Santander and BNDES Fund Mombak’s Amazon Reforestation Effort

In a significant step toward restoring Brazil’s rainforest and accelerating climate action, reforestation startup Mombak has secured 100 million reais (about $17.8 million USD) in funding through a partnership involving Santander Brasil and Brazil’s national development bank, BNDES.

The investment, part of Brazil’s larger "New Climate Fund" initiative, will support Mombak’s mission to regenerate degraded land in the Amazon by planting native tree species. The fund, launched in 2023, aims to inject 10 billion reais into climate-focused projects that advance the country’s environmental goals and promote sustainable development.

This marks a key moment for Mombak, which had previously received a credit line approval of up to 160 million reais from BNDES in 2024. However, the startup couldn’t access the funds until a financial intermediary stepped in to provide the necessary guarantees. That gap has now been filled by Santander, which will serve as the financial agent—helping to unlock the public funding and provide critical support for Mombak's expansion.

“This is a milestone for us,” said Gabriel Silva, co-founder of Mombak. “It means we can finally operationalize the capital and scale our work to restore the Amazon, one of the planet’s most vital ecosystems.”

Currently, Mombak manages around 45,000 acres of land in the Amazon—a space roughly three times the size of Manhattan. Their approach focuses on converting deforested and degraded areas back into rich, biodiverse forest landscapes. By doing so, they not only restore natural habitats but also generate high-quality carbon credits. These credits are sold to companies looking to offset their greenhouse gas emissions as part of global climate commitments.

Mombak has already forged partnerships with major international firms, including tech giant Microsoft, to supply these credits. This business model not only aligns with environmental goals but also taps into the fast-growing voluntary carbon market, offering both ecological and financial returns.

By June, the company plans to have planted 8 million native trees—an ambitious target that reflects both the urgency of the climate crisis and the scale of Mombak’s commitment. The trees, once mature, will play a critical role in absorbing carbon dioxide, enhancing biodiversity, and supporting local water cycles.

The collaboration between public institutions like BNDES and private financial players like Santander illustrates an evolving trend: climate finance is no longer confined to philanthropy or government spending. Instead, it is increasingly being shaped by innovative partnerships that blend environmental impact with commercial viability.

This funding also sends a strong signal to other stakeholders in the climate space—startups, investors, and policymakers alike—that regenerative projects in ecosystems like the Amazon are not only necessary but investable.

As the world grapples with rising temperatures, biodiversity loss, and extreme weather, initiatives like Mombak's offer a blueprint for turning restoration into a real, scalable solution. Could this be the future of climate finance—where restoring forests becomes as attractive as building infrastructure?