanted consequences such as greenwashing critique.
[15:44] A transparent market will allow private funding of biodiversity and enable forest owners to engage in more nature conservation and restoration than we would have had if only taxpayers’ money was paying for everything.
Links mentioned:Qarlbo Biodiversity: https://www.qarlbonac.com/
Portfolio: https://www.aleksandraholmlund.com/
LinkedIn: https://www.linkedin.com/in/aleksandra-holmlund-5b04101/
Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Asger Strange Olesen and Herbert Yancey of the International Woodland Company, Asset Management + for an informative discussion on the EU Taxonomy. In this conversation we dig into the differences between the SFDR and the EU Taxonomy and how investors are looking at these sustainability regulations and tools. Though largely a concern for European investors, we talk about why it matters in forest investments the world over and how IWC AM+ is applying the EU Taxonomy in its approach to sustainable forest investment. We talk about the potentially affronting aspects, such as costs, management burden and how compliance will be monitored by the regulatory authorities, and spoiler alert – it’s not a drag on returns and will support the management of resilient forests.
“If you are not considering climate change with your forest assets, you’re doing a disservice to your investors”
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details
01:50
Asger gives an overview re. EU taxonomy, SFDR (Sustainable Finance Disclosure Regulation), impact on investments
05:50
Asger give more details about SFDR to avoid large-scale green washing
06:40
Asger explains how the disclosures moves from asset level to financial regulatory authorities
08:15
Looking at forest funds from different perspectives
10:39
Herbert explains American sentiment in investment regulations
13:23
Asger explains how IWC view EU taxonomy in the assets they manage
16:10
Asger explains about the learning curve translating financial regulation into investment strategy
18:30
Asger explains specific metrics (broad & context specific)
20:47
Herbert gives the American perspective – enhance forest resiliency
22:53
Asger adds to Herbert’s point – explains how SDFR works – making your methods transparent and comparable (it’s njot compulsory)
24:50
Asger gives a summary, touches on exploitation of the asset, if not sustainable, investors will move away
26:17
Asger explains the operational cost differences expected in an EU taxonomy aligned asset vs a non-taxonomy aligned asset
28:49
Asger elaborates on how aligning the EU taxonomy with one’s investment strategy build value in asset management (including point of exit opportunities)
31:03
Asger talks about how SFDR and EU taxonomy compliance will be monitored
37:47
Actionable advice to investors from Asger and then Herbert
34.58
IWC contact details
Significant quotes:[22:47] Herbert: If you are not considering climate change with your forest assets, you’re doing a disservice to your investors
Links mentioned:International Woodland Company (IWC): https://www.iwc.dk/LinkedIn: https://www.linkedin.com/company/the-international-woodland-company/
Sound Library:
Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Gabriela Leslie, Senior Manager, Food, Agriculture and Natural Capital at the Creo Syndicate - a membership organization that supports its family office members to better understand the latest developments in climate investing. It creates a platform for private family investors to come together, learn from each other and collaborate on investment opportunities to solve the climate crisis. In this illuminating conversation, we dig deep on how family offices are different than institutional investors and how this shapes why they consider forest investment, how they evaluate opportunities and what is challenging the attractiveness of forest investments currently (but the outlook is positive).
“So, we find that there’s a decision-making process that comes in around, not only is this a good investment and can this scale, but you know, is the impact really meaningful?”
Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details01:25
An overview of the Creo Syndicate
02:49
The profile of family office investors compared to institutional investors
06:21
Family office capacity to evaluate forest investments
08:29
Change in family office sentiment around investing in nature and why it is attractive
12:25
Sentiments on forests versus other natural climate investment strategies
16:15
The role of carbon markets
16:58
What makes forest investment strategies challenging at the moment
19:35
Exploratory and catalytic capital into forestry
21:47
Need for more transparency in forest investment
23:52
Emerging emphasis on biodiversity
26:18
Family office approach to catalytic finance
31:42
Investment vehicles suitable for family offices
35:55
Actionable advice for forest investment managers to attract more family office capital
37:27
Links (see below)
Significant quotes:[04:41] the lack of firepower means there’s a greater premium on capital efficiency and impact.
