影响投资符合小农

如何投资基金建立社会和环境优先纳入农业融资？一些投资基金展示了他们的投资策略，在小农的价值链全球景观论坛在巴黎去年十二月。在继续寻求财务回报，投资者正在支持和衡量更广泛的环境，社会和商品为主的成果依赖于供应链的可持续发展。竞彩足球app怎么下载

Strategic decisions to boost production

3个因素按伯纳德·吉罗，总裁刺激了投资者，以加强小农生产森林和农产品，同时提高社会和环境成果，生计创业。对于家庭农业组织的新基金将投资百万$ 141在未来10年的目标是在非洲，亚洲和拉丁美洲的小农户。

首先，小农户 - 450万，全球计数 - 生产了大部分的食物是来自发展中国家。然而，他们往往与低效率，低产量的耕作方法的收入有限的斗争。

在继续寻求财务回报，投资者正在支持和衡量更广泛的环境，社会和商品为主的成果依赖于供应链的可持续发展。竞彩足球app怎么下载

第二,快速砍伐森林和土壤侵蚀farming can degrade air and water quality. This also can cause public health and social justice concerns. Depleted resources then further reduce smallholder productivity and cause economic vulnerability.

第三，购买的商品从小农公司努力克服量和价格波动。他们还面临质量问题。这些问题影响到其品牌的社会和环境的声誉。这些趋势正受到气候变化的影响日益加剧，如恶劣天气事件和不断上升的温度。

在三重底线投资

In response, new impact funds seek financial returns from the production of forest and agricultural goods. These returns can be boosted by environmental markets that pay for stewardship practices that have social and environmental benefits that promote the triple bottom line.

Early adopters such as Livelihoods Venture,Althelia生物圈，世界银行BioCarbon Fundfocused investments in forest carbon offset projects. The sole returns to investors are in the form of carbon offsets. These offsets have social and environmental co-benefits embedded in them or certified separately.

碳抵消收入的目的是帮助投资者达到他们的预期收益。但碳仍然不高的需求的驱动力。此外，碳是在广泛的，主流的一套商品和服务的驾驶性能有限的代理。

随后，生计风险和生物碳基金都推出了下一代被更全面专注于实现从更广泛的背景回报，同时培养更多的可持续的供应链的资金。这些资金包括碳，商品，社会福利和其他生态系统服务。通过这种方式，他们更有效地可以支付养护，同时也通过工作，土地的办法解决景观转化或退化的驱动程序。

投资者和项目合作伙伴的新联盟

In line with this more comprehensive approach, investor groups have diversified to include private investors, companies looking to reform their supply chains, and public development agencies. These agencies are motivated by sustainable development, ecosystem services and social benefits.

在单只基金分散到投资者的一个更广泛的联盟风险有助于减少这些投资的风险。这对于新兴市场尤为关键。

跨国公司如火星，达能，芬美意和威立雅已经转移到可持续发展的供应链投资的前列。他们面临了企业可持续发展和环境管理的压力越来越大。竞彩足球app怎么下载更为重要的是，它们被需要管理的发展和气候变化对农业产量的驱动其底线的风险，挂靠。

小农生产的大部分粮食是来自发展中国家，但他们往往与低效率，低产量的耕作方法的收入有限的斗争。

"What’s going to become of our palate — the scents and flavors we give to buyers — 50 years from now?" said Dominique Roques, head of naturals purchasing at Firmenich, the world’s largest privately owned perfume and flavor company. Firmenich sources 180 natural ingredients across 40 countries. "We rely 90 percent on smallholders. If Indian farmers don’t want to produce tuberose anymore, it could disappear from the palate. There are examples of where it has already disappeared."

At the forum, funds shared some financing strategies they use to invest in sustainable land use. They included landscape bonds promoted through the Global Canopy Programme’s Unlocking Forest Finance initiative, early-stage private equity investments by the Terra Bella Fund, and Credit Suisse’s environmental-performance-indexed facility.

Companies investing in Livelihoods Venture sign purchasing agreements with project developers to sustainably source raw and value-added products from smallholders. In exchange for upfront financing for a project, they receive commodities and carbon offsets in return.

Projects need to be able to absorb $10 million to $15 million to be of interest to investors. Rates of return vary widely from as low as 5 percent for impact-focused returns to the low 20 percent range for higher-risk projects. The extent to which these funds can support smallholder farmers ultimately depends on the level of aggregation and the scale of commercial returns possible through specific forest or agricultural commodities.

小农创造价值

"A major challenge is the need to change the mindsets of farmers from just harvesting something and getting the best price to understanding quality, which fundamentally starts with how farmers deal with soil," said Manoj Kumar, CEO of Naandi Foundation, which runs the Araku Valley project in India as part of the Livelihoods Venture portfolio. "Another challenge is for large numbers of farmers to go beyond producing raw materials at the bottom of the supply chain to the next step of processing, and becoming partners in value creation."

Transformation does not happen overnight. Projects require risk-tolerant, patient impact investors due to high upfront costs and delayed paybacks.

Clement Chenost, co-founder of the Moringa Fund, a public-private partnership that has raised almost $95 million to invest in agroforestry in Latin America and sub-Saharan Africa, said that blending public and private investors allows for longer investment horizons than would be possible with private investors alone.

取而代之的是一个典型的由风险厌恶的资本投资者的追捧三年，这些新基金可以提供个人投资持续8至10年 - 与自己长达20年的资金。

成功的测量

The high costs of monitoring and evaluating project outcomes are a big barrier to investment in smallholder projects, which are often fragmented and diverse in constituency and implementation.

Third-party certification standards from the Verified Carbon Standard, Forest Stewardship Council and Rainforest Alliance have proliferated. However, there is no universal standard. Funds often develop their own impact metrics to satisfy investors’ demands for assurance that their investments have impact.

"The private sector tends to base its investments on a few quantifiable metrics as proxies for all things," Kumar said. "It is more concerned with, ‘Will it work or won’t it work? Let’s do it cheaper next time.’ Don’t crumble to the private sector. Stand up for what you are confident in."

更复杂的指标相关的更高的监督成本可能由于资金用于项目实施的减损。但是，适当的监测和评价的关键是保证小农和其他项目利益相关者实现理想的结果。成果不应该有利于投资者的金融需求，以小农为代价不平衡。

彼得·霍姆格伦，总干事国际林业研究, said the key investments are really made by the local smallholder farmers who bear the greatest risk. "Making it easier for farmers to earn a living while leaving soil and forests intact is what will make a difference."

基金的发展认识超越碳或商品的各种认证在他们的项目组合在综合影响评估可帮助。对该项目感兴趣的不同方面的各种投资者的参与可以帮助各个元素支出认证费用。

How scalable and accessible such investments are remains to be seen.