What NINT does

NINT - Natural Intelligence, now operating as ERM NINT following its February 2023 acquisition by ERM Group, is the largest dedicated ESG consulting and assessment firm in Latin America and the Caribbean. Founded in 2011 in Brazil and headquartered in Rio de Janeiro with additional offices in São Paulo, Belo Horizonte, Porto Alegre, Salvador, and Bogotá, the firm offers three service lines: Avaliação ESG (second-party opinions on green, social, sustainability, and transition bonds; ESG due diligence for M&A, project finance, and PE; and independent ESG ratings), Consultoria ESG (advisory on ESG strategy, climate risk, TCFD implementation, and sustainable finance frameworks for financial institutions and corporates), and Programas ESG (market-development programs such as the Investidores pelo Clima initiative funded by Instituto Clima e Sociedade). The practice has delivered over 800 projects to more than 300 clients across 20+ countries, including 8 of the 10 largest Brazilian commercial banks, IFC, IDB, BNDES, FEBRABAN member institutions, and corporate issuers such as Suzano. Underlying the practice is a proprietary ESG valuation methodology, a comprehensive ESG debt database (the first in Brazil covering both CBI-certified and other thematic bonds), a Zero Conversion dashboard co-developed with WWF Brasil, PCAF-aligned financed emissions calculators, and multisector climate-risk sensitivity tools.

The firm operates a project-based professional services model, charging quote-based fees for consulting engagements, per-opinion second-party opinions, and long-term multilateral-funded market-development programs. Go-to-market is consultative and relationship-driven, with senior partners engaging C-suite and sustainability executives at financial institutions, corporates, governments, and multilateral organizations. Following the 2023 ERM acquisition and full integration in April 2024, NINT's sustainable finance practice now sells through ERM's global platform spanning 40+ countries and 8,000+ professionals, providing cross-sell into climate change advisory, transaction services, and liabilities/portfolio management consulting. Pricing is not publicly disclosed and is tailored to scope, complexity, and duration per engagement.

Name

NINT

Legal name

NINT - Natural Intelligence

Website

https://nintgroup.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

NINT (now ERM NINT) is the largest ESG consulting and second-party opinion firm in Latin America and the Caribbean, advising financial institutions, corporates, and multilateral organizations on sustainable finance, climate risk, and ESG strategy across 20+ countries since 2011.

Ownership category

akta.pro rank

Product category

Sustainable Finance Advisory and ESG Consulting Services

NAICS

Portfolio Management and Investment Advice (523940), Other Scientific and Technical Consulting Services (54169)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG Data, Ratings & Research (Providers, Methodologies, Analytics) (FSAAALAJ)

akta.pro secondary industries

ESG/Sustainable Investment Advisory (FSAEAAAJ), Sustainable Finance & ESG Ratings/Benchmarking Support (EUAHAJAH), ESG Governance, Sustainability Reporting & Assurance Advisory (BPAHAFAJ), ESG Strategy & Materiality Assessment (EUAHAJAA)

Keywords

• ESG consulting services
• Sustainable finance advisory
• ESG second party opinions
• Climate risk assessment
• ESG evaluation services

Headquarters

HQ city

Lauro

HQ country

Brazil

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. ESG Consulting Services: Advisory engagements for financial institutions and corporations on ESG strategy, climate risk, and sustainable finance frameworks. Services include ESG integration, second party opinions on labeled debt, and strategic sustainability assessments. Revenue is generated through project-based consulting fees.
2. ESG Evaluation and Second Party Opinions: Independent ESG assessments and second party opinions for labeled debt operations (green bonds, social bonds, sustainability bonds, SLBs), M&A transactions, and project finance. Revenue generated per assessment or opinion rendered.
3. ESG Market Development Programs: Program management and market development initiatives funded by multilateral banks, cooperation agencies, and philanthropic foundations. These are long-term projects focused on systemic market changes in ESG and sustainable finance.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

NINT delivers three core ESG service lines: Avaliação ESG (independent ESG evaluations and second party opinions for sustainable debt issuance, M&A, and project finance), Consultoria ESG (advisory on ESG strategy, climate risk, TCFD implementation, and investor communication for financial institutions and corporations), and Programas ESG (market development and capacity-building programs such as the IPC - Investidores pelo Clima initiative). Services are supported by proprietary tools including the Brazilian ESG Debt Database, a PCAF-aligned financed emissions calculator, multisectoral climate risk sensitivity rulers, and a biodiversity/zero-conversion dashboard developed with WWF Brasil.

