&Green is a Foundation (“Stichting”), established in the Netherlands in 2017. Its governance structure is designed to safeguard the environmental and social return as well as the financial and commercial sustainability of the Fund and its investments.

Our Structure


&Green currently has USD 144 million in capital committed through grants, redeemable grants and loans from its contributors. Despite this encouraging endorsement of the Fund’s purpose, &Green is still actively raising capital and invites additional contributors to join our mission.


&Green was developed and set up by IDH Sustainable Trade Initiative under close collaboration with NICFI, Norway’s International Climate and Forest Initiative. NICFI is also the anchor investor in &Green, committing the NOK equivalent of USD 100 million as a grant.

USD 1m of the NICFI contribution has been ringfenced for a dedicated Technical Assistance budget (TA Budget).

Unilever Group

The Unilever Group is an influential multinational consumer goods company which committed to a redeemable grant of USD 25 million at the beginning of 2018.


In 2019 the Global Environment Facility (GEF), acting through the United Nations Environment Programme (UNEP) invested USD 2 million as a redeemable grant.


FMO is the Dutch entrepreneurial development bank. As a leading impact investor in sustainable private sector growth, FMO has invested in over 80 countries, supporting jobs and income generation with the aim of making the world a better place than it was when we first started. In 2021, FMO committed USD 25 million in long-term funding to &Green.


Mobilising Finance for Forests (MFF) is as a blended finance investment program funded by the UK government’s BEIS department and managed by FMO to combat deforestation and other environmentally unsustainable land use practices contributing to global climate change. In 2021, FMO approved an investment of USD 33.25 million by MFF in to &Green). 

Ford Foundation

In 2021, the Ford Foundation invested into the &Green Technical Assistance budget in the form of a grant. This contribution is subject to &Green’s Technical Assistance governance and guidelines.



Contributors to the Fund, as well as regional political and business experts, are represented on the Advisory Board. The Advisory Board defines the lending guidelines and approves all Jurisdictions in which the Fund is able to invest.

Helen Clark


Helen Clark was Prime Minister of New Zealand for three successive terms from 1999 to 2008. She was the first woman to become Prime Minister following a General Election in New Zealand and the second woman to serve as Prime Minister.

Throughout her tenure as Prime Minister and as a Member of Parliament over 27 years, Ms. Clark engaged widely in policy development and advocacy across the international affairs, economic, social, environmental, and cultural spheres. She advocated strongly for a comprehensive programme on sustainability for New Zealand and for tackling the challenges of climate change. She was an active leader of her country’s foreign relations, engaging in a wide range of international issues.

In April 2009, Ms. Clark became Administrator of the United Nations Development Programme. She was the first woman to lead the organisation, and served two terms there. At the same time, she was Chair of the United Nations Development Group, a committee consisting of all UN funds, programmes, agencies, and departments working on development issues. As Administrator, she led UNDP to be ranked the most transparent global development organisation. She completed her tenure in April 2017.

Prior to entering the New Zealand Parliament, Ms. Clark taught in the Political Studies Department of the University of Auckland, from which she earlier graduated with her BA and MA (Hons) degrees.

Ms. Clark continues to speak widely and be a strong voice on sustainable development, climate action, gender equality and women’s leadership, peace and justice, and action on non-communicable diseases and HIV. She serves on a number of advisory boards and commissions, including as Chair of the Board of the Extractive Industries Transparency Initiative, and Chair of the Board of the Partnership for Maternal, Newborn, and Child Health. From July 2020 to May 2021, Ms. Clark was a Co-Chair of The Independent Panel for Pandemic Preparedness and Response which was set up by the World Health Organisation’s Director General at the request of the World Health Assembly (WHA).

Per Fredrik Ilsaas Pharo


Per Pharo is Director of Partnerships and Shared Prosperity at Norad, the Norwegian Agency for Development and Cooperation. Prior to this role, Mr. Pharo served as Deputy Director of the Government of Norway’s International Climate and Forest Initiative (NICFI), under the Norwegian Ministry of Environment, from its inception in 2008 until October 2011 when he was appointed as Director. NICFI was set up to deliver on the Norwegian Prime Minister, Jens Stoltenberg’s Bali promise to annually spend up to 3 billion Norwegian kroner to contribute towards reducing the greenhouse gas emissions caused by deforestation and forest degradation in developing countries.

