We are proud of the progress reflected in this report. At the same time, we recognize that the challenge of protecting biodiversity and the environment is far greater than any single fund can address. This is why we remain committed to continuously improving our approach: becoming more direct, providing more advisory and capacity building, enhancing our own methodologies, and maximizing our added value and impact. Beyond finance, we support partners with expertise, capacity building, and practical solutions that strengthen their sustainability performance.
 

By maintaining long-term relationships with our borrowers, we can continuously adapt our support to evolving challenges and identify new opportunities for impact.

Climate and geopolitical developments increasingly highlight the importance of the sustainable practices we promote: More volatile weather conditions and the prospect of a super El Niño in 2026 increases the need for efficient irrigation and protected agriculture. The blockade of the Strait of Hormuz strengthens the case for more resource-efficient operations, lower-carbon value chains, and locally sourced, sustainable agricultural inputs. 

In this way, many of the external shocks facing the sector today further highlight the importance of building resilient and sustainable agricultural systems.

The stories in this report show that promoting more sustainable agricultural practices can help conserve biodiversity, protect natural resources, and strengthen resilience to climate change. By supporting companies in adopting these practices, the Fund contributes to the long-term preservation of ecosystems while fostering more transparent and resilient supply chains. Many of these investments support exports such as blueberries, cocoa, coffee, and tea, connecting sustainable production with consumers in Europe and other international markets.

Our progress in 2025 gives us reason to move forward with focus and confidence.

Through private debt instruments, we direct financing to businesses that promote sustainable practices in Latin America and the Caribbean, and sub-Saharan Africa. The eco.business Fund supports sectors such as sustainable agriculture, forestry, fisheries, and tourism. Its activities contribute to a broad range of SDGs, which have been mapped at the target level, with 6 SDGs identified as core to the fund’s mission.

The eco.business Fund's impact management framework is guided by internationally recognized standards, principles, and sustainable finance regulations. These help ensure that environmental and social considerations are integrated throughout the investment process and that impact is managed, measured, and reported in a transparent and credible manner.
Among others, the Fund aligns with:

• Operating Principles for Impact Management (OPIM)
• IFC Performance Standards
• Client Protection Principles
• Fundamental Conventions of the International Labour Organization (ILO)
• International Bill of Human Rights
• Sustainable Finance Disclosure Regulation (SFDR), with disclosure in line with the requirements for Article 9 financial products
• Relevant international sustainability and reporting frameworks that support the assessment and management of climate- and nature-related risks and opportunities

Finance in Motion, the eco.business Fund's Fund Manager, has been recognized by BlueMark as a Practice Leader since 2022. In 2025, Finance in Motion again received the highest possible rating ("Advanced") across all eight dimensions of the Operating Principles for Impact Management, reflecting a robust approach to impact strategy, governance, measurement, and transparency. 

The Fund complements this framework with dedicated impact measurement tools, including its biodiversity indicator, developed with PRé Sustainability. By comparing conventional agricultural practices with more sustainable approaches adopted by Fund clients, the indicator helps quantify how investments contribute to reduced pressure on ecosystems, improved resource efficiency, and stronger biodiversity outcomes.

Read Finance in Motion's Disclosure Statement on alignment with the Operating Principles for Impact Management using the link below.

Measuring positive impact helps us monitor progress towards our impact objective and informs the strategy. We monitor our impact based on key indicators, in line with the eco.business Fund’s Theory of Change which reflects:

• Direct impact on investees and their sectors, for example, by strengthening financial institutions’ capacity to support businesses committed to sustainable practices.

• Indirect impact through investees’ clients, for example, by fostering sustainable resource use, enhancing climate resilience and biodiversity, and supporting livelihoods in sectors such as agriculture, forestry, and tourism. 
   

  Systematic impact measurement and management is integrated in eco.business Fund’s investment lifecycle. We assess the potential impact of each investment with the Impact Scoring Tool at the due diligence stage, regularly monitor it during the investment period and assess the final impact at exit. Our data management system enables end-to-end tracking of financing to the final client, capturing key indicators such as use of proceeds, gender, and economic sector. This data informs the Fund’s impact measurement, portfolio management and strategy. 

The eco.business Fund places a priority on effectively managing – i.e., avoiding, minimizing, and mitigating –  potential environmental, social and governance (ESG) risks and negative impacts associated with its investments. To this end, the fund maintains and continuously improves its environmental and social management system (ESMS). For example, in 2024 the Fund updated its ESG Policy, including its commitments to contributing to the vision of the Kunming-Montreal global biodiversity framework and to climate change risk management.   

E&S risks are considered throughout the investment process. E&S screening and thorough E&S due diligence processes are key tools for identifying potentially significant E&S risks and for assessing the capacity and commitment of the Fund’s investees to address and mitigate against them. E&S undertakings are also included in the financing documents with the partners institutions, as well as eco.business Fund’s E&S exclusion list. Once capital is deployed, the Fund monitors the E&S performance and compliance of its partner institutions at least on an annual basis. The Fund also engages with them to strengthen their E&S capacity where required.