New agreements aim to mobilise institutional capital across energy, industry, circularity and food systems in the region
London and São Paulo, 16 December 2025
Just Climate, a specialist investment business established by Generation Investment Management focused on scaling solutions for the highest-emitting, most off-track sectors of the economy, today announced a set of new strategic collaborations with the International Finance Corporation (IFC) and Itaú Unibanco Private Bank (Itaú) to advance its Latin America strategy.
Just Climate signed bilateral Memorandums of Understanding with IFC and Itaú to collaborate on the strategy and explore their participation as founding investors. These agreements are part of Just Climate’s broader strategy to mobilise partners and jointly catalyse sustainable development and economic resilience in emerging markets. Just Climate recently signed two other Memorandums of Understanding with IDB Invest and the Green Climate Fund (GCF) in May and November 2025, respectively. Together, these institutions aim to mobilise institutional capital at scale into critical sectors that support sustainable development and economic resilience in emerging markets.
Earlier this year, Just Climate launched its Latin America strategy to help bridge the region’s climate finance gap by mobilising catalytic capital at scale. The strategy focuses on economies including Brazil, Colombia and Mexico, which play critical roles in global supply chains and natural resource security but continue to face shortfalls in funding for solutions across food systems and nature, circularity, and the industrial and energy transitions. With increased investment, the region has significant potential to accelerate adoption and innovation of sustainable solutions. Just Climate’s Latin America strategy complements its global investment strategies, which have a greater focus on industries and nature in developed markets.
Just Climate is working to support the development of high-impact businesses in Latin America and is pleased to collaborate with institutional partners like IFC, Itaú, IDB Invest and GCF. Each partner brings distinct capabilities – from global financing and structuring expertise to regional reach and market insights – creating a platform to deliver climate solutions and sustainable growth in the region.
Eduardo Mufarej, Co-Chief Investment Officer of Just Climate, said: “Our focus is on generating attractive risk-adjusted financial returns by scaling solutions for the highest emitting, most off-track sectors. As a leader in food production and critical industrial sectors, Latin America is crucial to achieving decarbonisation efforts and restoring nature. Through our work with key capital allocators for the region, we are designing an investment strategy aimed at generating returns and impact, including local economic growth.”
Manuel Reyes-Retana, IFC’s Division Director for Brazil, Argentina, Uruguay and Paraguay, said: “Latin America has incredible potential to lead the way in smart, inclusive development by harnessing private capital. IFC’s partnership with Just Climate will drive financing into critical sectors like energy, industry, food systems and circularity – setting the stage for vibrant growth and resilience. Together, we can strengthen regional value chains, generate new jobs and champion sustainable growth across the region.”
About Just Climate
Established by Generation Investment Management, Just Climate is a specialist investment business focused on scaling solutions for the highest-emitting, most off-track sectors of the economy. The challenge of achieving a net-zero world and addressing climate-related risk is huge, urgent and needs tremendous mobilisation of capital. Just Climate’s mission is to establish climate-led investing as a capital allocation imperative for institutional investors globally. For more information, please visit us at justclimate.com.
About IFC
IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilising private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
About Itaú Unibanco Private Bank
Itaú Unibanco Private Bank is part of Itaú Unibanco, one of the largest financial institutions in Latin America, offering wealth management, banking and investment services tailored to high net-worth individuals and institutional clients.
Media contacts
Just Climate
Anelia Fikiina
anelia.fikiina@kekstcnc.com
+44 7970 952 774
Douglas Meira
douglas.meira@loures.com.br
+55 11 97583 2816