[05:12] So we find that there’s a decision-making process that comes in around, not only is this a good investment and can this scale, but you know, is the impact really meaningful?
[08:21] Our members come to the nature space with a lot of enthusiasm. I’d say this is a market shift over the last few years. We previously had folks come to us interested in nature but not really ready to engage [...] there’s more literacy around financial markets intersecting with nature now that there ever has been.
[22:23] I think some transparency around that counterfactual piece (Improved Forest Management) would be really important in helping uplift the reputation o the sector as an impact strategy.
[27:52] So catalytic in our mind doesn’t need to be philanthropic. It just needs to be risk on, it needs to be impact first. And we see some really great examples of folks coming in and they’ll either cut the first cheque or they be the last.
Links mentioned:Creo Syndicate: https://www.creosyndicate.org/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Thorsten Arndt, Head of Advocacy at the Programme for the Endorsement of Forest Certification (PEFC), where we discuss PEFC and how in addition to facilitating sustainable forest management, it can help those with forest products in their supply chains align to various voluntary and mandatory sustainability disclosure requirements. We dig deep into the EU Regulation on Deforestation Free Products, or EUDR, and about how PEFC is thinking about carbon certification.
Show notes:Host: Shauna Matkovich - The Forest Link
Details
01:37
Thorsten introduces PEFC
05:08
Sustainability reporting under various voluntary and regulatory standards
10:10
Regulatory sustainability disclosures and the EUDR
14:16
How PEFC can support in meeting the EUDR
20:20
General public interpretations of the EUDR and what this could mean for sustainable forest management
21:31
Carbon certification and PEFC
25:13
How should investors be thinking about forest asset evaluation in light of forest management certification and EUDR
27:01
PEFC and its multistakeholder process
28:07
Actionable piece of advice for new investors
29:05
Contact details
Significant quotes:11:15 “Under the scope of this regulation [EUDR] are essentially any kinds of products that enters the European market for several commodities including soy, palm oil, beef, rubber, cocoa, coffee and timber”.
20:20 “What we fear may happen [with the EUDR] is that an unintended consequence is that European consumers do not care about sustainability that much anymore because they will know that the products they buy are deforestation free.”
24:16 “The other option we are exploring is to collaborate and coordinate with existing carbon standards to see PEFC and carbon standards can be implemented in a more coordinated manner to reduce the burden on smallholders and the forest.”
Links mentioned:PEFC: https://pefc.org/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Andrea Braun, Director of Unique Forest Investment, where we dive into all things Paraguay – well related to forest investment that is. In our conversation, Andrea describes why Paraguay is becoming a favourable forest investment destination – covering several macro-level indicators as well as forest specifics relating to biological and climatic growing conditions, markets and industrial development. We talk about risks and opportunities, and get into the details on some of the technicalities of managing forests in Paraguay.
“There are not as many places in the world that offer as good conditions for forest investments as Paraguay, especially in terms of climatic and biophysical conditions”
Show notes:Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details
01:30
Andrea introduction and overview of Unique Forest investments
02:36
Why Paraguay is favourable for forest investments
04:26
Eucalyptus species – more than 90% in Paraguay
05:18
Issues investors should be aware of in Paraguay
06:00
Details of the mill to come online
06:22
Rotation for pulp and paper
07:09
Paraguay’s political environment and legislation: positive or negative for forestry investment?
08:05
No limitations to acquire land – how tenure operates
08:31
Currency risk in Paraguay?
09:42
Forestry infrastructure in Paraguay
10:54
Current market – for export or local use?
13:23
Opportunity for enhancing biodiversity in land use – historical deforestation and legislation
16:42
Species of trees used
17:40
Climate change risks
19:35
Management regime to limit climate risks
20:10
Benefit of voluntary carbon market
23:36
Balance quality, carbon credits, and eucalyptus
27:17
Plantation forest management
29:59
Where is wood processed?
