Mombak, a Brazilian carbon removal startup, announced the close of a carbon forward purchase arrangement with Microsoft on December 5, 2023. Mombak was founded with the purpose of generating high-integrity carbon credits through large-scale reforestation of degraded Amazonian pastureland and setting up permanent legal preservation of the new forest land. Together with the recent formation of a US$100 million reforestation fund backed by the Rockefeller Foundation and the Canadian Pension Plan Investment Board, among other investors, this forward purchase arrangement will enable Mombak to expand its operations.
Latham & Watkins LLP advised Mombak in the structuring, negotiation, and drafting of the agreement with Microsoft. The matter was led by New York partner JP Brisson, with Beijing associate Qingyi Pan and Washington, D.C. associate Jim Lambert. New York partner Kelly Cataldo and Houston associate Taylor López advised on financing matters.
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