November 7, Frankfurt; The Latin American countries Honduras and Suriname intend to issue highintegrity Rainforest Carbon Credits working together with Deutsche Bank AG, Bayer AG, Siemens AG and Symrise AG as well as the Coalition for Rainforest Nations (CfRN). The strategic goal of all parties is to develop rainforest-based Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement, supervised by the United Nations Framework Convention on Climate Change (UNFCCC).

The President of Honduras, Xiomara Castro, several federal ministers of both countries, COP President André Corrêa do Lago as well as the representatives of Deutsche Bank, the three German companies and CfRN today joined a signing ceremony for a Letter of Intent at the start of the global climate summit COP30 in Belém, Brazil. Honduras and Suriname have mandated Deutsche Bank and CfRN to exclusively arrange a potential sale. Both countries have already made substantial investments to meet the relevant UNFCCC performance criteria.

While many nature-based carbon credits focus on reforestation or afforestation, the novelty of this product is the remuneration of the protection of standing rainforests at a national level with the goal of preserving these unique ecosystems. The parties share a common understanding that the required safeguards must be properly implemented, including social safeguards that respect the role of indigenous, tribal and forest-dependent peoples. Additional elements that could help ensure the high integrity of carbon credits may address, among others, the permanence of carbon removals as well as transparent tracking and auditing of how proceeds are used. This work will continue to be informed by existing market standards and best practice.

Bayer AG, Siemens AG, Symrise AG as well as other interested corporates are also contributing to the partnership by providing feedback on safeguards and the design of the product. Further details – including governance and buyer eligibility criteria – will be defined in collaboration with international and local experts.

The signatories of today’s Letter of Intent extend an open invitation in Belém to other governments and businesses to join efforts to further strengthen the UNFCCC mechanisms and to support the establishment of this new asset class.

Xiomara Castro, the President of Honduras speaking with Bill Anderson, Global CEO of Bayer at the ceremony.

“Our countries are home to ecosystems that are treasures to the world community,” said Honduran President Xiomara Castro. “We have undertaken significant efforts with public funds to protect our forests and wetlands, but we need international support to succeed in this tremendous effort.”

Melvin Bouva, Minister of Foreign Affairs, International Trade and Cooperation of Suriname, said: “Republic of Suriname is the most forested country in the world with at least 90 percent of its territory covered and protected. This partnership is a tremendous financing opportunity to maintain and support the protection and sustainable management of our rainforest. The sole objective for being here is a shared commitment to safeguard our planet’s natural environment while simultaneously advancing our national development goals.”

“We see this as an important complementary addition to the current architecture of sovereign emissions trading systems and voluntary carbon markets,” said Jörg Eigendorf, Chief Sustainability Officer of Deutsche Bank AG. “Our focus is on rainforest conservation at a national scale, and that needs decisive private sector support for the nations that host this invaluable ecosystem for humanity.”

“As a company committed to stewarding planetary resources, curbing climate change, and promoting biodiversity, Bayer AG is proud to join this important work,” said Bayer CEO Bill Anderson. “We want to turn agreements, like the Paris Agreement, into action and support the creation of a scalable market for high- integrity rainforest credits.”

“COP30 is about turning ambition into action through implementation, inclusion, and innovation. This product embodies all three. It pioneers a new approach to protect the rainforest in an inclusive partnership across governments, businesses, and local communities. By scaling sustainability impact through innovative carbon markets, it supports nations that safeguard our planet’s natural heritage,” said Eva Riesenhuber, Global Head of Sustainability of Siemens AG.

“This partnership shows how global finance can align with national efforts to protect forests,” said Kevin Conrad, Executive Director of the Coalition for Rainforest Nations. “By enabling countries like Honduras and Suriname to monetize verified climate results, we’re helping turn rainforest conservation into a viable economic opportunity and empowering our goals to reverse global deforestation by 2030.”