South America
5 entries$13.6B
Modelled collateral
- Managed size
- 160.3M ha
- Acquisition cost
- $26.6B
- Leverage
- 0.51x
Amazon basin and montane rainforest. Land trades above collateral value — acquisition-led.
5 country rows released on request
The Climate Exchange · Monaco
One world.One climate.One exchange.One future.
CLIMEX turns verified sovereign forest, peatland and taiga carbon into collateral you can hold, trade and retire. One token equals one tonne of CO₂e — and it is worth more standing than harvested.
Issued against Paris Article 6 · SEEA EA · GHG Protocol Land Sector
- Modelled collateral base
- $377B
- Blended leverage
- 1.18x
- Mapped land footprint
- 696.3M ha
Across 17 sovereign entries
Collateral per dollar of land acquired
Forest, peat, taiga and mangrove
Illustrative scenario
CLIMEX Valuation Model 2026 — not a quote, forecast or promise of collateral eligibility.
01 — The arbitrage
Wilderness is priced as dirt. It stores carbon.
Undeveloped interior land trades at extreme discounts — illiquid, inaccessible, zoned for nothing. Wrap the same coordinates in a sovereign lease and a decadal protection covenant, and the territory becomes high-density carbon storage collateral.
As real estate
Physical land value
Valued strictly as property, these critical biomes are worth almost nothing. Local monetisation options reduce to raw timber or agricultural conversion — both of which destroy the asset.
$45–$1,600/ ha
Portfolio acquisition cost
$319.1B
- Systemic illiquidity
- Zero accessibility
- Regulatory zoning limits
Blended
1.18x
collateral value
per dollar of land
As natural capital
Sovereign biological asset value
The same hectares, held under a legal sovereign lease with decadal protection covenants, become certified, non-speculative collateral — and a leverage instrument for the state treasury.
$65–$2,080/ ha
Net risk-adjusted collateral
$377.1B
- Registry-certified tonnes
- Decadal covenant enforced
- Retirement is irreversible
Ranges are the observed minimum and maximum across the 17 sovereign entries in the CLIMEX land ledger. Portfolio figures are the sum of hectares × the per-hectare rate for every entry.
02 — How it works
A closed loop from the forest floor to permanent retirement.
Landowners are paid to protect rather than to harvest. Verified tonnes enter CLIMEX as credits, leave as tokens, and are destroyed the moment a buyer redeems them.
Select a leg to isolate it.
Instant
Settlement in seconds, not quarters.
Transparent
Every tonne traceable to its registry serial.
Fractional
Buy a kilogram or a megatonne.
24/7
The exchange never closes.
03 — The operating constitution
CLIMEX proposalFifteen pillars. Five domains. Three gates.
CLIMEX's own governance architecture — the checks a jurisdiction clears before any commercial workflow begins. No sovereign mandate, no participation; no valid sovereign decision, no commercial substitute for one.
Domain 1
Sovereignty
Mandate, territorial control and international alignment. No commercial workflow substitutes for a valid sovereign decision.
- 01Sovereign mandate and voluntary participation
- 02Territorial control and natural-capital rights
- 03International alignment
Domain 2
Science
The registry, digital MRV and independent verification that carry an observation to a defensible claim.
- 04National and global natural-capital registry
- 05The Truth Layer: digital MRV
- 06Scientific standards and independent verification
Observe → Calibrate → Quantify → Assure → Publish
Domain 3
Data
Provenance, traceability and interoperability. A number without lineage cannot support a decision.
- 07Data integrity, traceability and interoperability
Domain 4
Integrity
Community rights, FPIC, benefit sharing and ecological safeguards as entry conditions, not post-transaction reporting.
- 08Community rights, FPIC and benefit sharing
- 09Ecological safeguards and long-term stewardship
Domain 5
Finance & legacy
Asset structuring, capital, settlement, risk, convening legitimacy and reinvestment for the generations that follow.
