European Energy Company

• Energy & Utilities
• Energy Company
• Europe
• Regulations, Policies & Sustainability Frameworks Advisory
• Nature-based Solutions Strategy, Carbon Market Assessment & Business Case Development
• Executive Decision Framework on Nature-based Solutions Portfolio

• Evaluate buy, build and hybrid models for accessing high-quality Nature-Based Solutions and develop a structured decision framework for future action
• Assess market prices, project economics and business cases across different NbS categories, standards, geographies and quality levels
• Identify key strategic and operational risks, including permanence, MRV, certification, supply availability, price volatility and reputational exposure

• Significant price variability and limited market transparency across NbS project types, standards, geographies and quality levels made simple cost comparisons insufficient
• A substantial gap between market prices and true project development costs created uncertainty around the long-term economics of building high-integrity NbS projects
• Balancing short-term cost efficiency with long-term strategic value required consideration of supply security, project credibility, operational complexity and access to high-quality carbon removals

Strategic Challenge

seeking to address residual emissions, strengthen ESG positioning, and create measurable environmental co-benefits. However, the decision to use NbS is no longer limited to a simple question of purchasing available carbon credits from the voluntary carbon market.
The client was evaluating the role of Nature-Based Solutions as part of its broader climate strategy, with a particular focus on whether to purchase certified NbS credits from the voluntary carbon market or develop its own NbS project portfolio.
The assessment covered different NbS categories, including afforestation and reforestation, improved forest management, soil carbon, agroforestry, peatland restoration, REDD+ and blue carbon solutions.

Strategic Questions

• How do buy, build and hybrid NbS models compare from a strategic and financial perspective?
• Which factors drive the cost and quality of NbS credits?
• Under what conditions can proprietary NbS projects become economically viable?
• How should organisations balance short-term flexibility with long-term supply security?

CBR Approach

CBR developed a structured assessment framework to compare alternative pathways for accessing high-quality NbS.
The work combined market intelligence, business case modelling and strategic risk analysis to evaluate both immediate and long-term implications of different NbS portfolio strategies.

Scope of Assessment

• Carbon market analysis across major NbS categories
• Evaluation of buy, build and hybrid delivery models
• Cost and business case modelling under different land scenarios
• Assessment of certification, permanence and MRV requirements
• Strategic risk and opportunity analysis
• Development of an executive decision framework

Strategic Assessment Framework

Rather than viewing Nature-based Solutions as a binary buy-or-build decision, CBR developed a structured assessment framework to evaluate the advantages, limitations and strategic implications of different implementation models.

Buy offers immediate access to certified carbon credits with limited operational effort and lower upfront investment. However, organisations remain dependent on market availability, project quality and external certification, making robust due diligence essential.

Build provides greater strategic control, enhanced traceability and long-term supply security, but requires significant investment in project development, land access, monitoring and long-term management. The business case is particularly attractive where suitable land or compensation areas are already available.

Hybrid combines the strengths of both approaches. While high-quality credits can be purchased to meet short-term requirements, selective project development and strategic partnerships help secure long-term access to high-integrity carbon removals. The assessment identified this balanced portfolio approach as the most resilient solution for organisations pursuing ambitious long-term climate strategies.