Citi closes $72 million carbon removal-linked outcome note for Texas biochar project

Citi closed a $72 million, 3.5-year Carbon Removal-Linked Note, its first outcome bond tied to verified carbon removals, funding Applied Carbon's Texas biochar project. Investors, including Nuveen, give up a traditional coupon; returns instead depend on the issuance and delivery of the project's carbon credits, opening a capital-markets route for climate projects.