Detailed ECL numbers 2023

DETAILED ECL NUMBERS 2023 USD OPENING + ADDITIONS INTEREST INCOME INTEREST RECEIVED PROVISION FOR IMPAIRMENT REPAYMENT/ CONVERSION CLOSING RONCADOR 10,099,388 302,835 -299,097 997 - 10,104,123 DSNG 30,176,742 1,825,000 -1,825,000 -57,635 - 30,119,107 MARFRIG 30,983,954 1,520,833 -1,520,833 -3,368,316 - 27,615,638 HSJ 6,135,665 451,676 -464,876 -14,778 - 6,107,687 HDL 10,989,298 607,815 -566,267 -981,950 - 10,048,896 FS 29,500,794 [...] Read more »

EXPORT TRADING CO. LTD

About EXPORT TRADING CO. LTD &Green is partnering with ETG to support the transition of the cocoa sector into deforestation-free and inclusive supply chains. ETG is committed to sourcing cocoa from traceable and NDPE-compliant supply chains in Ivory Coast by 2025. This will be achieved by implementing a landscape-based supply chain management approach to drive [...] Read more »

FOREST & BIODIVERSITY FRAMEWORK – 2023

Forest and Biodiversity Framework To ensure and demonstrate that our investments lead to measurable net positive forest and biodiversity outcomes over time, &Green uses its proprietary Forest & Biodiversity Framework (The F&B Framework). The F&B Framework embeds the IFC Performance Standard 6 – which covers how biodiversity should not be negatively impacted by investments – [...] Read more »

Investment Thesis – 2023

TROPICAL GEOGRAPHIESCOMMODITY VALUE CHAINSPRIVATE SECTOR ACTORSINNOVATORSBLUEPRINTS&GREEN TRANSACTIONSSECTOR IMPACTSCALABLE IMPACTTROPICAL GEOGRAPHIES TROPICAL REGIONS WITH HIGH RISK OF DEFORESTATION a. Production of important commodities in tropical forest geographies – palm oil, soy, cattle, rubber for example – is often extractive and leads to deforestation. Tropical deforestation is responsible for 20-25% of global emissions, and results in major biodiversity [...] Read more »

FS

About FS FS is the first Brazilian plant to produce ethanol exclusively from corn. In addition to ethanol, FS also uses cutting edge technology to manufacture animal nutrition, corn oil and electricity products. In May 2022, &Green and FS concluded an 8-year loan of USD 30 Million to support the company improve the traceability of [...] Read more »

MERCON

About MERCON Mercon Coffee Group is a vertically integrated, global coffee supplier committed to delivering high-quality coffee while promoting sustainable livelihoods in coffee-growing communities. &Green supports Mercon Coffee Group with an 8-year, USD 20 Million credit facility to promote forest protection in sustainable coffee supply chains. This initiative aims to enhance livelihood opportunities for smallholder [...] Read more »

Annexes

ANNUAL FINANCIAL REPORT Click on the icon to read and download our audited 2023 Annual Financial Report. NATURE & BIODIVERSITY REPORT Click on the icon to read and download our 2023 Nature & Biodiversity Report. Read more »

Funding

CURRENT CONTRIBUTORS The total contributions made to &Green as of December 2023 amount to USD 360 million USD 100 million → NICFI The Norwegian government’s, International Climate and Forest Initiative (NICFI) is a preeminent global climate change actor, supporting a host of multilateral and bilateral initiatives focused on eliminating deforestation from target jurisdictions and global [...] Read more »

2023 Highlights

&GREEN Highlights USD 30 MILLION NEW LOAN TO ETG &Green’s closed its first investment in Africa through a new USD 30 million senior unsecured corporate loan to ETG Group (ETG) in Ivory Coast. The loan supports the transition of the cocoa sector into deforestation-free and inclusive supply chains. USD 180 MILLION OF ADDITIONAL CAPITAL FROM [...] Read more »

Investment Outlook

MACRO- Economic The key global events of 2023, included the Israel-Hamas war, Russian’s continued attack on the Ukraine, the Red Sea shipping attacks, constant tension between the US and China; and the two big obsessions of the year, namely what Central Bankers (the Fed most importantly) will do and then the Artificial Intelligence (AI) craze, [...] Read more »

&Green’s Purpose

We envisage people thriving on a sustainable planet.  &Green, a Foundation established in the Netherlands in 2017, was created within this context to finance the transformation of global commodity supply chains so that they can have positive climate and biodiversity impacts while still delivering on growth targets. The &Green Fund focuses on the tropical forests [...] Read more »