31:42
Road networks & infrastructure or professional services may affect logistics
33:27
Actionable piece of advice for new investors
35:42
Contact details
Significant quotes:02:32 “There are not as many places in the world that offer as good conditions for forest investments as Paraguay, especially in terms of climatic and biophysical conditions”
07:20 “Also the tax regime, labor costs and low energy costs have made the country quite attractive when compared to some of its neighbors […] where the Latin American Economic Climate Index identified Paraguay as having one of the best ease of doing business in the region”.
21:15 “And this [carbon markets] has been very, very interesting for our clients and Paraguay has actually been quite fast and has issued a law to regulate the carbon credit production for private investors.”
Links mentioned:Unique Forest investment: https://www.unique-forestinvestment.de/
Andrea’s email: [email protected]
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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Join me today as I speak with Edit Kiss, Co-founder and Managing Partner at Integrity Capital Advisors. She discusses Integrity Capital Advisors three-pronged strategy for unlocking capital for nature: 1. Imbedding carbon with real assets 2. Appreciating the capital continuum, and 3. Blended finance. We discuss the equity-type risks investors face when funding forest carbon projects, and solutions to lower the cost of capital. We also dig into the importance of price transparency – for investors, carbon credit buyers, and project developers, and we talk about the importance of industry standards that support carbon markets.
Host: Shauna Matkovich - The Forest Link
Producer: Magdalena Laas - https://www.linkedin.com/in/laasmagdalena/
Details
01:01 An overview of Integrity Capital Advisors
06:22 Explanation about the obstacles – mobilizing of private capital side
08:37 Explanation about the mismatch in funding
11:42 A tool – Carbon Collateralized Loans
13:59 Necessity of blended finance
15:27 Paper on private investments in conservation
16:01 Integration of concessional capital
18:14 Carbon buyers wants to buy it but not pay the price
25:20 How to improve carbon price transparency
28:10 Science-based Targets Initiative
31:57 SBTI decision in July – submit feedback on form on website (below)
36:39 Actionable advice
37:17 Links (below
Significant quotes:[09:18] Why we are struggling in particular in nature based, is because of the market failure and because of the fact that we don’t have a price on carbon.
[19:41] We need a signal for capital to flow for investors to invest into this next generation projects.
[24:11] What you need to be successful on the ground is to say, I’m going to get this carbon finance as a transition tool and when my crediting period stops and I have no more carbon, I have actually made the transition on the ground.
[36:48] It is imperative that everybody needs to get involved, because the simple truth is that without the natural climate solutions there is no pathway to 1.5 degrees.
Links mentioned:SBTI feedback form: https://docs.google.com/forms/d/e/1FAIpQLSc93Gz8_R-ShYeaFAuXc_fqrKZQC1ayvnEw1WorQVfxYZ8KgQ/viewform
CPIC paper: https://www.cpicfinance.com/insight/new-report-towards-building-a-capital-continuum-for-nature-positive-investments/
NCSA paper: https://www.sustainability.com/globalassets/sustainability.com/guides/ncs-investor-guide.pdf
Edit Kiss: https://www.linkedin.com/in/edit-kiss-5156732/
Integrity Capital Advisors: https://www.integritycapitaladvisers.com/
Sound Library:Nature by MaxKoMusic/Soundcloud Sopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In this episode, I am joined by James Kench, Head of Insurance at Kita. In our conversation James discusses the role of insurance as an enabler to mobilize capital into natural climate solutions in forestry. He describes how their product has been structured to address the most significant risks observed in forest carbon projects, giving some insights into what those risks are. He explains that given its ‘newness’ in the insurance market and the period in a forest carbon project’s life when it is most likely to experience a claim event, that no claims have yet to be made. He gives some great advice to investors looking to participate in forest carbon markets, on what risks they should consider.
Details00:37
Intro to James Kench & Kita
03:30
James explains about the different types of nature-based solutions
04:39
Typical client profile explained – corporates and investors
07:27
Insure every asset in the portfolio or asset by asset?
