What is the M40?
40 regions of the world hold over 70% of the remaining mangrove ecosystem, storing a combined 2.8 billion tons of carbon and providing coastal protection that saves some $65bn per year in avoided losses from storms and floods. We developed the Mangrove 40 (M40) programme to support them.
It's essential for the Earth's future that the M40 regions develop in balance with the mangroves that protect them. Scalable, mangrove-positive business models are needed to do enable that, and we're developing the M40 fund to support them.
Programme Objectives
The goal of the M40 programme is to identify ways of investing in mangrove-positive business models, build the investment partnerships needed to support them, and establish the M40 Fund to enable such investment at global scale.

THE M40 PILOT PROGRAMME
Why Indonesia?
Indonesia is home to 12 of the 40 regions we identified during the M40 research project, making it an ideal test bed for the wider programme.
M40 Programme outcomes

stage one - 2023
Investment pilots
stage two - 2024
Regional blueprints
stage three - 2025
The M40 Fund
stage one - 2023
Developing investment pilots
Identifying a small number of NGO and community projects with investible business models, working with them to develop their investment cases, and connecting them with funds made up of philanthropic donations, first-loss capital and private sector investments.
Agriculture
Green Infrastructure
Eco Tourism
Agroforestry
Blue carbon

Business models we are supporting
Aquaculture
Green infrastructure
Agroforestry
Blue carbon
Ecotourism
Our focus
The investment cases and relevant blend of growth capital.
The potential for future ‘premium’ blue carbon based on co-benefits.
Measurement, reporting, and verification (MRV).
The potential impact of private sector expertise and collaboration.
How to measure and communicate the comprehensive impact value.
stage two - 2024
Creating regional investment blueprints
Mapping the programme across 12 Indonesian regions; identifying projects and companies, alongside government interests and priorities, creating blue carbon strategies that deliver local and sustainable impact.
Agriculture
Green Infrastructure
Eco Tourism
Agroforestry
Blue carbon

Our focus
Sub-region(s) with the highest potential and capacity for mangrove conservation and restoration at scale.
Mapping existing mangrove projects and identify the best way for the region to direct investment to mangrove-positive business models.
Engaging businesses with the potential to raise corporate finance investment for net-zero, adaptation and local livelihood ambitions.
Identifying the priorities and champions within local government and the opportunity to leverage government leadership and government funding.
Establishing an investment path for each region along with the optimum finance mechanism and opportunities to scale.
stage three - 2025
Developing the M40 Fund
Designing (2024) and launching (2025) the M40 Fund in collaboration with private and public financial institutions. The fund concept builds on the work and findings from our Indonesian pilots, as well as the regional areas of opportunity identified, scaling the process across the M40 regions worldwide.
Agriculture
Green Infrastructure
Eco Tourism
Agroforestry
Blue carbon

Our focus
Allocating blended finance - both philanthropic and commercial - for regenerative projects.
Investing in premium blue carbon projects, maximising available revenue streams and returns.
Accelerating impactful investments with an ecosystem of companies, technology and resources.
Supported by

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