The Responsible Commodities Facility (RCF) Cerrado Programme Fund has announced a USD 36.24 million investment from commercial banks Santander, Rabobank, and impact fund AGRI3.

RCF, a 2018 Lab instrument, provides financial incentives to produce soy in existing cleared and degraded lands to discourage further agricultural land expansion in the Brazilian Cerrado.

This expansion is more than four times the initial investment made by food retailers Tesco, Sainsbury’s and Waitrose, launched in August 2022. This new round of funding will finance 122 farms to conserve approximately 43,400 hectares of native vegetation and protect 20 million tonnes of CO2 carbon stocks.

“Following a successful first season, where all loans were repaid, and no deforestation took place, the programme is now being rapidly scaled up to ensure more soy is produced as Deforestation and Conversion free (DCF). We are excited to work with our new investors to strengthen our capacity to scale this initiative now and in the future.”

Pedro Moura Costa, Founder and CEO, Sustainable Investment Management