ClimeCo’s Advisory Service for The Blue Standard by Oceanic Global

ClimeCo’s Advisory Service for The Blue Standard by Oceanic Global

Danielle A. Pingitore, Marketing Operations Manager
+1 484.206.4210 or

ClimeCo’s Advisory Service for The Blue Standard by Oceanic Global

by: Tori Rocha-Baker | November 1, 2023

ClimeCo is excited to announce our advisory service that helps clients obtain Blue Standard Verification. The Blue Standard by Oceanic Global is awarded to organizations that eliminate single-use plastics and implement “Blue Actions,” defined by Oceanic Global as suggested best practices for comprehensive sustainable operations. The standard’s 3-star verification system encourages businesses, including venues, restaurants, hotels, events, office spaces, and tours, to make continuous commitments to sustainability while celebrating incremental achievements. The level of stars a recipient is awarded reflects their corresponding level of achievement in accordance with the standard’s criteria. 

ClimeCo is a trained and independent Blue Standard Consultant approved by Oceanic Global to provide Blue Standard implementation advisory services. In 2023, we proudly advised the Atlanta Green Market, an event filled with environmentally focused sustainable brands, to be awarded the 2-Star Seal of Oceanic Global’s Blue Standard Verification. This achievement verifies their efforts to reduce the event’s single-use plastics and implement sustainable actions, such as waste management compliance, locally sourced food, promotion of responsible travel/commute, procurement of carbon offsets, and more. 

To learn more about becoming verified with the Blue Standard, email Leticia Socal at or contact us here.

About Blue Standard

Launched in 2021 as an evolution of Oceanic Global’s long standing industry solution program (formerly known as The Oceanic Standard), the Blue Standard (Blue) combats greenwashing, establishes universal accountability for sustainable business leadership, and empowers industries and businesses of all sizes to achieve measurable impact that protects our blue planet. Developed together with Oceanic Global’s Scientific Advisory Board and trained experts in both WELL and LEED building rating systems, Blue features two core offerings: a 3-star sustainability verification system for Business Operations and Product and Packing Seals that verify plastic-free consumer goods. The Blue Standard offers specialized programs and consultation for industries including: hospitality, music, events, office spaces, professional sports, consumer packaged goods, and more, as well as free educational resources, step-by-step auditing and consultation support, and buying deals with a network of over 300+ vetted vendors to help businesses eliminate single-use plastics and operate sustainably. Blue has verified the sustainability achievements of over 480+ businesses across 35 countries to date, as well as helped shape over 7 environmental policies worldwide.

About ClimeCo

ClimeCo is a respected global advisor, transaction facilitator, trader, and developer of environmental commodity market products and related solutions. We specialize in voluntary carbon, regulated carbon, renewable energy credits, plastics credits, and regional criteria pollutant trading programs. Complimenting these programs is a team of professionals skilled in providing sustainability program management solutions and developing and financing of GHG abatement and mitigation systems.

Contact us at +1 484.415.0501,, or through our website to learn more. Be sure to follow us on LinkedIn, Facebook, Instagram, and Twitter using our handle, @ClimeCo.

Forest Management Strategies for Creating Carbon Offsets

Forest Management Strategies for Creating Carbon Offsets

Forest Management Strategies for Creating Carbon Offsets

Forest Management Strategies for Creating Carbon Offsets
Did you know that land use change and deforestation contribute between 12–20% of global greenhouse gas (GHG) emissions [1]? It is no wonder that the idea of harnessing the carbon market to reverse these trends has attracted substantial interest.

In our recent editorial series, Transparency in Developing Carbon Credits, we explain how offsets are generated, discuss the meaning of high-quality, and describe the difference between industrial, technology-based, and nature-based projects. As forest and ecosystem experts, we want to take you beyond that series and elaborate on what high-quality nature-based solutions (NBS) mean in terms of forest carbon accounting and how Improved Forest Management (IFM) practices can boost the potential to generate carbon credits.