Annual Impact KPIs

KPI REPORTING KPIs 2023 DSNG RONCADOR MARFRIG HSJ FS HDL TOTAL Forest Protected (ha) 9,452 64,366 2,259,589 2,302 847,779 960 3,117,013 Climate Benefits (tCO2e) 53,380 354,798 9,975,240 59,186 2,775,969 17,227 13,235,800 Ecosystems with Improved Resilience (ha) 86,564 116,351 2,259,589 13,981 862,960 6,188 3,345,634 People with Increased Resilience (#) 26,533 441 6,008 1,016 2,097 26,557 62,652 [...] Read more »

Letter from the Board

A YEAR OF GROUNDWORK 2023 laid the groundwork for future scaling. Our work in building fundament protocols and the right structure for scale is not particularly rewarding in the short-term but we do think we are setting up &Green for scale and long-term success. In 2023, the &Green Fund doubled its raised capital with a [...] Read more »

Fund Performance

FINANCIAL REVIEW The Fund’s investment interest income increased by a further 22% driven by the continued growth in the Fund’s investment portfolio and the global upward trend in interest rates. The portfolio yielded a return of approximately 6.6%, representing a sizeable margin over the fund’s low cost of capital. This generated a 41% increase in [...] Read more »

The Investment Advisor

SAIL Investments Sail Investments (SAIL) is a global private markets asset manager headquartered in the Netherlands. SAIL finds transformational opportunities for investors seeking to drive positive change and achieve attractive, long-term total returns. The investment firm integrates environmental and social returns into the investment strategy to build asset portfolios at scale. Our portfolios strive to [...] Read more »

The Portfolio

OUR INVESTMENTS With one new investment made in 2023, the &Green portfolio now comprises eight transactions: ETG View Transaction Transitioning the cocoa sector into a deforestation-free and inclusive supply chain. Country Ivory Coast Supply chain Cocoa FS View Transaction The first Brazilian corn ethanol producer with zero-deforestation commitment. Country Brazil (Mato Grosso) Supply chain Grains [...] Read more »

The &Green Approach

WHERE we invest Our focus sectors, Geographies & Borrowers &Green's target global sectors are linked to land degradation and deforestation. Sectors include agriculture (palm oil, soy, coffee, cocoa among others), cattle/dairy, and plantation forestry (such as rubber). CATTLE PALM RUBBER SOY FORESTRY COFFEE We concentrate in selected geographies where globally significant commodity value chains are [...] Read more »

About this report

Welcome to the &Green Annual Report covering activities from 1 January to 31 December 2023. This report is designed to be accessible to readers with varying levels of familiarity with our organization and investments, whether they are well-versed in our operations or encountering us for the first time. In addition to a comprehensive overview of [...] Read more »

Governance

ADVISORY BOARD Contributors to the Fund, as well as regional political and business experts, are represented on the Advisory Board. The Advisory Board defines the lending guidelines and approves all Jurisdictions in which the Fund is able to invest. HELEN CLARK CO-CHAIR OF THE ADVISORY BOARD Mrs. Clark served as Prime Minister of New Zealand [...] Read more »

&Green Vocabulary

abcdefghjilmnprtsAll AFi Accountability Framework initiative Aval GANSO The Aval GANSO is a Colombian certification programme developed by GANSO in collaboration with the International Center for Tropical Agriculture (CIAT). Blueprints Blueprints are sustainable practices that our clients adopt to create impact and which are replicable by other participants in the same market, thereby leading to Transformational [...] Read more »

HDL

About PT HILTON DUTA LESTARI PT Hilton Duta Lestari (HDL) is an ambitious palm oil venture in the northern part of West Kalimantan, Indonesia. HDL owns and manages two adjacent blocks, which include 5,388 hectares of mature palm oil plantation. In 2022, &Green and HDL concluded a USD 12 Million, 8-year senior secured loan. Supported [...] Read more »

HACIENDA SAN JOSE

About HSJ Hacienda San Jose (HSJ) is an innovative cattle business that cultivates and disseminates superior genetics and beef production in the Vichada region, located in the eastern Colombian plains. On 31 December 2021, &Green and HSJ concluded a COP 30 Billion (approximately USD 7.7 million at the time of execution) 12-year long-term senior secured [...] Read more »

MARFRIG GLOBAL FOODS S.A.

About Marfrig Marfrig Global Foods S.A. (Marfrig) is a Brazilian multinational corporation in the animal protein industry. It procures cattle from approximately 30,000 direct suppliers and up to 90,000 indirect suppliers, primarily operating in the Amazon and Cerrado biomes. &Green’s financing will support Marfrig implement a comprehensive no- deforestation throughout its supply chain in the [...] Read more »
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