DBL’s twenty-year path from foundational investments in solar to catalytic investments in natural climate solutions offers a unique view of the arc of early 21st century climate innovation. A first-of-its-kind $210M project financing deal between Chestnut Carbon, Microsoft, and J.P. Morgan announced in July 2025 marks a turning point in nature-based carbon markets, one that previously helped unlock the growth of the early solar industry.

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