MIROVA GLOBAL CARBON FUND

Blended finance initiative, backed by French fund manager Mirova, focused on high quality and high integrity nature-based carbon projects in emerging markets.

The Fund will invest in high-integrity nature-based carbon projects involving forestry, agroforestry, improved land management, blue carbon and tech-based removals. The target projects will generate quality carbon credits, which will be largely sold via long-term offtake agreements. The Fund will mainly target emerging markets, bringing positive impact in terms of carbon sequestration, climate change mitigation and adaptation, biodiversity protection and social co-benefits. The Fund will address a funding gap for projects that require capital expenditures for implementation, therefore creating the supply necessary for the carbon market to grow and scale.

The Fund will be required to have an environmental and social policy and the appropriate management systems in place to comply with EIB's requirements. The assessment of the environmental, climate and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each portfolio company and any underlying investment and, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB's Environmental and Social Standards.

The EIB will require the promoter to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.