Santander, BNDES Back Mombak Reforestation with Brazil Climate Fund
Mombak, a reforestation startup, secured 100 million reais in funding from Santander Brasil and BNDES under Brazil's New Climate Fund initiative. The project aims to restore degraded Amazon lands, generate carbon credits, and significantly scale up its operations by planting 8 million trees by June 2025.
Published on April 8, 2025
Reforestation startup Mombak has secured 100 million reais (approximately $17.8 million) in funding through a partnership with Santander Brasil and BNDES. As the first reforestation project supported by Brazil’s New Climate Fund—a 10 billion-real initiative launched in 2023—the deal underscores growing private-sector confidence in Brazil's emerging carbon market. Mombak partners with owners of degraded Amazon land to replant native vegetation, creating carbon credits purchased by major companies including Microsoft, Google, and McLaren.
The funding, reported on April 7, 2025, builds on earlier efforts by BNDES, which had offered a 160 million reais credit line that required financial guarantees. The startup, managing 45,000 acres, is on track to plant 8 million trees by June 2025. With ambitions to triple or quadruple its current $150 million in carbon credit contracts this year, Mombak plays a key role in positioning Brazil—a nation that houses nearly 60% of the Amazon—as a global leader in carbon offsets.