London and São Paulo, 12 November 2026
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 the final close of Natural Climate Solutions I (“NCS I”). NCS I is the first fund in Just Climate’s Natural Climate Solutions strategy. NCS I and its related co-investment vehicles secured total commitments of $540 million.
NCS I attracted a diverse set of institutional investors, including pension funds, asset managers and global financial institutions such as Achmea Investment Management, the Environment Agency Pension Fund and Royal Bank of Canada. The strategy’s anchor investors included California State Teachers’ Retirement System (CalSTRS) as the institutional anchor and Microsoft’s Climate Innovation Fund as the corporate anchor.
Just Climate’s Natural Climate Solutions strategy focuses on scaling products and services that can transform the way land is used, food is produced, water is managed, and waste is reduced and reused. Bringing together a team with experience in growth equity investing, complemented by expertise in science, policy, impact management and business operations, the strategy aims to deliver attractive financial returns through investments with high climate and nature impact.
Clara Barby, Senior Partner at Just Climate, said: “Our Natural Climate Solutions strategy enables investors to back businesses that are tackling water scarcity, falling agricultural yields and waste. These are critical issues for the decade ahead, as resilience rises up the agenda for companies and capital markets. We believe investments made now have the potential to deliver attractive returns by transforming how we manage our land and resources.”
Eduardo Mufarej, Co-Chief Investment Officer at Just Climate, said: “The food systems, water, waste and other land use change sectors account for about one third of global emissions, yet, proportionately, receive substantially less of the capital allocated to decarbonisation. Our strategy aims to accelerate capital deployment to these sectors and unlock their potential to help address climate change.”
Gustavo Bassetti, Head of Natural Climate Solutions at Just Climate, said: “Our fund aims to back companies which have reached the growth-stage of their development, having already identified proven and scalable solutions across the food systems, water, waste and other land use change sectors. In an increasingly constrained market environment, we have capital ready to deploy into promising growth-stage companies.”
Just Climate has made five investments from NCS I to date:
Afresh, an AI-powered platform for fresh food ordering and inventory management which has been purpose built for the grocery sector.
AgroStar, a leading Indian platform enabling agricultural transformation at scale by working directly with local farmers through its digital platform and network of stores.
GreenLight Biosciences, a pioneer in next generation RNAi biosolutions for agriculture with applications in bio insecticides, fungicides and herbicides.
NatureMetrics, a UK-based company at the forefront of environmental DNA-based biodiversity monitoring.
Tropic, a pioneering tropical seeds company dedicated to the development of healthier, more robust, high-performing varieties of tropical crops.
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.