Product overview

NINT operates as a unified ESG consulting and assessment platform offering three core service lines: Avaliação ESG (ESG Assessment), Consultoria ESG (ESG Consulting), and Programas ESG (ESG Programs). The Avaliação ESG service provides opinions, studies, and analyses of ESG issues in financial operations, using proprietary methodologies. Consultoria ESG offers advisory for financial institutions and companies on ESG strategies and climate risk. Programas ESG manages market development initiatives like the IPC - Investidores pelo Clima program. Supporting these services, NINT offers data platforms (ESG Debt Database), analytical tools (Emissions Calculators, Climate Risk Rulers), and publications (SARAS Manuals, Transition Taxonomies). The company operates under the ERM Group umbrella following its acquisition in February 2023.

Differentiator

Problem solved

Functional benefit

Brands

• Investidores pelo Clima (IPC): An initiative led by ERM NINT with support from Instituto Clima e Sociedade (iCS), promoting decarbonization and resilience of Brazilian investors' portfolios aligned with a 1.5°C global warming scenario.

Products and services

• Avaliação ESG (ESG Assessment and Second Party Opinions) Independent ESG evaluations and second party opinions supporting investors and financiers in risk management, opportunity identification, and impact generation across debt issuance (green, social, sustainability, sustainability-linked and transition bonds), M&A, project finance, and private equity investments. Delivered using proprietary methodologies grounded in international market references combined with deep knowledge of ESG issues relevant to Latin America and the Caribbean.
• Consultoria ESG (ESG Consulting for Financial Institutions and Companies) Advisory services for financial institutions (banks, insurers, asset managers, private equity) on ESG and impact product design, ESG strategy integration, labeled debt frameworks, and climate risk assessment, and for real-economy companies on ESG strategy, climate risk and opportunity assessment, sustainability reporting (TCFD, CDP), and investor communication. Includes sector-specific capabilities such as the agriculture climate risk ruler and the multisectoral climate risk sensitivity tool.
• Programas ESG (ESG Programs – Market Development Initiatives) Market development projects and programs that promote ESG practice improvement across the market as a whole, including flagship initiatives such as the IPC – Investidores pelo Clima coalition, regional partnerships with multilateral organizations (UNEP FI, BID Invest, FEBRABAN), and capacity-building programs for development banks and microfinance institutions through SARAS manuals. Funded by multilateral development banks, cooperation agencies, and philanthropic foundations, with long-term engagements aimed at structural changes in the financial sector, public sector, and capital markets.