IFM as a Tool in Managing Existing Carbon Stocks 

High-quality NBS projects remove and store large amounts of carbon from the atmosphere while also benefiting local communities and biodiversity. Generally, NBS projects are classified into two primary sub-categories (or project types): protection (stewardship/avoided emission) and restoration (reforestation or afforestation/removed emissions). Protection projects revolve around preventing forest loss in high-risk areas, typically determined based on a 10-year historical trajectory of deforestation rates. Credits are allocated based on the number of carbon emissions (CO2e) avoided from entering the atmosphere due to successful forest conservation efforts. Meanwhile, restoration projects generate credits that reflect the annual carbon emissions removed from the atmosphere and are stored because of additional tree growth. These projects focus on expanding tree coverage through the following practices: 

  • Reforestation – the natural or intentional replenishing of existing forests that have been depleted, usually through deforestation but also after clearcutting
  • Afforestation – the establishment of a forest in an area where there was no recent tree cover
  • Agroforestry – cultivation, and use of trees and shrubs with crops and livestock in sustainable agricultural systems
  • Silvopastoral – the practice of integrating trees, forage, and the grazing of domesticated animals in a mutually beneficial way

Can you combine the benefits of both protection and restoration with IFM? Yes, you can. 

IFM projects focus on maximizing carbon emissions avoidance and removal potential of working forests, those subject to commercial timber harvest. A great example and triumphant story of carbon credits generated by an IFM project can be seen on Afognak Island in Southern Alaska. Here is an excellent example of how ClimeCo strives to ensure that our NBS projects go above and beyond the current standards 

The Afognak Forest Carbon Project, developed from a partnership between the American Land Conservancy and the Rocky Mountain Elk Foundation, protects 8,200 acres of centuries-old Sitka spruce forests from any future logging exploitation, ensuring it will sequester and store carbon long into the future. Protecting unlogged Afognak’s forests will retain the carbon in the current forest biomass, sequester additional carbon in the conserved forests, and avoid emissions from logging and transportation.

The Afognak Forest in the state of Alaska
The Afognak Forest Carbon Project achieves net GHG emission reductions and removals by avoiding carbon emissions from logging in the baseline scenario. The Afognak properties were being managed for timber production by previous managers with logging plans and adjacent properties owned by the previous owners. The most plausible baseline scenario would be clearcut timber harvesting following minimum State of Alaska forest requirements and standard practices, evident from the slow recovery times resulting from previous logging in the project lands across Afognak Island.

The Afognak project scenario is conservation management, wherein the State of Alaska manages the properties for wilderness and ecosystem protection and enhancement activities under the terms of the title transfer agreement and federal conservation easement. Additionality is demonstrated as the project activity prevents planned harvest of the current native forests in perpetuity.

A comparison of Net Ecosystem Carbon Storage (Biomass + Deadwood + Belowground dead biomass) by Scenario (Year 1 = 2008).

Forest Carbon Accounting: How Are Credits Estimated?

High-quality NBS have a measurable and verifiable atmospheric impact. As demonstrated in the equation below, credits are based on the difference between baseline and project carbon emissions. Different carbon source/sink pools depend on the project type (protection, restoration, IFM) and the standard applied: Verified Carbon Standard (VCS) [2], Climate Action Reserve (CAR) [3], American Carbon Registry (ACR) [4]. For instance, the Afognak project follows VCS Methodology VM00012, providing for IFM in Temperate and Boreal Forests. The source/sink pools included in estimating baseline and project carbon emissions were standing live trees (aboveground biomass), standing dead trees, harvested wood products, roots (belowground biomass), and dead wood. Secondary effects may also be considered, such as burning logging slash and fossil fuels, including carbon emissions related to machinery during site preparation, and emissions from clearing shrubs in the project area.

Project reduction, minus baseline emissions, minus leakage emissions, equals total credits
Uncertainty in estimating carbon credits from NBS projects is expected. It arises from errors associated with measuring and modeling carbon stored in biomass, mapping errors, and various quantifying carbon impacts. These errors are estimated and accounted for by deducting error terms from calculated emission reductions and removals. Furthermore, there is the possibility of market forces causing the activities and carbon emissions to leak out of the project boundary [5]. Current standards require monitoring “leakage belts” and discounting credits to account for estimated leakage [6]. Finally, there is the possibility of project failure. To ensure that credits are effectively permanent (e.g., emissions reduction or removal will not be emitted within the next 100 years), some standards require a contribution of 1030% of the generated credits to an insurance buffer pool that backstops emissions associated with natural disturbances (e.g., fire, floods, hurricanes) or human-induced disturbance (e.g., illegal logging).

