Brazilian carbon removal developer Mombak announced on September 21 the first close of its second Amazon reforestation fund, targeting $150 million, alongside a new multiyear carbon removal offtake agreement with Salesforce. The deal adds the software company to a buyer roster that already includes Google, Microsoft and McLaren Racing, and it arrives with a credit line of 200 million reais, roughly $38.9 million, from Brazil’s Climate Fund operated by state development bank BNDES. For buyers and investors, the announcement is less about one fund than about what it tests: whether nature-based carbon removal demand can broaden beyond the technology companies that built the market.

The Fund II Structure and What BNDES Money Signals

Amazon Reforestation Fund II will finance restoration projects in the Brazilian Amazon. Its predecessor raised $120 million from investors including an AXA fund, CPP Investments and Bain Capital, and financed restoration across 15 Amazon farms where Mombak has planted nearly 15 million native trees.

Two elements of the new vehicle deserve attention. The first is the blended structure: a targeted $150 million in private capital paired with public credit from BNDES’s Climate Fund. Development bank participation does not remove project risk, but it changes the seniority and cost of the capital stack behind early-stage planting, which is exactly where reforestation economics are tightest.

The second is timing. Mombak issued its first reforestation removal credits earlier this year and expects a second, larger issuance of roughly 80,000 tonnes by the end of 2026. Raising the second fund against delivered, certified tonnes rather than projections is the point CEO Gabriel Silva made directly to Reuters: “We are only raising this second fund because we proved over the last five years that there is a business, there is an industry and there is a market for this product.”

Salesforce and the Broadening Buyer Question

The Salesforce offtake matters because of what comes next, according to both Mombak and BNDES. Big Tech buyers, motivated in part by emissions linked to AI infrastructure expansion, established the high-integrity end of the removal market. Silva said demand should now widen: “Over time, you can expect announcements involving companies that are not Big Techs,” citing productivity gains and improved reforestation techniques that are lowering costs and making credits accessible to a wider range of buyers.

BNDES socio-environmental director Tereza Campello described the shift from the financing side. Technology firms are reassessing climate targets as the costs of energy-intensive data centers become clearer, while interest from sectors such as oil, mining and steelmaking has accelerated. “We have been approached by sectors that previously did not have as much appetite for carbon credits,” she said. If heavy industry begins contracting long-dated nature-based removals at scale, the demand curve for high-integrity ARR supply changes shape entirely.

Contract Design Is Catching Up With Ambition

The same day, members of the Symbiosis Coalition, the buyers group spanning Google, Microsoft, Meta, McKinsey, Salesforce, REI and Bain, detailed how they have signed deals covering more than 40 million tonnes of nature-based carbon removal over the past three years. Their account of the internal mechanics is instructive for the wider market: delivery risk, not credit quality, is the obstacle that stalls CFO approval, because even a well-designed project can fail to deliver through implementation delays, financing gaps or regulatory change.

The coalition’s answers read like the maturation of an asset class. Due diligence now examines developer financing, track record and pilot implementation. Long-term offtakes are framed explicitly as the carbon market’s version of renewable power purchase agreements, giving developers price and volume certainty the way PPAs did for early-stage wind and solar. And contracts embed buyer protections: pay-as-you-go structures, minimum delivery thresholds, and replacement credits or compensation in underdelivery scenarios, with developers pricing those safeguards into the per-tonne cost.

There is also an institutional tailwind. UN climate chief Simon Stiell said on Monday that carbon dioxide removal can no longer be ignored and called for greater investment, even while acknowledging concerns that removals could let polluters delay cutting their own emissions.

What This Means for Buyers, Developers and Investors

For buyers, the practical takeaway is twofold. High-integrity removal supply with delivery track records is being locked up through multiyear offtakes, so waiting for a liquid spot market in certified ARR tonnes may mean accepting higher prices later. At the same time, the contract templates now circulating, with delivery thresholds and replacement clauses, give procurement teams a defensible structure to take to their finance departments.

For developers, the bar is visible: Mombak raised against nearly 15 million trees in the ground, a first certified issuance and named buyers. Fund II shows that development bank credit is available for restoration pipelines that can demonstrate delivery, and that is a financing route other Latin American developers will study.

For investors, Fund II is a test of repeatability. Fund I proved a single vintage can work; a second fund raised on delivery evidence, with BNDES credit alongside institutional LPs, would suggest nature-based CDR is moving from venture-style bets toward infrastructure-style underwriting.

What to Watch

Three markers from here. First, the final close of Fund II and its LP composition, particularly whether non-tech corporate balance sheets appear among the capital providers. Second, the expected 80,000-tonne issuance by end-2026: hitting it would extend Mombak’s delivery record at a materially larger scale. Third, the buyer mix of the next offtake announcements. If oil, mining or steel names start appearing in high-integrity removal contracts, as Campello anticipates, the demand story for nature-based carbon removal stops being a technology sector subplot and becomes an industrial one.