Nature-based solutions for carbon markets
Helping investors and buyers identify high-quality carbon projects
Nature-based carbon markets are attracting growing interest from investors, buyers and project developers as organizations increasingly use nature-based carbon credits to meet climate targets and net-zero commitments.
AFRY helps investors, carbon credit buyers and project developers assess opportunities, understand project risk and evaluate the quality of nature-based carbon projects throughout the investment lifecycle.
Our team combines decades of forestry and land-use experience with deep expertise in carbon markets, operational implementation and project delivery, providing independent advice across due diligence, project development, de-risking and investment strategy.
- 30+ carbon projects assessed globally
- Projects reviewed across North America, Europe, Latin America, Africa and Asia
- Expertise spanning afforestation, reforestation, agroforestry, mangroves, improved forest management and carbon removals across both voluntary and compliance carbon markets, with experience assessing carbon integrity, project delivery, financial viability and long-term performance
What makes a high-quality nature-based carbon project?
Successful carbon projects depend on more than carbon accounting. High-quality projects combine robust carbon integrity, operational feasibility, governance, stakeholder engagement and commercial viability to deliver long-term verified carbon credits.
AFRY evaluates projects across all three dimensions to provide investors and buyers with a comprehensive view of project quality and risk.
Carbon integrity
- Additionality
- Permanence and non-permanence risks
- Leakage risks
- Carbon accounting
- Monitoring, reporting and verification (MRV)
Project delivery
- Project developer capability
- Operational feasibility
- Stakeholder engagement
- Project governance
- Monitoring capability
Commercial viability
- Financial assumptions
- Market demand
- Carbon pricing
- Investment attractiveness
- Long-term project performance
How we support investors, buyers and project developers
AFRY supports organizations across the carbon project lifecycle, from initial opportunity assessment through project development, investment decisions and long-term project monitoring.
Our services combine forestry expertise, operational implementation experience, forest inventory and MRV capabilities, and carbon market insight to help clients identify opportunities, understand risks, and improve project outcomes.
- Carbon project due diligence
- Carbon project development and de-risking
- Carbon market strategy and investment advisory
How are nature-based carbon projects evaluated?
Successful carbon investments depend on understanding risks before capital is committed.
AFRY provides independent due diligence for nature-based carbon projects, helping investors and buyers evaluate carbon integrity, project delivery, and commercial viability.
Our assessments cover:
- Carbon accounting and quantification
- Additionality and baseline assumptions
- Permanence and non-permanence risks
- Leakage risks
- Monitoring, reporting and verification (MRV)
- Project developer capability and governance
- Operational feasibility and delivery risk
- Financial assumptions and investment performance
- Environmental, social and stakeholder-related risks
The objective is simple: provide a clear view of project strengths, weaknesses and material risks.
How can carbon projects be de-risked before investment?
Many project risks can be identified and addressed long before they become commercial problems.
AFRY supports investors, carbon credit buyers and project developers in shaping projects from an early stage, helping improve project quality, strengthen project bankability, and reduce investment uncertainty.
Our approach goes beyond carbon accounting to assess whether projects are operationally feasible, financially robust, and capable of delivering long-term outcomes.
Our services include:
Red flag assessments: Rapid reviews designed to identify potential deal-breakers and major project risks before more detailed evaluation begins.
Detailed risk analysis: Comprehensive assessment of carbon integrity, project execution, operational feasibility, financial assumptions, stakeholder considerations, climate risk, permanence risks and long-term project resilience.
Risk mitigation planning: Development of practical measures to reduce project risk, strengthen project design, and improve project bankability.
Project design support: Recommendations to strengthen project methodologies, monitoring approaches, operational implementation, and long-term performance.
Investment and contract support: Recommendations for investment milestones, governance structures, contractual protections, and project oversight mechanisms.
How should organizations approach nature-based carbon markets?
Carbon markets continue to evolve rapidly as buyer expectations, regulations, and market standards develop.
AFRY helps clients navigate this complexity through independent market analysis and strategic advisory services.
Areas of support include:
- Carbon sourcing strategies
- Carbon credit portfolio development
- Carbon market entry assessments
- Carbon procurement strategy
- Buyer and investor advisory
- Market intelligence and pricing analysis
- Commercial due diligence
- Policy and regulatory analysis
Our team combines market insight with practical experience from forestry, land-use projects, and carbon market transactions. We help clients understand how developments across voluntary and compliance carbon markets may influence future demand, pricing and investment opportunities.
Who we work with
Financial institutions
Supporting investors, lenders and asset managers with due diligence, risk assessment, and carbon market intelligence.
Technology companies
Helping organizations develop carbon procurement strategies and evaluate high-quality carbon projects.
Carbon credit buyers
Providing independent assessment of carbon integrity, project delivery, and long-term project performance.
Project developers
Strengthening project design, improving bankability, and increasing investor confidence.
Why choose AFRY for nature-based carbon project advisory?
- Global experience across nature-based carbon projects
- Where operational expertise meets carbon markets
- Independent perspective
AFRY has supported carbon project investors, buyers and developers across more than 30 projects worldwide, spanning afforestation, reforestation, agroforestry, improved forest management, mangrove restoration, and carbon removals.
This global experience provides practical insight into regional risks, market dynamics and project implementation across both voluntary and compliance carbon markets.
Assessing carbon project quality requires expertise spanning carbon markets, forestry and land-use systems, operational implementation, and investment analysis.
AFRY combines practical experience in forestry, restoration and land-use projects with expertise in carbon markets, investment analysis, and project risk assessment.
Our team understands both the technical requirements of carbon projects and the realities of delivering them successfully on the ground.
AFRY is not a carbon project developer.
Our role is to provide independent analysis, objective recommendations, and practical solutions that help clients make informed decisions.
Whether supporting an investment, evaluating project quality, monitoring project performance, or assessing long-term resilience, our focus is on helping clients understand risks, identify opportunities, and build confidence in their decisions.
Speak with our nature-based solutions team
Whether you are evaluating an investment, sourcing carbon credits, developing a project or building a carbon market strategy, AFRY can help you assess opportunities, understand risks and make informed decisions.
Contact our nature-based solutions specialists to discuss your objectives.
Carbon market strategy & price outlook
Understand how compliance markets, voluntary carbon markets and carbon removals are evolving, and how market developments influence project value, risk and long-term investment decisions.
Management Consulting
Combining strategic, commercial and technical expertise to help organizations navigate complex market transitions, investment decisions and growth opportunities.
Nature in the balance
Carbon markets are growing rapidly, but how should nature be valued within them? This AFRY Insight explores the opportunities, risks and emerging debates shaping nature-based carbon markets.
The cost of carbon
An AFRY Insight examining carbon removal technologies, market economics and the factors that will influence future carbon credit value, pricing and demand.