State of Nature Underwriting 2026 · pre-register

What's in the report

Five sections. 48 pages. One reference.

The report is structured as a working reference for funds, principal buyers, DFIs, lenders and reinsurers operating in the nature-finance market. Each section pairs a quantitative tracker with a qualitative read on what the numbers mean for the next 12 months.

PART 01

Capital-mobilisation tracker.

Every commitment in the natural-capital, carbon-principal, DFI and parametric-insurance markets, sourced, dated, totalled. TFFF, Microsoft CDR, Manulife FCF, BTG TIG, Frontier, Nuveen, Symbiosis, AXA Climate IDF Resilience Fund.

PART 02

Underwriting-bottleneck math.

Cycle-time benchmarks per archetype. Consulting-cost benchmarks per deal size. Throughput-ceiling analysis per analyst. The deployment-capacity gap quantified.

PART 03

Framework-alignment landscape.

TNFD LEAP-FI, NGFS three-phase, UNEP FI NBRA, IFC PS6, ICVCM CCPs, ART TREES 2.0, SBTN AR3T, NCFF. State of adoption, state of convergence, what's coming in 2026–27.

PART 04

Foundation-model state of the art.

Annual update on the EO foundation-model stack. Benchmark performance on tropical-biome classification. Fine-tuning cost curves. Open-source vs proprietary state.

PART 05

Regulatory outlook.

EUDR Article 32 (2028 review). EBA Pillar 3 nature-risk disclosure. EU AI Act Article 6. SR 26-2 and the OCC/Fed/FDIC carve-out. CSRD ESRS E4 implementation timeline.

APPENDICES

Reading list, glossary, data sources.

48 public underwriting documents catalogued. Glossary of 45+ field terms. Citations to every number in the report. Designed to be quoted from.

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State of Nature Underwriting 2026.