Institutional Market Making
for Natural Capital
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At Calculus Carbon, we deeply believe that NbS would evolve to be an important Infrastructure asset class over the next few decades.

Here, we share our insights on the role we are playing in unlocking the institutional deployment of capital in the asset class.
About Calculus Carbon
a
portfolio firm via
ventures specialising in
institutional market making for large-scale Nature-Based Solutions (NBS) projects and Natural Capital funds, having its presence in London, Singapore and Bangalore
Our Collaborative Journey with Industry Leaders
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Recent Transactions
  • Nicaragua, Kenya, Uganda
    Nicaragua, Kenya, Uganda
    Investment Type: Carbon Pre-Finance
    Project Type: Agriculture, forestry, and other land use
    Nicaragua, Kenya, Uganda
    Calculus Carbon is partnering with Climate Investment Partners (CIP) to secure institutional funding for projects in Nicaragua, Kenya, and Uganda. With expertise in ARR, IGM, REDD+, and RWE, CIP also supports local communities and landowners. Together, they aim to expand sustainable initiatives across Central America, Africa, and Asia.
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  • Colombia
    Colombia
    Investment Type: Carbon Pre-Finance
    Project Type: Assisted Natural Reforestation (ANR)
    Colombia
    Calculus Carbon assists NatureRe in structuring an investment deal with a carbon-focused investor to further its large-scale reforestation and ecosystem restoration efforts in Colombia.
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  • Indonesia
    Indonesia
    Investment Type: Carbon Pre-Finance
    Project Type: Mangrove Restoration
    Indonesia
    Calculus Carbon collaborates with Vlinder Climate to raise carbon pre-finance investment from a Singapore-based investor for its mangrove restoration project in Indonesia.
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  • Philippines
    Philippines
    Investment Type: Equity & Carbon Pre-Finance
    Project Type: Coconut Agroforestry Project
    Philippines
    Calculus Carbon partners with Lionheart Farms to secure institutional finance for the development and expansion of its coconut agroforestry initiatives and carbon pre-finance efforts in the Philippines.
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  • Argentina
    Argentina
    Investment Type: Carbon Pre-Finance
    Project Type: Afforestation, Reforestation, and Revegetation (ARR)
    Argentina
    Calculus Carbon facilitates the pre-financing of Unitan’s reforestation project in Argentina, supporting its afforestation, reforestation, and revegetation activities.
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  • Ghana
    Ghana
    Investment Type: Carbon Pre-Finance
    Project Type: Afforestation, Reforestation, and Revegetation (ARR)
    Ghana
    Calculus Carbon is collaborating with 3T to structure a carbon pre-financing deal with a UK-based investor, supporting sustainable reforestation efforts while generating verified carbon credits, and fostering community development.
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We deal in Nature-based Solutions (NbS)
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Industry Partners
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Featured in
7 February 2025
Building an Investment Bank for Nature: Scaling Nature-Based Solutions
In this interview, Neelesh discusses the challenges NbS project developers face in securing funding and ...
20 JUNE 2023
Environmental Commodities Are Financial Instruments: Neelesh Agrawal, Calculus Carbon
Environmental commodities are financial instruments that can be increasingly used to mobilise capital...
10 DECEMBER 2023
From Finance to Forestry: Neelesh Agrawal on Institutionalizing Nature-Based Solutions as an Asset Class
Today, we’re speaking with Neelesh Agrawal, Founder and CEO of Calculus Carbon, a Temasek portfolio firm...
Recent Events supported by us in 2024