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Resources

Practical research on nature underwriting.

Written by the team producing nature-underwriting verdicts in production. Specific numbers, named institutions, sourced citations. No marketing tics.

Aerial of forested landscape at dawn

Market structure · May 11, 2026 · 17 min · 2,860 words

The deployment math nobody's writing about.

$50B+ committed to nature deals in 18 months. Capital is deploying at 1.5% of the speed it was raised. The bottleneck is the underwriting workflow itself, and the window to fix it is open right now.

Read the architecture argument →

RECENT · MARKET STRUCTURE & POLICY

Tropical forest canopy

Policy · Nov 26, 2025 · 16 min · 2,640 words

The Tropical Forest Forever Facility, decoded.

53 countries, four sovereigns, one trustee, and the diligence problem that will determine whether $125B clears the building.
Forest restoration site

Market structure · May 11, 2026 · 13 min · 2,180 words

Microsoft is the carbon-removal market.

45 Mt contracted in 2025, nine times the 2023 volume, and the 2026 pause is the first real price-discovery test the durable carbon-removal economy has ever had.
Forest canopy

Procurement · Apr 28, 2026 · 11 min · 1,860 words

Symbiosis Coalition: the stealth methodology cartel.

Google, Meta, Microsoft, Salesforce, McKinsey, Bain, REI. 20 Mt by 2030 isn't the story, the shared diligence standard is.

ADOPTION & ANALYSIS

Policy documents

Adoption · Apr 28, 2026 · 11 min · 1,920 words

TNFD at 502 adopters and $17.7T AUM.

The disclosure ritual is real. The portfolio input is not.

METHODOLOGY & CASE STUDIES

Brazilian cattle ranch

Methodology · May 11, 2026 · 12 min · 2,020 words

Zero of 132 slaughterhouses have indirect-supplier control.

Imaflora's verdict on Brazilian cattle. The Banco Central protocol and the 2032 federal mandate are the binding constraints now.
Cerrado restoration

Methodology · May 04, 2026 · 14 min · 2,360 words

VM0047 ARR in the Cerrado: the PD/LGD adjustment under NGFS Phase V.

Project 5511's 230,120 VCUs are the first issuance, and the first IFC-bank-grade pricing reference for the biome.
Sample memo

Case study · 40 pp full · 13 pp executive

Sample memo: Fazenda Buriti Verde.

A worked, anonymised investment-committee pack on a Mato Grosso restoration deal. Eight diligence verticals, framework-mapped, evidence-pinned.

REPORTS & REFERENCE

Forest canopy

Annual report · forthcoming Q3 2026 · 48 pp

State of Nature Underwriting 2026.

The flagship annual reference. Capital-mobilisation tracker. Underwriting-bottleneck math. Framework landscape. Foundation-model state.
Engineering schematic

Methodology · 38 pp downloadable

How Kyroq produces investment-grade verdicts.

The full methodology: framework alignment, cryptographic evidence pinning, model risk management, foundation-model stack.
Reference data

Reference · 31 pp

Frameworks & desks, the glossary.

TNFD LEAP-FI, NGFS Phase V, NBRA, NCFF, IFC PS1–PS8 deep-dive. Four customer-desk profiles. 45-acronym cheat sheet.

Quarterly insights

~4 emails a year. No fluff.

Practical reports on nature underwriting, written by us. Quarterly insights plus the annual State of Nature Underwriting report. Unsubscribe any time.