- 10Sovereign asset structuring
- 11Climate and nature finance infrastructure
- 12Market, exchange and settlement mechanism
- 13Governance, risk and anti-greenwashing
- 14The Monaco institutional principle — proposed
- 15Intergenerational prosperity and reinvestment
Every pillar resolves to
PassRemediateStop
— there is no fourth state, and no commercial workflow substitutes for a valid sovereign decision.
04 — Carbon atlas
Verified factA screening ledger, not a supply forecast.
Forest carbon as 236 countries and territories actually reported it, with their gaps preserved. A small number of sovereign holders dominate the register — which tells you where to open a conversation, and nothing at all about what can be issued.
Sources FAO FRA 2025FAO FRA data
Reported forest carbon by country · GtCO₂e
- Russian Federation485.8
- Brazil278.4
- Canada276.6
- United States250.7
- DR Congo171.7
- Australia71.2
- China42.0
- Indonesia40.9
- Colombia36.0
- Gabon32.0
- Peru30.1
- India27.6
- Guyana26.7
- Central African Republic24.2
- Argentina22.4
- Venezuela21.4
- Mexico19.2
- Finland18.2
- Sweden15.6
- Ethiopia15.2
- Chile14.1
- Bolivia14.0
- Papua New Guinea13.8
- New Zealand11.1
- Congo11.1
- Zambia10.7
- Suriname9.9
- Malaysia8.4
- Germany8.2
- Thailand7.7
- Japan7.5
- Mongolia7.5
- Türkiye7.0
- Ecuador6.4
- France5.8
- Tanzania5.7
- Mozambique5.2
- Nigeria5.2
- Italy5.1
- Myanmar5.0
- Madagascar4.6
- Angola4.3
- United Kingdom4.0
- Philippines3.9
- Lao PDR3.6
- South Africa3.4
- Poland3.4
- Ukraine3.1
- Viet Nam2.9
- Spain2.8
- Republic of Korea2.2
- Norway1.8
- Cambodia1.4
- DPR Korea1.4
- Kazakhstan0.6
- Greenland—
Pool completeness varies by country; a blank submission is a data gap, not a zero.
Largest reported stocks
- 01Russian Federation5/5485.8 GtCO₂e
- 02Brazil5/5278.4 GtCO₂e
- 03Canada5/5276.6 GtCO₂e
- 04United States5/5250.7 GtCO₂e
- 05DR Congo3/5171.7 GtCO₂e
- 06Australia5/571.2 GtCO₂e
- 07China3/542.0 GtCO₂e
- 08Indonesia2/540.9 GtCO₂e
- 09Colombia4/536.0 GtCO₂e
- 10Gabon5/532.0 GtCO₂e
Ranking by inventory stock is not ranking by investment quality or annual supply.
Scale
- ≥ 200 GtCO₂e
- 50 – 200 GtCO₂e
- 10 – 50 GtCO₂e
- 1 – 10 GtCO₂e
- < 1 GtCO₂e
- Data gap
Values are the sum of reported carbon pools at the reporting date — physical stock, not annual absorption. Pool completeness varies, so a country reporting two of five pools is not comparable to one reporting all five. A blank submission is a data gap, never a zero, and is never imputed. Mangrove area may already sit inside forest totals and is not added twice.
Sources FAO FRA 2025FAO FRA dataIPCC
05 — The typology method
Verified factEach ecosystem gets the unit its ecology supports.
There is no universal ecosystem cube. Forests report hectares and growing stock, peatlands report area times measured depth, mangroves report sediment cores. Where no authoritative global area exists, the ledger records that instead of estimating one.
Forests
Verified factHectares, growing stock, carbon pools. Inventory screen only; a project outcome is still required.
Peatlands
Verified factHectares, depth, hydrology. Avoided emissions or restoration only.
Mangroves
Verified factHectares, biomass, sediment. Non-additive to forest totals.
Mineral soils
CLIMEX proposalHectares, layer, bulk density. Management-specific, repeated evidence.
Seagrass and salt marsh
Data gapMapped habitat, sediment. Country-scale data remains incomplete.
Open ocean
CLIMEX proposalExcluded. Excluded from the collateral screen entirely.
Bars sit on a log scale to keep smaller estates visible next to the global forest estate — they are not shares of one summed total, and several pools overlap (mangrove carbon may already sit inside forest totals and is not added twice).