ClimeCo addresses uncertainty in forest carbon credit estimation through improved methodologies and data collection. By adopting conservative estimates, reduced uncertainty occurs. A rigorous MRV process is implemented to provide stakeholders with reliable information and reduce the risk of inaccurate reporting. 

The annual monitoring, reporting, and verification cycle (MRV)

We know forest carbon accounting can be complex, but transparency is crucial to ensure the credibility and effectiveness of NBS project types in mitigating carbon emissions. IFM can increase avoidance and removal of carbon emissions through planned activities over business-as-usual projections. This approach helps to sustainably manage forests and protect and provide economic development and biodiversity conservation opportunities. 

Our nature-based project development experts are rich in ecosystems and forest sciences. We are here to support and are ready to share our knowledge to help our clients make the best decisions for their business and our planet. To learn more about the environmental benefits of the Afognak, please read our previous blog, Beyond the Trees.

[1]  Climate Change 2022: Impacts, Adaptation and Vulnerability (Cambridge University Press, 2022)
[2]  Verified Carbon Standard (2023, June 12)
[3]  Climate Action Reserve (2023, June 12)
[4]  American Carbon Registry (2023, June 12)

[5]  United Nations Framework Convention on Climate Change (2021)
[6]  Jenkins, W. A., Olander, L. P., & Murray, B. C. (2009)

About the Authors 

Juliana Magalhaes, a Senior Project Associate at ClimeCo, is passionate about turning science-based ideas into actions that promote the sustainability of forests. Her experience with forest growth data and understanding of multi-objective forest management is helping to develop high-quality NBS projects at ClimeCo. 

Karina Salimbayeva is a Senior Project Associate at ClimeCo, specializing in nature-based solutions. With a deep understanding of forestry and extensive experience in spatial analysis, Karina combines her passion for the environment with cutting-edge technology to inform decision-making in carbon projects. 

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery

Nancy Marshall, SVP, Marketing
+1 484.415.7603 or

BigCoast Forest Climate Initiative’s Carbon Credits Ready for Immediate Delivery

by: Nancy Marshall | April 11, 2023

ClimeCo Announces Carbon Offset Issuance From The BigCoast Forest Project
Boyertown, Pennsylvania (April 11, 2023) –
ClimeCo is excited to announce that the BigCoast Forest Climate Initiative (BigCoast Forest) carbon offsets, which offer solid additionality in forest protection, have been issued under Verra’s Verified Carbon Standard after a comprehensive independent verification and validation process. A limited volume is still available and ready for immediate delivery.

BigCoast Forest is a North American, nature-based forest carbon initiative located on over 100,000 acres of private land in Coastal British Columbia. This high-quality initiative is the largest of its kind in Canada, deferring harvest for 25 years and potentially longer. Its benefits go beyond just carbon credits. The forest contains and protects important ecosystems, drinking watersheds, and lands culturally significant to coastal First Nations. A portion of revenue derived from the initiative will flow to the Indigenous Protected and Conserved Areas (IPCA) Innovation Program and the Pacific Salmon Foundation, to enable cultural and scientific research on and around the project lands. 

ClimeCo & BigCoast Forest Project
The forest land associated with this initiative is considered an “old-forest” (80%) temperate rainforest, which contributes to a regional ecosystem home to bears, elk, salmon, orca, marbled murrelet, and more. The initiative also contributes to the United Nation’s Sustainable Development Goals (SDGs), including SDG 6 – Clean Water and Sanitation, SDG 12 – Responsible Consumption and Production, SDG 13 – Climate Action, SDG 14 – Life Below Water, and SDG 15 – Life on Land. 

To learn more about this project or purchase offsets, please contact Andy Kruger, Sr. Director of Environmental Markets, at or +1 484.415.7607.


About BigCoast 

The BigCoast Forest Climate Initiative is in the business of sustainable forest stewardship, preserving timberland in Coastal British Columbia. BigCoast Forest brings high-quality, large-scale, nature-based carbon credits to a growing international market. The initiative is committed to achieving positive economic, social and sustainability outcomes from the working forest and the communities in which it is a part. For more information, visit

About ClimeCo

ClimeCo is a respected global advisor, transaction facilitator, trader, and developer of environmental commodity market products and related solutions. We specialize in voluntary carbon, regulated carbon, renewable energy credits, plastics credits, and regional criteria pollutant trading programs. Complimenting these programs is a team of professionals skilled in providing sustainability program management solutions and developing and financing of GHG abatement and mitigation systems.