Before joining NICFI, Mr. Pharo worked at McKinsey & Company’s Oslo office; at the Norwegian Ministry of Defense (on security policy, defense policy and defense transformation), and as a researcher at the Norwegian Institute of Defense Studies. He has a Candidatus Philologiae degree in history from the University of Oslo, Norway, and a BA in International and US politics and history from Augustana College, Sioux Falls, South Dakota, USA.

Rosa Lemos de Sá


Rosa Lemos de Sá was appointed Secretary General of Funbio since January 2010. Previously, she led the Andes-Amazon Initiative of the Gordon & Betty Moore Foundation in the United States, from 2006 to 2009, and worked at WWF-Brazil for 10 years, occupying the position of Director of Conservation from 2003 to 2006. Ms. Lemos de Sá has extensive experience in Protected Area Programs and studied endangered primate species and the impact of a hydroelectric dam on wildlife population as a Master and Ph.D. student, respectively. She graduated in Wildlife Management from the University of Wisconsin, USA, has an MSc in Ecology from the University of Brasilia and a Ph.D. in Wildlife Conservation from the University of Florida, USA.

Sabine Miltner


Sabine Miltner joined the Gordon and Betty Moore Foundation, a $9 billion private foundation in the United States, in 2016. She oversees the foundation’s work on decoupling food production from ecosystem degradation. Approved through 2026 with a total budget of $400 million, the Conservation and Markets Initiative targets ending deforestation, conversion and overfishing in the production, sourcing, and financing of the most important food commodities, by aligning market incentives with conservation outcomes.

Since joining Moore, Ms. Miltner has been on the board of several organizations, including IUCN-US. She is currently co-chairing the Sustainability Council of Bayer AG, a global life sciences company.

Prior to philanthropy, Ms. Miltner’s career as a finance professional spanned the public and private sectors with a focus on sustainability/climate change and developing countries.

Ms. Miltner was a Managing Director and the Group Sustainability Officer of Germany-based Deutsche Bank AG and worked with senior management on the step-wise integration of sustainability and financial goals. She also co-chaired the bank’s steering committee on climate change.

Previously, Sabine was a director at the Institute of International Finance, leading the work to improve conditions for private investment in developing countries. She started her career as an economist at the International Monetary Fund working in Africa, Eastern Europe and the Caribbean.

Sabine earned a PhD in economics from Harvard University and a M.A. in economics from the University of Mannheim, Germany.



The Board of Directors is appointed by the Advisory Board and is the main decision-making body, responsible for the management and investment decision making of the Fund. The Board outsources most activities of the Fund to expert service providers, in particular the Investment Manager.

Nanno Kleiterp


Nanno Kleiterp is a Board Member at Arise, a leading African investment company backed by three investors, Norfund, Rabobank and FMO. Arise has US$ 1bn in assets under management and is a minority shareholder in about 10 locally-owned financial services providers in Sub-Saharan. Mr. Kleiterp is also a Board Member at Sudameris Bank, a leader in the creation of the round table for sustainable finance in Paraguay. Sudameris is the 4th largest bank in Paraguay, with US$ 1 bn in assets. He has also recently been appointed Chairman of the Board of ILX Management, the manager of emerging market focused private credit fund, ILX Fund I.

In 2019 Mr. Kleiterp was appointed Honorary Chairman of the EDFI, an association that comprises 15 European bilateral DFIs and a total investment portfolio of EUR 40 billion committed to supporting the private sector in developing countries. He was the first independent Chair of EDFI from 2017 to 2019.

Mr. Kleiterp has been Chairman of the Board of Trustees of the Van Leer Foundation, which promotes Early Childhood Development, since 2018 and he is a Member of the Advisory Board of Commonland, which aims to transform degraded landscapes into thriving ecosystems and communities based on sound business cases and aligned with international policies and guidelines. He is also a Member of the Advisory Board at Form International, a forest management and services company that manages forest assets in Africa and delivers a range of technical and financial services to clients worldwide, and is Chairman of the Board of the International Union for Conservation of Nature (IUCN) in the Netherlands. Since 2018, he is also a Fellow of the World Resource Institute (WRI).

