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Mirova Raises Over $200 Million from Corporate Investors for Nature Restoration Fund – ESG Today
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Mirova Raises Over $200 Million from Corporate Investors for Nature Restoration Fund
Susan Lahey
March 13, 2024
Natixis Investment Managers’ sustainable investing affiliate Mirova announced today that it has raised more than €195 million (USD$213 million) for its corporate-backed Climate Fund for Nature, aimed at supporting high-quality projects dedicated to nature protection and restoration.
Introduced in late 2022, Mirova’s Climate Fund for Nature aims to mobilize capital from companies committed to a low-carbon, nature-positive transition, with investments supporting high-quality projects dedicated to protecting and restoring nature in emerging markets, as well as supporting farmers in their transition to regenerative agriculture. The fund also seeks to generate carbon credits and co-benefits for local communities, with a particular focus on promoting women’s independence.
Projects supported by the fund will include the restoration of carbon sinks, such as afforestation, reforestation, and mangrove restoration initiatives, natural regeneration, regenerative agriculture and agroforestry. Mirova will also promote the independence of women in selected projects.
New investors in the fund include Capgemini, Unibail-Rodamco-Westfield and MANE, joining initial investors Kering and L’OCCITANE Group.
Cyril Garcia, Head of Global Sustainability Services and Corporate Responsibility and Group Executive Board Member, Capgemini said:
“Our commitment to sustainability is driven primarily by our 90% carbon reduction target (by 2040 v 2019), which is aligned to the SBTi Net Zero Standard. Beyond our decarbonization strategy we have a commitment to invest in carbon credits to abate and remove carbon from beyond our own value chain. We are proud to collaborate with Mirova and other investors targeting high integrity carbon credit projects that will deliver wider social and environmental benefits.”
Mirova said that the fund is already supporting an ambitious project to protect primary forests in Peru, in partnership with a local NGO and indigenous communities. Other projects in an advanced study phase involve mangrove and land restoration in Latin America, Africa and South-East Asia. The impact of the selected projects will be based on carefully monitored measurable data to ensure positive results for nature, climate and people’s livelihoods.
Mirova has set a target for the fund to reach €300 million, supported by companies across sectors including luxury goods, beauty, services, communications, agri-food, among others.
Gautier Quéru, Managing Director, Natural Capital, at Mirova said:
“We are proud to have such esteemed corporate partners place their trust in Mirova and choose to invest in the Climate Fund for Nature. Their commitment is a positive signal about the role that large corporations can play in mobilizing funding for nature.”
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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