09:18
Portfolio vs individual – underwrite specific transaction
10:28
What happens if a project fails – dimensions of risk
15:09
Delivery risk & concept and execution phase until credits are issued
17:54
How Kita underwrites and how it affects pricing
20:55
Moral hazards
23:54
Characteristics that makes assets uninsurable
26:09
Process of raising capital for offering insurance
29:03
Future of carbon markets
32:17
Examples of actual claims
37:06
Contact details
Significant quotes:[07:37] The main pain point we wanted to solve is that there's reasonably good supply of carbon credits out there, but they're not necessarily a good supply of high-quality credits, and the best way to secure high quality credits is to lock in investment at an early stage of the project.
[08:32] If the project has failed or has not performed as much as hoped, then our insurance would kick in, and then we would be able to make the investor or the corporate whole, either in cash or in like for like carbon credits.
[14:10] But where we see investors coming in to lock in that supplier of the most high quality projects, they're very actively trying to source and originate projects all over the world and get in as early as possible because that enables them to secure that supply and secure a good price and then have hopefully a bit more influence and control over the sort of management and success of the project over the longer term.
Links mentioned:Kita: https://www.kita.earth/
LinkedIn: https://www.linkedin.com/company/kitaearth/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/Soundcloud
Hosted on Acast. See acast.com/privacy for more information.
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Today I’m joined by Steve Novakovic, Managing Director for the Chartered Alternative Investment Analyst Association (CAIA) Curriculum. CAIA serves its international membership across the finance industry enhancing education in relation to alternative investments. From Steve’s wide knowledge of alternative investments, he describes how timberland investment plays a very important role in building a balanced institutional investment portfolio that both serves fiduciary requirements and has strong sustainability features.
Show notes:Host: Shauna Matkovich - The Forest Link
Timecode
Details
00:33
Intro to Steve Novakovic
02:02
Intro to CAIA
02:55
CAIA’s curriculum (limited partners, alternative investments)
05:19
Member organisations
06:12
Investors sentiments around natural capital investment, specifically forestry
09:40
Deliberate decision-making process and how long it takes
11:22
Geographical location of most experience within the asset class
15:09
Sustainability and impact requirements of European investors
17:32
Demand for education in the asset class
22:37
Educational approach about timber investing (TIMO)
24:55
Shift to sustainable investments
26:21
ESG investing
30:15
Expansion of CAIA’s offerings to its members (e.g., understanding value chain)
34:40
Teaching members about sustainability (UN principles of sustainable investments)
38:12
Actionable advice
40:50
Contact details (see below)
Significant quotes:[03:02] For better or for worse, limited partners is kind of what makes the industry run.
[09:40] The decision-making process is deliberate, really intentionally. As a limited partner you are the steward of capital, you have fiduciary responsibilities for whomever it is you are managing the pool of capital for, and you have to be very cautious and mindful in your investment approach.
[19:22] Timberland is a very low risk investment.
[26:18] From an academic perspective, there is clear evidence that ESG focused are beneficial in that they reduce risk.
[28:07] As a fiduciary, you really are supposed to evaluate investments in the context of risk and return, irrespective of your perspective on the environment or social or governance or so forth.
Links mentioned:CAIA Association: https://caia.org/
Steven Novakovic: https://caia.org/contact/steven-novakovic-caia-cfa
Steven’s LinkedIn: https://www.linkedin.com/in/steven-novakovic-caia/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In this Canada Day episode, I am joined by Dr. Gary Bull, Professor at the University of British Columbia Faculty of Forestry. In our conversation Gary discusses the fundamentals of fire ecology in the context of Canada’s forests, and how it has changed in recent years. He describes the grand transition – both a paradigm shift in forest management practices in British Columbia and indigenous land reformation. From his deep experience in working with multiple stakeholders in the forest sector, he talks about opportunities and solutions for more resilient forests – that include indigenous and community stewardship, growing markets for ecosystem services and bioenergy and private investment.
