{"id":87835,"date":"2026-08-18T15:44:19","date_gmt":"2026-08-18T14:44:19","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=case-study&#038;p=87835"},"modified":"2026-08-18T15:44:19","modified_gmt":"2026-08-18T14:44:19","slug":"chestnut-carbon-carbon-credits-insurance","status":"publish","type":"case-study","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/case-studies\/chestnut-carbon-carbon-credits-insurance\/","title":{"rendered":"Chestnut Carbon &#8211; Carbon credits Insurance"},"featured_media":0,"template":"","spatial-scale":[5322],"insurance-trigger-type":[5299],"insured-risk":[5331],"insurance-scheme-target":[5316],"insurance-scheme-developer":[5308],"insurance-product-type":[5302],"location":[5336,5344],"realm":[5314],"class_list":["post-87835","case-study","type-case-study","status-publish","hentry","spatial-scale-sub-national","insurance-trigger-type-indemnity","insured-risk-performance-and-delivery-risk","insurance-scheme-target-private-real-economy","insurance-scheme-developer-private","insurance-product-type-insurance-to-de-risk-enable-investment-in-nature","location-north-america","location-united-states","realm-terrestrial"],"acf":{"world_map_coordinates":{"ref_value":"field_6a4e7380d1e2f","value":"39.74155582042193, -103.04133404772834","type":false,"post_type":""},"world_map_position_pc":{"ref_value":"field_6a4e73812c3d4","value":"37.830028087277,21.377407208964","type":false,"post_type":""},"world_map_position_px":{"ref_value":"field_6a4e73823d4e5","value":"120.67778959841,133.39502098394","type":false,"post_type":""},"ireland_county":{"ref_value":"field_6a4e73834e5f6","value":"","type":false,"post_type":""},"area":{"ref_value":"field_6a4e73845f6a7","value":"","type":false,"post_type":""},"description":{"ref_value":"field_6a1ca0010002","value":"Marsh placed a carbon credit delivery insurance policy, underwritten by CFC, for Chestnut Carbon, a nature-based carbon removal developer that plants native hardwood\/softwood trees on unused farmland across the southeastern United States. The policy protects against the risk of non-delivery of carbon removal credits under a 25-year offtake agreement with Microsoft for &gt; 7 million tonnes. The insurance was mandated by the lending panel as a condition of a landmark US$ 210 million non-recourse project finance credit facility led by J.P. Morgan. By de-risking the carbon credit revenue stream, the insurance directly enabled financing for the acquisition\/restoration of roughly 60,000 acres and the planting of &gt; 35 million native trees. This represents the first such project financing in the voluntary carbon market and establishes a replicable model for channelling institutional capital into large-scale afforestation.","type":false,"post_type":""},"case_study_date":{"ref_value":"field_6a1ca0010003","value":"2025-ongoing","type":false,"post_type":""},"partner_names":{"ref_value":"field_6a1ca0010005","value":"CFC, Marsh McLennan, JP Morgan, Chestnut Carbon","type":false,"post_type":""},"referrer_org_name":{"ref_value":"field_6a1ca0010006","value":"NATURANCE","type":false,"post_type":""},"sources":{"ref_value":"field_6a1ca0010007","value":[{"source":{"title":"Marsh secures carbon credit insurance on landmark bank financing deal for a US carbon removal project","url":"https:\/\/www.marsh.com\/en\/about\/media\/marsh-secures-carbon-credit-insurance-bank-financing-deal.html","target":""}},{"source":{"title":"Pioneering deal for carbon removal: J.P. Morgan leads project financing for Chestnut Carbon","url":"https:\/\/www.jpmorgan.com\/insights\/sustainability\/climate\/chestnut-carbon-deal","target":""}}],"type":"repeater","post_type":""},"status":{"ref_value":"field_6a1ca001000a","value":"active","type":false,"post_type":""}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chestnut Carbon - Carbon credits Insurance - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/case-studies\/chestnut-carbon-carbon-credits-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chestnut Carbon - Carbon credits Insurance - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/case-studies\/chestnut-carbon-carbon-credits-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Grantham Research Institute on climate change and the environment\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/case-studies\\\/chestnut-carbon-carbon-credits-insurance\\\/\",\"url\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/case-studies\\\/chestnut-carbon-carbon-credits-insurance\\\/\",\"name\":\"Chestnut Carbon - Carbon credits Insurance - Grantham Research Institute on climate change and the environment\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/#website\"},\"datePublished\":\"2026-08-18T14:44:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/case-studies\\\/chestnut-carbon-carbon-credits-insurance\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/case-studies\\\/chestnut-carbon-carbon-credits-insurance\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/case-studies\\\/chestnut-carbon-carbon-credits-insurance\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Case Studies\",\"item\":\"https:\\\/\\\/www.lse.ac.uk\\\/granthaminstitute\\\/naturance-case-studies\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Chestnut Carbon &#8211; 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