London, UK – 3 November 2025 – The Anthropocene Fixed Income Institute (AFII) today announces the release of its latest guide for investors, “Deforestation and fixed income markets: A primer”. The book addresses the intersection of global deforestation risks and fixed income investing, providing a toolkit for market participants to assess and manage the evolving impact of nature loss across corporate and sovereign debt markets.
As deforestation threatens both biodiversity and climate stability, it has become a material risk for investors. Co-authored by Josephine Richardson and Claire Meier, the book draws on AFII research to show how deforestation exposure can impact fixed income investment returns, through regulatory costs, investor flows, and credit ratings, and features case studies on major issuers including JBS, Mars and Cargill.
Josephine Richardson, Managing Director, Head of Research, Anthropocene Fixed Income Institute, comments: "Deforestation increases risks for investors by destabilising supply chains, exacerbating climate change, and exposing both companies and countries to regulatory, reputational, and credit risks.
“With an area about the size of England lost in 2024 alone, our goal with this primer is to highlight how fixed income investors can use their influence to reverse this trend. AFII’s aim is to provide practical, actionable insights; we look forward to hearing the market’s feedback on the solutions we propose to address this urgent and critical issue.”
“Deforestation and fixed income markets: A primer” presents AFII’s comprehensive ‘Deforestation Debt Universe’, helping market participants identify and monitor entities with substantial exposure to deforestation. The book explores how portfolio managers can assess and integrate these risks within sovereign and corporate debt, and how engagement and innovative structures like sustainability-linked bonds and debt-for-nature swaps can promote better market outcomes.
Ulf Erlandsson, Founder and CEO, AFII adds: “Deforestation risk is still too rarely considered in investment analysis but it is essential for futureproofing portfolios and supporting resilience worldwide. As the world’s attention turns to Brazil for COP, we hope that asset owners and managers seeking solutions will find this book empowering.”
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Journalist briefing & author Q&A session
AFII is pleased to offer dedicated press briefing sessions with co-author Jo Richardson, looking at how the book’s analysis and datasets can support investigative and financial reporting on the deforestation impact of both corporate and sovereign bond issuers.
For media enquiries or to register for the briefing, please contact: Emma Thorpe, [email protected].
About the authors
Josephine Richardson
Managing Director and Head of Research at the Anthropocene Fixed Income Institute, Jo Richardson has over 20 years of fixed income market experience, including 18 years at J.P. Morgan. She leads AFII’s research team, providing analysis on climate and nature risks to fixed income portfolios. Jo is a recognised commentator on sustainable finance, holds an MA Hons in Mathematics and Management Studies from Trinity College, Cambridge, and is a Fellow of the Chartered Institute for Management Accountants.
Claire Meier
Co-author and sustainable finance consultant, Claire Meier, is a seasoned sovereign debt analyst and investor director at ASCOR, focusing on the intersection of sustainability and fixed income investing. For more than 25 years, she has worked across emerging and developed markets and brings deep expertise in sovereign engagement and climate opportunity assessment. Claire holds a master’s degree in International Affairs from Columbia University and is a Fulbright Scholar.
About the Anthropocene Fixed Income Institute
The Anthropocene Fixed Income Institute (AFII) empowers the global fixed income market to drive the climate and nature transition. A non-profit organisation, AFII provides fixed income investors with the insights and tools they need to align their portfolios with ambitious climate and nature targets. Visit AFII’s website to subscribe to our research and follow us on LinkedIn.