06 — The macro valuation
Illustrative scenarioModelled collateral base
$377B
The sum of every hectare in the CLIMEX land ledger at its modelled risk-adjusted collateral rate — 17 sovereign entries across four regions, consolidated into a single bio-infrastructure base.
CLIMEX Valuation Model 2026. Transparent assumptions for testing controls — not a quote, forecast, valuation opinion or promise of issuance, liquidity, price or collateral eligibility. National stock does not enter the finance formula.
Anchored in the Boreal
$294B of $377B
Canadian and Siberian taiga alone carry 78% of total platform collateral. Deep, cold, slow-cycling soil carbon is what gives the index its stability — tropical canopy supplies the growth, the Boreal supplies the ballast.
Sovereign entries
17
Regions consolidated into the screening ledger.
Real estate footprint
696.3M ha · 6.96M km²
Mapped on stable, surveyed land coordinates.
Acquisition cost basis
$319.1B
What the same coordinates cost as physical property.
Blended leverage
1.18x
Collateral value per dollar of land acquired.
07 — The finance waterfall
CLIMEX proposalValue follows eligibility, not stock.
Collateral eligibility is a waterfall: every gate can reduce value or stop progression, and no later commercial step cures an earlier integrity failure. National carbon stock never enters at any gate.
Gate 1 — Inventory
Defined physical stock, boundary, typology and pools.
Gate 2 — Outcome
Additional, net, durable and safeguarded performance.
Gate 3 — Issued and legal
Verified registry state, title, authorisation, transferability and enforceability.
Gate 4 — Finance
Eligible tonnes × approved price basis × advance rate, net of buffers and concentration.
Worked example
Illustrative scenario1.00 Mt issued→ less 20% buffer →0.80 Mt eligible→ @ $40/t →$32.0m reference exposure→ @ 50% advance →$16.0m finance value
A mid-range scenario for inspecting the model, not an asserted fair value, quote or forecast. Price ranges $15–$150/t and advance rates 25–75% by instrument, jurisdiction, quality, vintage and liquidity.
Instruments by stage
ReadinessGrant / technical assistanceInstitutional and data riskApproved workplan and deliverables
DevelopmentRecoverable grant / facilityPipeline and legal riskMilestones or later closing
DeliveryConcessional loan / guaranteeImplementation riskBudget, covenants and milestones
OutcomeResults-based paymentPerformance and verification riskVerified outcome
MarketOfftake / receivables financeBuyer and market riskDelivery of eligible units or payment claim
08 — The screening ledger
Illustrative scenarioFour regions. Seventeen sovereign entries.
A valuation model, not a collateral base. These roll-ups screen where a programme might be worth designing; they are not eligible tonnes, and national stock does not enter the finance formula. Per-country typology, managed size, land cost and modelled rates are released on request to institutional counterparties.
Congo Basin
5 entries$32.2B
Modelled collateral
- Managed size
- 179.0M ha
- Acquisition cost
- $8.8B
- Leverage
- 3.67x
Deepest peat carbon at the lowest land cost on the ledger. Strongest arbitrage in the portfolio.
5 country rows released on request
Southeast Asia
3 entries$27.9B
Modelled collateral
- Managed size
- 155.0M ha
- Acquisition cost
- $85.4B
- Leverage
- 0.33x
High-depth peat and mangrove, but plantation-competitive land pricing compresses leverage.
3 country rows released on request
Boreal & Oceania
4 entries$303.4B
Modelled collateral
- Managed size
- 202.0M ha
- Acquisition cost
- $198.4B
- Leverage
- 1.53x
Taiga soil carbon anchors four fifths of modelled collateral. The index's stability ballast.
4 country rows released on request
Portfolio total
Illustrative scenarioModelled collateral$377.1B
Acquisition cost$319.1B
Managed size696.3M ha
Blended leverage1.18x
CLIMEX Valuation Model 2026. Transparent assumptions for testing controls — not quotes, forecasts, valuation opinions or a promise of issuance, liquidity, price or collateral eligibility.