From 1987 to 2016, Mr. Kleiterp held a number of positions at FMO, the Dutch development bank, including serving as the Chief Executive Officer from 2008 to 2016.

In 2016, he published the book ”Banking for A Better World” (Amsterdam University Press), which lays out the case for transformational investments in developing countries and the role of Development Finance Institutions.

Felia Salim


Felia Salim has spent more than 30 years in finance and banking. From 2004 to 2015, she served as Vice President Director of PT Bank Negara Indonesia, one of Indonesia’s largest state banks. With her leadership, the bank introduced ESG criteria into the bank’s credit model, which received numerous awards for sustainability. She held other notable positions as Managing Director of the Jakarta Stock Exchange and at the height of the Asian Crisis in the late nineties, she served as Deputy Chairperson of The Indonesian Bank Restructuring Agency, after an assignment as Head of the Secretariat for the Financial Sector Policy Committee.

Ms. Salim actively supports not-for-profit initiatives and has been instrumental in developing several key organizations, such as the Partnership for Governance Reform of Indonesia (Kemitraan) and The Transparency International Indonesia. These organisations cover a wide range of initiatives: from working with communities, multi-sector governance reform and active participation in policy change.

Alongside her governance work, Ms. Salim has been deeply engaged in sustainability-climate emergency, land use and food safety-security through her active participation in key organizations both national and international: such as member of the HSBC Climate Advisory Panel, the Climate and Land Use Alliance, the Global Alliance for Improved Nutrition. Through these engagements her work covers Asia, Africa and Latin America.

Currently, Ms. Salim serves as a member of the Board of Directors and chairs the Risk Management Committee of Indonesia Eximbank.

Claudia Arango



Claudia Arango is an accomplished private equity and impact investor with a proven track record and more than 20 years of international experience in private markets across a diverse number of sectors including agribusiness, telecom, logistics, transportation, retail, media, and industrial services.  During Claudia’s career, she has provided board leadership to several organizations in Latin America and the US where she has successfully guided companies to grow both domestically and internationally through her strategic leadership, M&A expertise, and hands-on approach.


Ms. Arango is currently a Managing Partner of Exagon Impact Capital (“XIC”), a private equity firm with a mission to achieve superior returns in infrastructure investments in Latin America and the Caribbean while simultaneously achieving a positive impact integrating strict ESG guidelines into the investment decision and project execution. Previously, Ms Arango was a Director with the AIG Global Emerging Markets Private Equity Group and she is the former Managing Director and founding member of the Latin American Private Equity Fund at The Rohatyn Group (“TRG”) in New York, a leading multi-billion asset management firm focusing on emerging markets.


Ms Arango received an M.Sc. in Finance from the University of Maryland and a B.S. in Industrial Engineering from the Universidad de los Andes in Bogotá, Colombia.

Joost Oorthuizen


In 2021, Joost Oorthuizen was appointed as the first CEO of Invest International, a new development and finance facility to support governments and companies with finance and to provide project development capacity. Its shareholders are the Dutch government and FMO. It brings together 100 development professionals & investment managers from FMO (the Dutch development bank) and RVO (The Netherlands Enterprise Agency) under one roof, with over EUR 2 billion of development and project finance. Its mandate is to create Sustainable Development Goals (SDG) impact in emerging markets in sectors that are relevant for the Dutch economy.

Mr. Oorthuizen built his career in the fields of international trade, finance and sustainable development. He holds a Ph.D. in natural resource management from Wageningen University, The Netherlands, a post-Masters qualification in change management and was schooled at Insead in financial management. He is the founding CEO of IDH – The Sustainable Trade Initiative, and under his leadership IDH became a 350 person, global organization, working with corporates and governments in mainstreaming sustainability in global value chains in agriculture, textiles and energy. Mr. Oorthuizen has set up various impact investment funds. He is a regular speaker at international conferences.



The Credit Committee is a body of independent investment and sustainability experts appointed by the Board of Directors to safeguard the environmental, social and financial compliance of investment proposals with &Green’s guidelines. It assesses the documentation submitted by &Green’s investment advisor and makes a recommendation to the Board of Directors.

Mark Eckstein


Mark Eckstein is an independent sustainability advisor who has over 25 years of experience working with investors on sustainability and development. He was most recently the Executive Director of Impact and Reporting at the Scottish National Investment Bank, where he helped deliver the impact ambitions of Scotland’s Development Finance Institution (DFI). Prior roles include eight years as the Director of Environmental Social and Governance (ESG) at the CDC Group, the United Kingdom’s DFI (now known as British International Investment), where he was accountable for increasing the quality and consistency of ESG support (risk and value add) across CDC’s portfolio.

Prior to that, Mr Eckstein was Managing Director of the International Finance program at WWF US for 7 years where he worked across the WWF network on the promotion of sustainable lending and investment practices with banks and other parts of the finance sector, with a specific focus on soft commodities/ agribusiness, extractives and infrastructure. He has also served as an E&S Specialist at the IFC and as Environment Advisor for Africa at the United Kingdom’s Department for International Development (DFID).

Mr. Eckstein brings with him direct and significant experience in more than thirty countries, including key &Green jurisdictions.

Lidwien Schils


Lidwien Schils is Managing Director of Rabo Foundation, a foundation that invests in a positive change towards an honest and inclusive society, mostly focusing on social enterprises in the Netherlands as well as on smallholder farmers in Africa, Asia and South America. Before, she was General Manager of Rabobank in Belgium with a wholesale business active in the Food and Agri sector as well as in sectors contributing to the energy transition. Until 2019 she headed the European Project Finance team of Rabobank for eight years. Focus was especially on renewable energy projects during a time when the sector was going through substantial growth. She gained a solid experience on specifically wind, solar and biomass projects and on the sector in general. During this time she also was member of the credit committee with Rabobank. Before, Ms. Schils had been working with different banks in various sectors, including energy and F&A. Prior banks include ING, Vienna (trade finance), FMO, The Hague (lending and syndication), EIB, Luxembourg (global loans). Next to her current role, she serves as Board Member to FRES, a company providing energy services to small businesses and households in Africa.

Ms. Schils brings more than 25 years of banking experience in various countries, products and sectors.

Lucian Peppelenbos


Lucian Peppelenbos works with Robeco as Climate Strategist. In this role, he oversees Robeco’s work on decarbonizing the investment portfolios and integrating climate-related risks and opportunities in the investment processes. Thought leadership and publications are also part of his role, in collaboration with peer investors, academics and policy institutions.

Prior to joining Robeco, Mr. Peppelenbos was Senior Responsible Investment Specialist at APG Asset Management, where he led their climate strategy. Before that, he helped to set up IDH The Sustainable Trade Initiative, a public-private partnership that co-invests with corporates to enhance the sustainability performance of commodity supply chains.

Socio-economist by training, Mr. Peppelenbos’ professional career focused on corporate sustainability. He worked as a supply chain consultant for companies operating in emerging markets, and as a policy advisor in the Dutch Parliament. He earned a PhD in social-economic sciences at Wageningen University, and has published various books and articles. Lucian worked and lived for many years in Latin America, and worked across various countries in Africa and Asia.



SAIL Investments was appointed as the specialist investment manager to &Green at its inception and has delivered high quality investment advice and services to the Fund. SAIL is a boutique investment firm headquartered in the Netherlands and investing only in assets that generate measurable sustainable returns. 100% management-owned, SAIL has a small but focused team of highly experienced professionals working on the &Green Fund, with over 270 years of collective experience in the Agri-finance sector across its offices globally. The team combines financial acumen with extensive environmental and social expertise. Environmental, social and governance aspects are fully integrated into its investment process.

The Board of Directors has delegated the oversight of the day-to-day business and operations of the Fund to SAIL to manage in accordance with the Fund’s articles and policies (in particular the Lending Guidelines and Environmental and Social Management System, or ESMS), and the resolutions of the Board. The Investment Manager is specifically responsible for fundraising and implementing the investment strategy and process. SAIL supports the Board in all relationships with the Fund’s current and potential clients and contributors, civil society organisations, co-investors and other key stakeholders.



&Green works in close collaboration with existing initiatives and organizations working to protect and restore tropical forests. All of the Fund’s collaborations are on a non-exclusive basis.

IDH – The Sustainable Trade Initiative

IDH lead the development of the &Green Fund together with NICFI and was the incorporator of the Stichting andgreen.fund. IDH and &Green work collaboratively and have outlined their joint ambition in a Memorandum of Understanding. Through its country offices, and through the international sustainable landscapes programme, IDH works closely with public and private actors, in key jurisdictions for &Green, to develop potential projects of interest for the Fund, and to support local government in meeting the Fund’s Jurisdictional Eligibility Criteria.

At a global level, IDH accelerates sustainability within the value chains of various sector programmes through its strategy for 2016 – 2020 entitled ‘Innovating Impact @ scale’. The strategy develops impact coalitions between companies, NGOs, governments, trade unions, financial institutions, and universities that strive for impact for public good.

UN Environment Programme

The UN Environment Programme (UNEP) and &Green have concluded a Memorandum of Understanding setting out their collaboration in catalyzing private finance for sustainable agricultural commodity production decoupled from deforestation, and to promote the protection and restoration of forests and peatland for the benefit of people, the climate, biodiversity, food and water security. UNEP and &Green will mutually support each other to channel private finance into sustainable land use.

As &Green’s partner, UNEP acts as the implementing agency for the contribution from the Global Environment Facility (GEF) and supports &Green’s communications and monitoring, reporting and verification (MRV) efforts. UNEP also facilitates collaboration with other relevant finance facilities and UNEP initiatives, and creates an enabling environment by raising awareness amongst UNEP’s member states on how &Green can help meet international agreements on restoration, climate and biodiversity.

In the coming years, both parties aim to further intensify the partnership and play a key role in the necessary transformation towards land use and agricultural production models that better balance the need to protect forests, improve rural livelihoods while enhancing efficiency and yields to produce enough food for a growing world population.


Good Growth Partnership

The Good Growth Partnership (GGP) and &Green have signed a Statement of Intent to provide a framework for their collaboration in jointly working towards their shared vision of removing deforestation from commodity supply chains. Through mutual support, the partners will seek to improve the results of their respective efforts in making financing available, engaging stakeholders, supporting tropical forest countries and creating learnings for wider application and scaling.

Working across production, financing and demand, the GGP convenes a wide range of stakeholders and initiatives to reduce deforestation and enable sustainable development in the global commodity supply chains of soy, beef and palm oil.

Launched at the United Nations New York headquarters in 2017, the GGP is funded by the Global Environment Facility (GEF), led by the United Nations Development Programme and implemented in collaboration with Conservation International, the International Finance Corporation (IFC), UN Environment Programme (UNEP) and World Wildlife Fund (WWF).

In partnership with the governments of Brazil, Indonesia, Liberia and Paraguay, as well as civil society and major private sector players, the GGP aims to place sustainability at the heart of commodity supply chains.

20×20 Initiative

The objective of the 20×20 Initiative is to contribute to a change in the dynamics of land degradation in Latin America and the Caribbean (LAC). In the short term, the Initiative intends to assist the restoration process of 20 million hectares of degraded land by 2020, including 5 million hectares of avoided degradation. This effort is in support of global land-restoration efforts of the Bonn Challenge. The initiative was launched by eight countries and five investment groups at COP 20 in Lima in December 2014.


AFR100 is the African Forest Landscape Restoration Initiative, which is a country-led effort to bring 100 million hectares of land in Africa into restoration by 2030. It aims to accelerate restoration in order to enhance food security, increase climate change resilience and mitigation, and combat rural poverty.


Launched at COP26, the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) is an initiative of the Nature Conservancy (TNC), Tropical Forest Alliance (TFA) and UN Environmental Programme (UNEP). By signing the IFACC Commitment Agreement, &Green aims to expand and accelerate lending and investment in climate-friendly beef and soy production models, without further negatively impacting the Brazilian Amazon and Cerrado, and the Argentinean and Paraguayan Chaco biomes.

Forest Investor Club

At COP26 during the World Leaders Summit’s Forest Day session on November 2, 2021, the United States launched the Forest Investor Club with the aim to unlock and scale up investments that support sustainable, climate-aligned outcomes in the land sector. By joining this partnership, SAIL Ventures committed to increasing the scale and geographic scope of investment in restoration, conservation, sustainable agriculture and forestry, and green infrastructure.