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Carbon Removal Startup, Mombak, Begins $100M Amazon Reforestation Strategy

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 15, 2022 GMT

SÃO PAULO--(BUSINESS WIRE)--Dec 15, 2022--

Today, Mombak, a Brazilian company that seeks to build the largest carbon removal projects in the world, begins its $100M Amazon reforestation strategy to capture millions of tons of carbon by restoring large areas of degraded land with native tree species. These efforts will also generate positive benefits for biodiversity by increasing habitat for wildlife and for local residents by creating sustainable economic alternatives.

The world’s 2050 roadmap to achieve net zero relies on removing carbon dioxide from the atmosphere at the scale of billions of tons per year 1. With the global demand for carbon removal expected to far outstrip supply, the price for high-integrity carbon removal credits is expected to rise dramatically in the coming years.

“The market price of high-integrity carbon removal credits is now sufficient to make large-scale native, biodiverse reforestation a scalable climate strategy,” said Peter Fernandez, CEO of Mombak. “The Amazon, which is 20% deforested, needs our investment as it’s also home to more than 10% of the world’s biodiversity, 20% of the world’s freshwater, and the livelihood of local communities.”

Research shows 2 that reforestation is currently the largest opportunity to remove carbon from the atmosphere, and the Amazon rainforest presents the largest opportunity to execute reforestation.

Mombak’s solution is unique and centered around three core components:

  • Restoration: the company will capture carbon through large-scale reforestation of degraded, unproductive pastureland with a mix of 60 native Brazilian tree species and extensive use of assisted natural regeneration;
  • Co-benefits: Mombak will reverse biodiversity loss, improve watershed assets, and generate new sources of employment and tangible social impacts in local communities; and
  • High integrity: the forests will never be cut down for timber as the land will be permanently and legally preserved, creating high-quality habitat for native flora and fauna.

To achieve these results, Mombak is a vertically integrated organization with a powerful mix of experienced staff from scientific research, production forestry, technology, and finance. From land selection to the choice of tree species to be used to the measurement of carbon and biodiversity gains, Mombak’s process employs innovative technical methodologies such as satellite imagery analysis, drone imaging, and bioacoustic sensors. This combination of world-class professionals and sophisticated technical tools is designed to achieve maximum impact at scale.

Conservation International, a global nonprofit whose mission is to protect nature people need for food, fresh water, and a stable climate, will serve as an impact adviser to Mombak’s groundbreaking initiative to help ensure the greatest possible benefits to communities, nature, and the climate. Together, Mombak and Conservation International will establish, measure, and manage impact criteria to ensure that Mombak’s reforestation investments deliver robust and positive environmental, climate, and social benefits.

“Assisted natural regeneration efforts, like reforestation of native species, can be a powerhouse for restoring healthy, carbon-capturing forests. But the co-benefits of these activities can also be a game-changer for local populations,” said Miguel Moraes, Senior Director at Conservation International-Brazil. “For the people who depend on the Amazon’s biodiversity to meet their everyday needs, projects like Mombak’s can mean access to more jobs and income generation, improved drinking water, and the introduction of a restoration value chain – all of which benefit people, nature, and help fight global climate change.”

Steve Gretzinger, Senior Director of Climate Smart Forestry Investments at Conservation International said, “Mombak is well-poised to restore ecological integrity at scale due to diverse team members, each of whom have successful track records in their areas of expertise, and practical, cost-effective, technical tools. Our team looks forward to applying our well-tested carbon accounting, conservation design, and community engagement skills, accrued from over three decades of field experience in Brazil and around the world, to ensure that Mombak’s impacts are real, measurable, and permanent”.

Mombak is backed by Bain Capital Partnership Strategies, Kaszek Ventures, Union Square Ventures, CI Ventures, and Byers Capital.

1 World Resources Institute, www.wri.org/initiatives/carbon-removal
2 Hawken, Paul, Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming. 2017, Penguin Books.

About Mombak

Mombak is a Brazilian company that seeks to build the largest carbon removal projects in the world, starting by reforesting the Amazon rainforest. The Mombak team combines highly-regarded Brazilian ecological restoration scientists with operations executives from Brazil’s sophisticated commercial forestry sector to execute native, biodiverse reforestation at a larger scale than ever before. Mombak was founded by Peter Fernandez, the ex-CEO of Brazil’s first technology unicorn (99), and Gabriel Silva, the ex- CFO of Brazil’s first technology decacorn (Nubank), and operates with the speed and ambition of a tech startup.

About Conservation International

Conservation International works to protect the critical benefits that nature provides to people. Through science, partnerships and fieldwork, Conservation International is driving innovation and investments in nature-based solutions to the climate crisis, supporting protections for critical habitats, and fostering economic development that is grounded in the conservation of nature. Conservation International works in 30 countries around the world, empowering societies at all levels to create a cleaner, healthier and more sustainable planet. Follow Conservation International’s work on Conservation News,Facebook,Twitter,Instagram and YouTube.

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KEYWORD: SOUTH AMERICA BRAZIL

INDUSTRY KEYWORD: ENVIRONMENT CLIMATE CHANGE ENVIRONMENTAL POLICY ENVIRONMENTAL ISSUES ENVIRONMENTAL HEALTH SUSTAINABILITY GREEN TECHNOLOGY OTHER NATURAL RESOURCES FOREST PRODUCTS NATURAL RESOURCES

SOURCE: Mombak

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PUB: 12/15/2022 09:00 AM/DISC: 12/15/2022 09:02 AM

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