For more information or to discuss how ClimeCo can drive value for your organization, contact us at +1 484.415.0501,, or through our website Be sure to follow us on LinkedIn, Facebook, Instagram, and Twitter using our handle, @ClimeCo.

Emerging Efforts to Address Reforestation’s Most Challenging Problem

Emerging Efforts to Address Reforestation’s Most Challenging Problem

Emerging Efforts to Address Reforestation’s Most Challenging Problem

by: David Chen | June 20, 2022

Sapling of a tree to be reforested.

The Difficulty of Financing Reforestation

Reforestation is emerging as a desirable and effective tool for carbon emission removals and has received increased attention from investors in the last several years. Investments in reforestation enable vital carbon removal from the atmosphere and offer innumerable ancillary environmental and social benefits, from creating critical habitats for biodiversity to improving water quality, groundwater recharge, and flood prevention for local communities. Despite the demand for the carbon removals and ancillary benefits that reforestation projects provide, the most challenging obstacle for reforestation-based carbon offset projects begins before a shovel ever touches the ground.  

For nearly all reforestation carbon offset projects, the majority of costs, such as securing easements (to ensure long-term permanence) and planting activities, occur at the beginning of a project. In contrast, most carbon sequestration benefits from reforestation activities, and therefore the associated revenue from carbon offsets, accrues slowly over a long-time horizon. This delay between when costs occur and when revenue is realized has historically made reforestation challenging to finance and has hindered projects from getting off the ground; project developers cannot implement a reforestation project without a sizable initial investment, and investors looking to secure carbon credits can find it challenging to justify such an investment without assurances that expected carbon benefits from the investment would be delivered over an extended timeline.  

Although financing challenges have hindered reforestation efforts for decades, several well-known carbon offset registries, such as the Climate Action Reserve and Verra, are developing new programs and instruments that aim to address those early finance hurdles and enable more project developers, like ClimeCo, to bring reforestation projects to market.  

Boat driving by bald cypress trees in marshy water.

CAR’s Climate Forward Program

One approach currently offered is the Climate Action Reserve (CAR) Climate Forward program that seeks to drive forward-looking investments, such as reforestation, by allowing projects to generate ex ante credits called Forecasted Mitigation Units (FMUs) that can be utilized to help finance the high upfront cost of getting a project launched. As opposed to traditional carbon credits generated ex post or after emission reductions occur and can be used to offset existing sources of emissions, FMUs are an environmental instrument that are issued based on forecasted emission reductions and/or removals and are intended to offset a future stream of emissions from new economic activity (i.e., a new construction project or development). Reforestation projects under the Climate Forward program must meet stringent eligibility requirements to ensure that the carbon sequestration benefits are additional and minimize and account for the risk of natural or intentional “reversals,” a situation where the stored carbon associated with a project is released back to the atmosphere. 

In late April this year, CAR released Version 2 of the Climate Forward Reforestation Methodology, with additional assurances that bolster the environmental integrity of FMUs generated from reforestation projects in the Climate Forward program. One of the most noteworthy additions to the Reforestation Methodology is the inclusion of a permanence risk buffer pool to account for unintentional reversals outside a project’s control, such as fire, insects, and disease. To account for these unavoidable reversals, the newly updated Reforestation Methodology will require every reforestation project in the Climate Forward program to contribute a certain percentage of FMUs into a “permanence risk pool,” which will be collected and held as insurance. If an unintentional reversal occurs, CAR will retire the corresponding amount of FMUs from the permanence risk pool to compensate for the negative impact of the reversal. These updated assurances to the Reforestation Methodology will help give buyers confidence that their FMUs represent carbon that is stored for the long term. 

Saplings of mangroves to be planted in reforestation effort.

Verra’s Projected Carbon Unit

Carbon registry Verra is currently creating a solution for addressing this financing problem with a new commodity called a “Projected Carbon Unit” or “PCU.” PCUs are intended to help provide a source of upfront revenue to support the development of projects on Verra’s registry before the verification and issuance of Verra’s standard carbon offset or Verified Carbon Units (VCU).  

