Executive Summary

“If the markets signaled anything in 2023, it’s that the value of a credit is inherently tied to its quality, and moreover, the ability to transparently demonstrate and report on impact.”

Rob LeeChief Carbon Officer, Catona Climate

As Catona Climate’s first Chief Carbon Officer, it gives me immense pride to welcome you to our inaugural annual Impact Report. The past twelve months have been momentous for us. For one, we launched Catona. But we also made catalytic investments in transformative nature-based projects, and with that, laid the foundation for recent deals with Microsoft, Edison Energy and more. For us, these wins were validation of our business model – one in which financial returns and credible carbon mitigation are inextricably linked. And if the markets signaled anything in 2023, it’s that the value of a credit is inherently tied to its quality, and moreover, the ability to transparently demonstrate and report on impact. Partners are choosing to work with Catona because they trust us to deliver just that. Be it climate impact that removes tonnes of carbon from the atmosphere and contributes to long-term climate resiliency, environmental impact that restores local ecosystems, protects critical habitats, and enhances biodiversity, or, critically, community impact that delivers meaningful benefits to the local communities on the front lines of climate action.

Take for instance Microsoft's agreement to purchase 350,000 tonnes of carbon removal credits from The Lake Victoria Watershed Agroforestry Project Kenya – a Catona-funded project we co-designed and continue to manage in close collaboration with our long-standing non-profit partner, Trees for the Future. Beyond sequestering carbon, the project will help 15,000 smallholder farmers improve the health of their land, earn extra income, and increase food security. This project exemplifies the high-quality nature-based solutions that make up Catona's carbon investment portfolio, developed in partnership with a network of trusted project implementation partners like Trees for the Future and collaboration with leading corporate purchasers of carbon removal like Microsoft.

Transactions like this don’t happen unless projects are being diligently and rigorously managed and measured over their lifetime. That’s why throughout 2023, we strengthened our project diligence and monitoring strategies, refined our financing model, and doubled-down on our capacity to drive meaningful impact through our work.

Let’s get started with a few highlights from the past year you’ll learn more about in this report:

  • We’ve carefully built up our portfolio of high-impact nature-based carbon projects, with a steadfast commitment to quality over quantity. We want only the best projects — and those take time to diligence, develop, and grow. With a focus on regenerative land management, supporting reforestation, and combatting deforestation, over the past year we’ve sourced a catalog of projects that we take great pride in, and given ourselves a solid foundation upon which to keep growing.
  • Collaboration was a key word for us in 2023. We developed and deepened relationships with our project developer partners, working closely with them and supporting them at every step, from design and implementation to evaluation and community engagement. We also forged new partnerships with technology providers, and other industry stakeholders like enterprise buyers and capital providers, bringing all parties together around the goal of restoring nature at scale.

  • It was a year of extensive travel for our team of experts, who undertook on-the-ground site visits to nine projects in multiple countries across three continents. It’s how we assess first-hand the viability of potential projects as part of our due diligence process, and monitor the progress of projects in our portfolio. These visits offer invaluable opportunities to engage local communities and work more closely with our development partners.

  • As important and fruitful as site visits are, we also continued to integrate state-of the-art technology into our project monitoring — together they result in industry-leading impact measurement, insight, and transparency. Powerful new geospatial monitoring tools have enabled us to better track our projects’ carbon impact, provide transparent accounting, and mitigate risk. New bioacoustic monitoring techniques let us listen in on local wildlife and track any changes to biodiversity.

  • 2023 was the year we cemented our three-pillar approach to impact: Climate, Environment, and Community. Naturally, climate impact is central to our work: this year we removed tens of thousands of tonnes of CO2 from the atmosphere, and launched projects that will remove millions more. But beyond carbon mitigation, our projects have enhanced biodiversity, restored ecosystems, and protected endangered species. They’ve also improved livelihoods, brought economic opportunity, and strengthened food security for local communities.

You’ll discover details on all of this in the pages that follow, which I hope you’ll find informative, insightful, and enjoyable to read. I’ll let you get to it, but not before leaving you with a final thought. If 2023 has taught us anything, it’s that we’re on the right path. The shifts in the market have confirmed we will thrive so long as we stay confident in this core belief: if used with transparency and integrity, carbon markets are an incredible tool for good. We’re proud to be leading the charge, and look forward to building on what we’ve accomplished and growing our impact in the years ahead.


Rob Lee
Chief Carbon Officer
Catona Climate

Portfolio Overview

Portfolio Overview

Our 2023 carbon investments focused on regenerative land management, including agroforestry and grasslands initiatives, as well as a growing base of reforestation activities and household energy activities.



Projects use 4 different methodologies from the VCS and GSF Cookstoves registries.


Project Type

A diverse mix of carbon removals from land management and restoration as well as avoided emissions and deforestration.


SDG Co-Benefits

Projects lead to long-term outcomes in support of the Sustainable Development Goals, particularly Life on Land.



Our projects aim to protect, restore, and work with nature in two distinct biomes across the globe.

Aligned With
2023 Impact Report

Continue to the next section:

Monitoring & Collaboration