For governments
Sovereign authority stays sovereign
We help national and state governments turn climate and nature priorities into programmes they own and can finance, with title, authorisation and the registry kept at home. We structure and coordinate; every public decision stays with the public body.
From projects to a programme
Issue against a governed programme, not project by project
A single project is too small for institutional paper and too exposed to one harvest or one permit. A programme brings projects under one governance, one evidence plan and one report, so a state can raise capital against it with its own registry interface and its own reporting.
Two levels
National and state programmes
National
A transition sovereign note funds a national programme through one instrument on sovereign credit. A debt leg pays a fixed coupon; a delivery leg carries serialised outcome units that either step the coupon or go to buyers. Where existing debt trades at a discount, part of the saving from refinancing it can fund the programme.
State and regional
A programme platform under a state partnership gathers a pipeline of projects, with roles, governance and benefit-sharing agreed once. A programme vehicle issues against contracted revenues, outcome sales and state contributions, while the state keeps title and authorisation.
What stays at home
Title, authorisation and the registry
Where a programme uses cooperative approaches under Article 6.2 of the Paris Agreement, authorisation, corresponding adjustments and national accounting stay with the competent authorities. The programme's design handles them within its own framework.
- Title to the outcomesCarbon, biodiversity and water outcomes are owned by the nation and its communities, as defined in law.
- The registry and the right to issueHeld by the sovereign or the state, not by a developer or an intermediary.
- Authorisation and accountingAuthorisations, corresponding adjustments and national inventories remain with the authorities.
- The model and the dataThe baseline, the model and the monitoring data stay in the country.
- Every public decisionWe structure and coordinate. Ministries and agencies decide.
How an engagement starts
A conversation, then a scoping note you can act on
- ConversationA short description of the programme, its stage and the institutions involved. We say early whether it fits, and can sign a non-disclosure agreement first.
- Scoping, two to four weeksThe ownership questions, the revenue logic, the likely instrument and the route to capital, set out in a scoping note the government can act on with or without us.
- Structuring mandateA short letter setting out the scope of the work, agreed before any structuring begins.
- Structure, document, raise and reportThe five stages, each with a clear lead. How the stages work
What we ask for
- A named counterpart in government
- Access to the data the programme depends on
- Introductions to the ministries, agencies, counsel and verifiers concerned
What we will say no to
- Programmes that cannot settle who owns the outcome
- Claims the evidence will not support
- Any structure that would move a national asset off a nation's balance sheet
Next step
Discuss a government programme
Tell us about the programme, the institutions involved and who owns the outcome today.