This year's award for Innovation - loan structure (Americas) was won by re.green following its "first-of-its-kind" BRL186.7 million (approximately $36.2 million) guarantee.

re.green is a Brazilian company focused on large-scale tropical forest restoration using native species to capture carbon and enhance biodiversity across the Amazon and Atlantic Forest biomes.

Described by one judge as a "revolutionary biodiversity bank guarantee with a rare biodiversity focus", the transaction enabled re.green to access subsidised funding from Brazil's National Development Bank and Fundo Nacional sobre Mudança do Clima through BNDES (Banco Nacional de Desenvolvimento Econômico e Social).

The proceeds will be allocated to restoration activities linked to the execution of re.green's first funding contract covering nearly 15,000 hectares that have been identified as priority areas for climate mitigation, biodiversity conservation and socioeconomic development. re.green states it is the first reforesting operation in Brazil to apply biodiversity labelling directly to a forest restoration project.

"To see a structure like this one succeed in the market represents a big step towards wider market acceptance in other countries," commented one judge, with another calling it a "great innovation in a critically important and currently underallocated theme".

re.green's Sustainable Finance Framework incorporates the IFC's Biodiversity Finance Guide and received a 'dark green' rating from S&P Global.