Quantifiable outcome

• 200+ second party opinions for ESG debt operations delivered
• +6 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• ERM GroupcoreStrategic or Co-development Partner · 1 February 2023NINT was acquired by ERM Group in February 2023, becoming a company of the ERM Group. The acquisition combined NINT's sustainable finance expertise with ERM's global sustainability platform. In November 2023, the brand became ERM NINT. From April 2024, NINT's business and teams fully integrated into ERM's structure.
• FEBRABAN (Brazilian Banking Federation)coreStrategic or Co-development PartnerNINT supported FEBRABAN in developing the roadmap for TCFD implementation in the Brazilian banking sector. Co-developed the first guide for green bond issuance in Brazil. Jointly developed the Guia de Dívida Sustentável no Brasil (2023) updating the original 2016 green bond guide.
• WWF BrasilflagshipStrategic or Co-development PartnerPartnership to develop the dashboard of tools and methodologies focused on zero conversion and biodiversity risk management. Jointly created resources for investors to evaluate deforestation and biodiversity impacts.
• Instituto Clima e Sociedade (iCS)flagshipStrategic or Co-development PartnerKey partner supporting the Investidores pelo Clima (IPC) initiative. iCS provides funding and strategic support for climate finance market development programs led by NINT.
• UNEP FI (UN Environment Programme Finance Initiative)coreStrategic or Co-development PartnerNINT has supported UNEP FI in implementing the Principles for Responsible Banking in Latin America and Caribbean since 2020. ERM served as technical partner and co-organizer of the UNEP FI Regional Roundtable on Sustainable Finance in April 2025. ERM leads PRB Academy training in Brazil as technical instructor.
• ABDE (Brazilian Association of Development Banks)coreStrategic or Co-development PartnerJointly developed the first Socioenvironmental Responsibility Guide for Development Financial Institutions with ABDE. Participated in creation of the Financial Innovation Laboratory (CVM/ABDE/BID).
• BID Invest (Inter-American Investment Corporation)coreStrategic or Co-development PartnerStrategic collaborator in the development of the technical report 'From Commitment to Action: Financial Institutions bridging gaps to shape LAC's tomorrow' co-developed with ERM, UNEP FI, FEBRABAN and BID Invest for COP30.
• Sistema BcoreStrategic or Co-development PartnerNINT received B Corp certification through Sistema B. Participates in Sistema B ecosystem and initiatives for sustainable business practices.
• eco.business FundminorStrategic or Co-development PartnerJointly developed SARAS manual for microfinance institutions and cooperatives. Authored two manuals on socioenvironmental risk management for banks (ABDE, 2014 and eco.Business Fund, 2020).
• Pacto Global Brasil (UN Global Compact)minorStrategic or Co-development PartnerProvided technical support for the Guia Prático de Finanças Sustentáveis do Agronegócio Brasileiro developed by Pacto Global Brasil with BID financing.
• BNDES (Brazilian National Development Bank)coreStrategic or Co-development PartnerWorked on multiple studies analyzing BNDES socioenvironmental practices including capital markets investments (2008-2018), PRSA implementation, and Triennial Plan 2020-2022 analysis.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• MSCI ESG Research: Provides ESG ratings, research and data on thousands of companies globally to institutional investors. Overlaps with NINT's ESG research and assessment coverage of Brazilian listed companies (300+), but MSCI is a global scale incumbent serving a much broader universe.
• Bureau Veritas (Greenhouse Gas & Sustainability): Global testing, inspection and certification firm with sustainability and ESG assurance services including second party opinions and green bond verification. Competes with NINT on labeled debt verification but operates as part of a much broader TIC services portfolio.
• S&P Global Sustainable1: S&P Global's ESG and climate data, analytics and benchmarking platform serving investors and issuers. Comparable to NINT's ESG debt database and climate risk tooling, with substantially larger global reach and dataset.
• EcoVadis: Global provider of business sustainability ratings used by procurement teams and supply chains. Adjacent to NINT's ESG evaluation work, with comparable data-driven rating model, though focused on corporate supply chain sustainability rather than sustainable finance advisory.
• Moody's (formerly Vigeo Eiris): Moody's acquired Vigeo Eiris (NINT's former ESG research partner since 2015) to build its ESG assessment franchise. Comparable in providing ESG assessments and second party opinions, but operating at global scale within Moody's broader ratings business.
• ERM Group: NINT's parent company since February 2023, the world's largest pure-play sustainability consultancy with 8,000+ professionals across 40+ countries. Provides broader EHS and sustainability consulting into which NINT's sustainable finance practice is now integrated.

Direct peers

• ISS ESG: Institutional Shareholder Services' ESG arm delivers ESG ratings, research, second party opinions and advisory services for sustainable finance instruments. Directly comparable to NINT's core ESG evaluation and SPO offering for labeled debt.
• Sustainalytics: Global leader in ESG research, ratings and second party opinions for sustainable finance, serving asset managers and issuers worldwide. Highly comparable to NINT's ESG evaluation and SPO practice, though Sustainalytics operates globally while NINT dominates LATAM.
• South Pole: Global climate consultancy and project developer providing carbon advisory, climate strategy and sustainable finance services to corporates and financial institutions. Comparable business model to NINT's ESG consulting and sustainable finance advisory work.

Emerging players

• WayCarbon: Brazilian sustainability and climate change consultancy founded in 2006, offering carbon management, climate strategy and ESG advisory. Regional peer with overlapping LATAM footprint and similar consulting services for climate risk and sustainability.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/nintgroup
• LinkedInlinkedin.com/company/nintgroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NINT