Unlike the FMUs generated in the Climate Action Reserve program, PCUs are not ex ante but are an instrument that reflects the validated projection of expected emission reductions or removals and cannot be used for offsetting claims until the associated emission reductions or removals are successfully verified (i.e., after the reduction has occurred). Upon successful verification, the PCU’s will automatically be converted to ex post VCUs. PCUs are intended to be generated using Verra’s existing methodologies which theoretically could provide early finance for a multitude of nature-based solutions and other carbon offsetting project types. Verra has completed two rounds of public consultation and intends to operationalize and launch PCUs in September 2022.  


The recent addition of the permanence risk buffer pool to the Climate Forward program and Verra’s development of PCUs are part of a larger trend of creative solutions being designed to help reforestation efforts meet the growing demand for nature-based solutions. I am excited to see these efforts by CAR and Verra and look forward to seeing even more future innovative solutions that will support these types of opportunities. The more we can reduce the hurdles of nature-based projects, the more our planet benefits.  


About the Author

David Chen is passionate about nature-based and blue carbon project development. From replanting bald cypress trees in the Mississippi River delta to reestablishing mangroves forests in international countries, David knows the positive impact these projects have on biodiversity and coastal resiliency to improving local livelihoods. David is a Program Development Manager at ClimeCo and has a Master of Environmental Management from Duke University’s Nicholas School of the Environment and received his Bachelor of Science from the University of California, Riverside. 

Key Takeaways From NACW

Key Takeaways From NACW

Key Takeaways From NACW

by: Greg Cesare | May 25, 2022

 NACW Conference Panel with Lauren Mechak   

Why Should You Know About North American Carbon World?

Along with several ClimeCo colleagues, I had the pleasure of attending the nineteenth annual North American Carbon World (NACW) conference held April 6-9th in Anaheim, California. As we have in the past, ClimeCo was one of the event’s corporate sponsors. While the 2021 virtual NACW conference offered a unique opportunity for attendees to learn and participate, we were excited to be in person again. NACW provides a fantastic opportunity for participants in the carbon markets to experience great panels of speakers and catch up with old friends and make some new ones.

For those unfamiliar with NACW, it is a premier event in North America focused on climate policy and carbon markets. This year’s conference included over 720 attendees, representing 14 countries. The conference attracts stakeholders from various backgrounds and industries, including project developers, verification bodies, non-profits, international carbon registries, government, community members, academia, carbon finance, technology startups, and Fortune 500 companies. The conference attendees share a common goal of addressing the climate crisis through innovative solutions.

It was an incredible couple of days spent meeting with stakeholders in the carbon markets. Truly one of the most rewarding aspects of the conference was getting to know what drives these stakeholders and their interest in various aspects of the market. The wide range of topics, including natural climate solutions, digital assets, and policy outlooks, brought together a diverse group of experts. Reflecting on the conference, I have a few key takeaways:

Team ClimeCo at the NACW Conference 

Supporting Voluntary Carbon Market Growth

The voluntary carbon market continues to grow significantly, and much of the growth is driven by corporate sustainability goals. How the voluntary market responds to the demands from corporate buyers will be of critical importance to sustain its momentum. While country-level commitments made through the Paris Agreement, for example, play a vital role, the voluntary market provides a tremendous opportunity to utilize the financial power of the private sector to address the climate crisis at the urgent pace required.

As highlighted in the panel discussion, “State and Future of the North American Voluntary Carbon Market,” whom ClimeCo’s Director of Program Management, Lauren Mechak participated, the voluntary market is well designed to support innovation to capitalize on the financial power of the private sector. Many innovations are being developed that require carbon finance to be commercially viable. For example, unique project types and emerging technologies in remote sensing and blockchain technology are being explored for implementation in carbon projects and the carbon market. The flexibility of the voluntary market is built to support these innovations, but it is vitally important that it’s done correctly by adhering to the principles and standards required for high-quality offsets.

Projects Must Deliver Quality, Transparency, and Accountability

A key aspect of supporting the market growth is the demand from credit buyers and the public for a transparent and high-quality process. Investors demand projects that ensure real and permanent greenhouse gas emission reductions. Transparency in how carbon offset methodologies are created, projects are developed, and credits are verified is vitally important to ensuring the continued growth of the voluntary market.

