The Last Flying River of the Amazon project represents a transformative opportunity to protect one of
Earth’s most critical ecosystems. Flying rivers are essential for maintaining the planet’s water cycle,
supporting agriculture, and combating climate change. By valuing these ecosystem services and
collaborating with key stakeholders and local governments, this project aims to ensure a regenerative
future for all communities, natural system, and the planet.
The Initiative
The Last Flying River of the Amazon project is an initiative aimed at economically assessing,
quantifying, and valuing the critical ecosystem services provided by the Amazon’s northern region, the
last contiguous stretch of non-degraded rainforest. This vital area generates 20% of the world’s rainfall
and 70% of Latin America’s precipitation. The Amazon rainforest, known for its immense biodiversity and
carbon storage, also supports "flying rivers"—massive areas of water vapor generated through
transpiration and evaporation. These natural phenomena are integral to global weather patterns, food
security, and water stability. The region is a biodiversity hotspot and serves as a lifeline for global
interconnected systems.
However, degradation of this ecosystem risks catastrophic social, economic, and ecological
consequences. Between 1985 and 2021, the Amazon lost an area of rainforest equivalent to three times
the size of the UK, with deforestation continuing at alarming rates. This project emphasizes collaboration
with local communities, governments, and international organizations to ensure culturally appropriate
and sustainable conservation strategies.
The project will be showcased at key global events, starting with the Meeting of the Northern Amazon
Country Heads of State in August 2025. Subsequently, it will be presented at COP30 in November 2025
to mobilize international support and additional investment in the protection and restoration of the
Amazon.
The Last Flying River of the Amazon
Phase 1 – Up to July 2025
Develop a narrative and financial assessment of the value of the Last Flying River.
Outline a market for Amazon nature credits and establish a roadmap for attracting investments.
Present findings to the Northern Amazon Heads of State Meeting in August 2025.
Phase 2 - July to November 2025
Develop natural capital credit frameworks.
Monitor ecosystem changes and build community capacity.
Present results at COP30 in November 2025.
Target investment - Blue Green Future is seeking $1 million for phase one and two. The overall project is seeking $5 million in philanthropic funding.
Peer-reviewed studies show that holistic planned grazing can increase soil carbon on average by 3 tons of carbon per hectare per year.
Indigenous Led, in collaboration with the Intertribal Buffalo Council (ITBC), is launching pilot projects to restore indigenous lands through the rewilding of buffalo. This initiative aims to support the rematriation of buffalo and create long-term financial sustainability via a Buffalo Nations Fund, which will be funded by the sale of Indigenous ITBC Natural Capital Credits. The project also seeks to honor the buffalo as legal persons. First pilot is being designed to include 30,000 acres with a herd of 2,000 buffalo in Blackfeet Territorial land in Montana.
An initial investment of $2 million can establish the framework to re-introduce 2000 bison to native grassland. This will provide a source of economic development for the conservation of tribal-owned and
managed land, generating a model for Indigenous Natural Capital Credits across 80+ member nations.
Bison rewilding / grassland restoration on Indigenous lands
Target investment - $2 million per pilot project (to launch) – establishing baselines and methodology for bison-grass-carbon impacts, engage tribal members, and create holistic grazing management strategy.
Total valuation - $120 million – (PV) over 50 years
ROI - purchase carbon credits, retire or hold
The Bahama Banks Blue Carbon Initiative is seeking $50 million in funding via its Blue Venture Mapping Fund to support the development and implementation of the seagrass project. The fund will enable the project to establish a sustainable framework for scaling its blue carbon conservation and restoration across 130,000 km2 of Bahamian Seagrass habitat, while leveraging carbon credit sales to reinvest in the initiative and provide economic benefits to Bahamian communities and resiliency against climate change.
Investment opportunity one: Venture Mapping Fund
Target investment - Up to $50 million
ROI - 25% annually (floor) for 8 years, with an option at year 8 to purchase 2 million carbon credits at a 10% discount or pre-agreed price.
Investment opportunity two: Offtake purchases of Bahamas seagrass carbon credits, insured by Lloyds up to $175 million with PwC as Lead Financial Advisor.
North Atlantic right whales are dying faster than they can reproduce. There are now only an estimated 72 females remaining.
Entanglement in fishing lines
As the whales move along the east coast of North America they pass through the USA's and Canada’s largest lobster and crab fishing areas. Here lobster and crab gear connect traps on the ocean floor to buoys on the surface. Commercial lobster fishing in Maine alone generated $1.5 billion in 2021 in exponential value. As such, North Atlantic Right Whales and other whale species travel through millions of fixed fishing lines set in their feeding or breeding grounds. Climate change and improved efficiency of lobster boats has resulted in more fishing offshore in areas where whales are abundant.
Many whale species get entangled in fishing gear. Over 85% of right whales have been entangled at least once in their lifetime, and the majority have been entangled several times. In 2023 there were 6 known deaths due to entanglements while 24 entanglement injuries were reported. Scientific studies have shown that fishing gear entanglement is the biggest single threat to right whales.
The Initiative
There is a solution to help protect North Atlantic right whales against entanglement. New 'on-demand gear' technology is being developed and tested that significantly reduces the risk to right whales and allows fishermen to continue to fish. In fact this gear has been effectively used to allow fishermen access to waters seasonally closed to fixed gear line fisheries.
The on-demand gear does away with the vertical lines connecting surface buoys to the seafloor traps. The fisherman navigates to the traps through digital mapping, a technology that is continuously expanding. Once near, the fisherman can signal the release of a flotation bag or line and buoy that then allows them to retrieve their traps. By removing the vertical lines from the water column, the threat of whale entanglement is minimised.
The adoption of on-demand gear is to date limited. Fishermen have been fearful of change, and additional expenses are incurred by switching to on-demand gear. For many there is also the fear of whether they can fish as efficiently as they have using traditional gear. Gear manufacturers do not have clear market signals and require supportive regulations and increased private sector investments, allowing for ramped up gear production and improved production costs.
Innovative financial mechanisms
BGF has partnered with the Canadian Wildlife Federation and Conservation Alpha to design and implement the world's first impact bond for whales. The aim of the bond is to support the transition to this new fishing technology in selected fishermen communities and thus remove the primary threat to right whale survival.
‘The Whale Bond’ - Uses innovative nature finance mechanisms and market incentives to protect the livelihoods of fishermen and the lives of whales.
Required Technical Assistance Funding
Phase I: $373,000 (Concept completion);
Phase II: $325,000 (Bond design process).
Total: $US 698,000 over the next 15 months
The development of the Whale Bond includes engagement with investors and Government, the creation of success payment criteria, co-development of incentive structures for selected fishermen communities, and the creation of innovative revenue flows.
ROR - 2% minimum, with success payment to be determined.
For more information, please contact:
Christina Geijer, PhD - Whale Bond Director
Zack Klyver - Technical Lead, On-demand gear
Our partners:
