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PIlot 1
Mining Value Chains

This pilot focuses on monitoring water pollution linked to critical mineral extraction, helping financial institutions attribute water quality impacts to specific mining companies. Using Earth Observation (EO) data, the pilot will track key water parameters such as turbidity and total suspended solids to identify pollution hotspots. It will also map landfills to enhance traceability in downstream activities and assess biodiversity impacts, particularly the composition of communities and the population status of vulnerable species.

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PIlot 2
Agrifood Value Chains

This pilot leverages EO data to monitor land conversion in the agri-food sector, addressing the lack of precise geolocation data on supplier lists. By utilising open-source datasets like Trase and the Universal Mill List, as well as proprietary databases, it aims to improve supply shed tracking and link land conversion events to corporate supply chains. The initiative seeks to move beyond deforestation-focused monitoring, identifying other land conversion types, their biodiversity impacts and their drivers to support financial institutions in engaging with trading companies and promoting sustainable land management practices.

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PIlot 3
Nature-Related Financial Risks and Opportunities

This pilot aims to develop a granular and reliable toolbox for quantifying nature-related financial risks, helping to mitigate the mispricing of environmental degradation and biodiversity loss in global financial systems. By enhancing risk management and disclosures, the toolbox will support financial institutions, central banks, and regulators in reallocating capital from harmful activities to those that protect and restore nature. Leveraging a broad network of stakeholders, including United Nations Environment Finance Initiative (UNEP-FI), Taskforce on Nature-Related Financial Disclosures (TNFD), and the European Space Agency (ESA), the initiative will integrate sector-specific insights, particularly in high-risk industries like energy and manufacturing, to strengthen financial resilience and promote nature recovery.

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PIlot 4
Biodiversity Credits

Biodiversity credit markets are rapidly emerging and expanding worldwide. Key to the quality of credits within these markets is the measurement and monitoring of biodiversity uplift, across a range of scales and for different biodiversity features (e.g. various natural habitat types).  In this pilot, the project team will explore existing and potential indicators that could underpin and facilitate credit markets, to ensure credibility and prevent greenwashing. Led by the University of Oxford’s Nature Positive Hub and some key stakeholders, the initiative will assess international biodiversity credit systems, identify gaps in monitoring methodologies, and develop EO-based approaches for tracking biodiversity improvements. The goal is to strengthen investor confidence, support credit market growth, and enable scalable nature investments.

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PIlot 5
Natural Capital Accounting

This pilot explores the integration of biodiversity into natural capital accounting (NCA) by leveraging EO data to enhance green net national income (NNI) assessments. While NCA tracks biophysical changes, it lacks a direct economic metric for biodiversity, limiting its role in decision-making. Building on recent efforts in Denmark to include biodiversity in NNI using Red List indicators, the project will develop and test EO-derived metrics such as the Biodiversity Intactness Score to provide high-resolution, real-time biodiversity assessments. This approach aims to improve the accuracy and relevance of green NNI, enabling policymakers to incorporate biodiversity considerations into national economic planning.

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PIlot 6
Sovereign Finance, Debt-for-Nature Swaps and Sustainability-Linked Bonds

This pilot explores how EO data can enhance the credibility, transparency, and impact of sovereign debt instruments for nature finance, such as Debt-for-Nature Swaps (DNS) and sustainability-linked sovereign bonds. While these instruments help mobilise private capital for biodiversity and sustainability, challenges remain in verifying key performance indicators (KPIs), monitoring investments, and ensuring financial viability. EO data offers standardised, verifiable, and comparable insights to improve project selection, track performance, and strengthen investor confidence. Collaborating with stakeholders like the World Bank and the Sustainable Debt Coalition, the project will develop EO-based methodologies to support debt sustainability modelling, parametric insurance, and policy recommendations for integrating EO into sovereign nature financing.

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Leveraging
Earth Observation for Nature Finance

The Kunming-Montreal Global Biodiversity Framework set a target to mobilize $30 billion/year from international finance by 2030. This will require support from Earth Observation to fully enable a range of nature finance mechanisms.

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Mission

Explore how Earth Observation can support the upscaling of nature-positive activities.

Project LEON aims to enhance and facilitate finance for the benefit of nature by bridging data gaps and improving decision-making.

Our approach

Provide better use of existing data for robust biodiversity metrics, risk management, and policy decisions.

Drive robust biodiversity metrics, risk management, and policy decisions for sustainable outcomes.

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Key Goals for Success

Strengthening EO’s Role

Explore and strengthen the role of EO towards leveraging financial mechanisms for environmental sustainability objectives with a focus on nature.

Informing Policy

Facilitate informed decision-making and policy formulation.

Bridging Data Gaps

Bridge data and technology gaps to integration, transfer, and scalability of EO solutions.

Enhancing Communication

Enhance and facilitate communication across the different communities engaged in Nature Finance dialogue and action.

the pilots

Pioneering Sustainable Solutions

Explore six groundbreaking initiatives addressing global challenges in supply chains, finance, and nature - driving impactful change towards a more sustainable tomorrow.

PIlot 1
Mining Value Chains

Uses EO data to monitor water pollution from mineral extraction, helping financial institutions link water quality impacts to mining companies.

Lead:

Susana Baena
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PIlot 2
Agrifood Value Chains

Uses EO data to track land conversion in the agri-food sector, linking it to corporate supply chains.

Lead:

Marianne Haahr
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PIlot 3
Nature-Related Financial Risks and Opportunities

Aims to develop a granular and reliable toolbox for quantifying nature-related financial risks, helping mitigate environmental mispricing.

Lead:

Nicola Ranger
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PIlot 4
Biodiversity Credits

Explores indicators to ensure the credibility of biodiversity credit markets, preventing greenwashing.

Lead:

Joe Bull
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PIlot 5
Natural Capital Accounting

Explores the integration of biodiversity into natural capital accounting by leveraging EO data to enhance green net national income assessments.

Lead:

Niels Strange
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PIlot 6
Sovereign Finance, Debt-for-Nature Swaps and Sustainability-Linked Bonds

Explores how EO data can enhance the credibility, transparency, and impact of sovereign debt instruments for nature finance.

Leads:

Samira Barzin

and

Nicola Ranger
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partnerships & collaboration

A multinational technical consortium

Funded by the European Space Agency (ESA) and led by the University of Oxford and Assimila Ltd, supported by other global partners in space, finance, and conservation

funded by
Leading partners
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partners
Global Canopy LogoUNEP FI LogoUN environment LogoVizzuality Logo
Habitat LogoUniversity of Copenhagen LogoIIASA LogoThe Biodiversity Consultancy Logo
core leadership team
Joe Bull

Consortium Lead

Nicola Ranger

Nature Finance Lead

Andy Shaw

Earth Observation Lead

Marianne Haahr

Policy and Frameworks Lead

Samantha Barklam

Project Lead

Terms & Conditions

© LEON 2025