One of my favorite panel discussions focused on Driving High-Quality Standards in Carbon Markets. This panel highlighted initiatives in the carbon market focused on bringing increased transparency into project activities. Efforts to develop tools that assist market participants with evaluating what a “good” offset project looks like are underway, such as the Carbon Credit Quality Initiative. These initiatives aim to enhance the integrity of carbon credits by providing independent and easily understood scoring of carbon credits.

Corporate buyers also provided their perspectives regarding the challenges they face in evaluating carbon offset projects. Many simply do not have the expertise to adequately review lengthy project description documents and understand the underlying assumptions of the project and the methodology upon which the project was established. The level of detail provided in the publicly available documentation can be challenging for buyers and much of the general population to understand on their own. Some individual companies can bring expertise in-house to evaluate the quality of an offset credit. However, experts within the carbon market have an opportunity to provide simplified guidance on what a “good” carbon credit looks like. Initiatives that create tools and simplify access to information make it easier to understand what’s behind a given project, which provides the confidence for projects they are supporting – delivering real and permanent climate impacts.

NACW Conference room filled with seats

As a project developer, ClimeCo always strives to provide as much transparency as possible. We participate in widely trusted and recognized carbon registries, such as the Climate Action Reserve, Verra, Gold Standard, and the American Carbon Registry. Carbon registries play an essential role in addressing transparency and quality. The voluntary market relies heavily on registries and verifiers to demonstrate the validity of an offset. These registries provide the public opportunities to comment on our projects and review summary information about their design and performance. I believe the discussions regarding simplifying publicly available information will lead to an even more transparent and trusted process. Our projects must also undergo independent verification before issuing carbon offset credits. The independence of verification bodies and carbon registries is vital for ensuring the quality of carbon offset projects and maintaining the integrity of the growing carbon market.

Co-Benefits of Carbon Projects

My final takeaway from the conference is that the projects being developed worldwide provide value beyond their carbon impact. It’s sometimes easy to be consumed by the impact a particular project will have on the climate; however, there are many co-benefits to carbon projects which improve the lives of the community members in which they are situated.

The inspiring story of the Yurok Tribe highlighted the co-benefits of these projects. Panelist Javier Kinney of the Yurok Tribe described the important impacts that offset revenues provided to their local communities. The tribe has been able to finance the repurchase of ancestral territory by utilizing carbon revenues. They have also used revenues from carbon sequestration projects to support the reintroduction of two condors (North America’s largest terrestrial bird) back into their ancestral lands. The condor is a sacred species to the Yurok Tribe, and this was the first time the birds will have taken flight in their former range since 18921. Their incredible story demonstrates the power carbon projects have to change the environment and support community building.

NACW Conference Networking and Social Event


Being in a room with over 700 people interested in carbon markets and how they can shape the future of the climate crisis was inspirational. Participants from all across the world and from diverse industry backgrounds highlighted the increasing interest in the market. As highlighted at the conference, with increased interest comes increased scrutiny.

NACW was a great reminder of the importance of the fundamentals of project development in the carbon market. To ensure market integrity, we must remain vigilant regarding the types of projects we engage in. Demonstration of additionality, leakage considerations, and carbon storage permanence are always key factors in our decision to develop a project. The conference also highlighted aspects such as co-benefits that project developers should be searching for and creating through their project implementation.

As our project portfolio expands, ClimeCo’s project development team continues to implement processes to ensure high quality and transparency. This includes registering projects with highly trusted carbon registries, engaging with broad stakeholder groups, developing publicly available project description documents, and verifications through independent auditing bodies. These fundamentals were always the core of our project development, and the conference confirmed their importance to market integrity.

Our projects have the potential to improve the communities and ecosystems of so many places around the world. ClimeCo’s Project Development Team is committed to developing high-quality carbon projects. Our core value of strong engagement with our project partners, local stakeholders, carbon registries, and credit buyers elevates the quality and transparency in which our projects operate. We’re looking forward to participating in the growth to come and supporting initiatives that maintain the integrity of the markets.

About the Author

Greg Cesare is the Director of Project Management within ClimeCo’s Project Development Team. He is located in State College, PA. Greg and the Project Management team provide implementation and long-term management of ClimeCo’s portfolio of environmental commodity projects.