Show notes:Host: Shauna Matkovich - The Forest Link
Details
00:51
Introduction to Gary Bull and his work
04:01
Summary of the wildfire situation in Canada and BC
07:58
Cause of wildfires in BC and Canada
14:20
Community perceptions on fire-smart forest management
15:19
Bioenergy as a solution
16:35
Resources for wildfire management
18:32
Private capital needed for the “Grand restoration”
21:10
Indigenous rights and forest stewardship
23:52
Production of new markets for wood
26:49
Canada and the Paris Agreement
30:59
Advice for investors, considering investing into forests
Significant quotes:[03:22] Last year, we would see that the wildfires produced three times more emissions than all industrial sources of emissions in Canada.
[12:26] I think now, the recognition is that especially in these landscapes, the boreal landscapes, and parts of the temperate that we will have to use fire as a management tool.
[14:02 ] We're going to move into an era of active forest management, not just for producing timber from mills, but for active, for producing, preserving ecosystem health.
[18:32] I don't think governments will ever be able to find all the money required to do the kind of restoration we want and the kind of things that I'm seeing happening, for example, in Brazil, right now, where investors are coming in offering up private investment capital to help with what I would call the Grand restoration challenge.
[26:31] And I think first nations are in a great position to lead the conversation, and essentially bring these other stakeholders to the table and say, look, we want jobs too, we want investment too, we want ecosystem health and we think we know how to get there.
[29:16] And so what this [fire suppression] has led to in Alberta (and people will find this perhaps puzzling to understand) is too much old forests. And so, these old forests are now highly vulnerable to fire.
Links mentioned:UBC Faculty of Forestry: https://forestry.ubc.ca/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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In today’s episode, I am joined by Dr. Stephanie Gripne, Founder and CEO of the Impact Finance Center and Impact Investing Institute. In our conversation Stephanie identifies some primary challenges with raising capital for forests – that is the need to first, raise investors and second – think about what the forest needs. She describes the need for full spectrum capital to address the needs of the forest value chain, and will have you reconsider your thoughts on impact investing – from philanthropic giving to commercial return seeking investors.
Host: Shauna Matkovich - The Forest Link
Details00:38
Introduction to Stephanie Gripne and her organisation, Impact Finance Center
06:26
Sustainable Forestry Investment Club and how it came to be
11:42
Four parts of the sustainable forestry investment club – identify and educate investors
13:04
Second part – connect capital stewards with community stewards that need the money
13:35
Third part – governmental spending/grants for start ups
14:23
Part four – mainstream 2.0 – retirement programme (invest in forests?)
16:45
Investor profile & education modules via Forestry Investment Club
17:53
Point of difference in how organisation teaches investing
22:00
Explanation of investments with negative 100% loss/return
24:28
Examples of impact investment transactions
29:42
Reverse engineering in an investment strategy
30:22
Early stages of nature-based investment
34:12
Where do you learn about all the regulations – Green Biz Group – series of conferences
36:12
Mainstream 2.0 & future projects & plans
37:40
Actionable advice to investors
Significant quotes:[03:36] You can think of the Impact Finance Center as an investor accelerator, where we grow investors like we grow trees.
[12:50] There is a really big need globally for us to create investor accelerators, the same way we have the accelerators for entrepreneurs.
[18:17] The only way to solve this problem is to shift the question from what does the investor want to what does the forest need.
[26:34] The only way you can heal a river, whether it is a physical river or a river of capital, which is our mainstream and Wallstreet capital is to restore the flow. That is holistically looking at the capital.
[32:22] We got to get more money to the forests, to the communities in a way that is needed.
[38:03] You shift power to the forest and the communities, you learn about full spectrum capital, and then you restore the flow of the capital
Links mentioned:Impact Finance Center: https://impactfinancecenter.org/
Green Biz Group: https://www.greenbiz.com/
Sound Library:Nature by MaxKoMusic/SoundcloudSopwell Woodlands and Scohaboy Bog SAC, Cloughjordan, Co Tipperary, IRELAND by wild_rumpus/SoundcloudHosted on Acast. See acast.com/privacy for more information.
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