The Canada Pension Plan Investment Board is investing US$30 million in reforestation efforts in Brazil’s Amazon region through a private venture partnership.

The Amazon Reforestation Fund, managed by Mombak Gestora de Recursos, will also receive an equity transfer of US$500,000 from the CPPIB. It’s the first time the CPPIB is investing in Brazilian reforestation.

In a press release, Bill Rogers, managing director and global head of sustainable energies at the CPPIB, said carbon removal efforts such as the ones from the Amazon Reforestation Fund are expected to increase across the global economy. “This investment is consistent with our efforts to expand our investments in important and growing industries that support decarbonization while continuing to deliver long-term risk-adjusted returns for the CPP fund.”

Read: CPPIB-backed green energy service provider launching in Brazil

In other news, three of Canada’s largest pension funds are helping fund the North American expansion of a Swedish car battery manufacturer.

The CPPIB, the Investment Management Corp. of Ontario and the Ontario Municipal Employees’ Retirement System are all part of a US$1.2 billion funding round for Northvolt through a US$1.2 billion raise.

This latest funding round is an extension of a convertible note originally worth US$1.1 billion, which was signed in July 2022. Northvolt has raised more than US$9 billion in equity and debt investments in total.

Read: Caisse investing in credit facility for EV subscription company, Ontario Teachers’ acquiring U.K. industrial lot