Climate assets, structured for Governments, Communities and Companies.
We design the ownership, the instrument and the route to capital for nature, energy, minerals and trade programmes, so the value they create stays with the people and places that produce it.
The gap
The capital exists. The structures don't.
Money alone is not the constraint. What is missing is settled ownership, trusted evidence and an instrument an institution can hold. Most climate and nature programmes stall between a credible plan and a bankable claim. That is where we work.
US$2tn
Climate finance passed US$2 trillion for the first time in 2024.
Source: Climate Policy Initiative, Global Landscape of Climate Finance 2026, June 2026
3×
It needs to reach at least US$6.2 trillion a year by 2035, about three times the 2024 level.
Source: Climate Policy Initiative, June 2026
12–14×
Developing countries' adaptation finance needs by 2035, against the international public adaptation finance that reached them in 2023.
Source: UNEP, Adaptation Gap Report 2025, October 2025
The same discipline applies across four practices: nature and adaptation, energy and transition, critical minerals, and goods and trade.
Ownership first
Who owns the outcome?
Carbon, biodiversity, soil, water and blue-carbon outcomes are natural capital. A credible programme settles five things before the first unit is financed.
Ownership without finance is a stranded asset. Finance without ownership is extraction. We design for both.
Instruments in action
Four structures, built step by step
Who owns the outcome, who pays, what investors hold and what evidence releases the money. These are illustrative designs that show how we work. None is offered, issued or open for investment.
- 01Sovereign noteHow can a nation finance its transition and keep title to it?
- 02Stewardship unitsHow can protection be paid for year by year, without new public debt?
- 03Blended programme fundWho takes which risk, and how does finance reach the last mile?
- 04State programme platformHow does a state move from single projects to a programme it governs?
What we do
From mandate to market, and after
Five stages, each with a clear lead. We design, structure and coordinate. Arranging and placing securities is done by firms authorised to do it.
- Stage 1Originate and frame
We understand the programme, its ownership and its revenues before we design anything.
Leads: Climate Securities - Stage 2Structure
The ownership architecture, the revenue waterfall, the instrument and its credit layers.
Leads: Climate Securities, with the arranger - Stage 3Document
Programme contracts, the notes and the evidence plan, under English law.
Leads: Counsel, coordinated by us - Stage 4Raise
An authorised firm places the notes. We introduce development banks, outcome payers and philanthropic funders.
Leads: The authorised arranger; we make introductions - Stage 5Report
Programme and registry reporting for the life of the structure.
Leads: Climate Securities, with the arranger
The evidence line runs alongside every stage: the evidence requirement is set in stage 1, the programme chooses the evidence provider in stage 3, and an independent verifier reports in stage 5.
Who we work with
Written for the people who own and deliver the programme
We work for governments, communities and sponsors. Investors hear about a structure from the authorised firm that places it.
- Sovereign and sub-sovereign governmentsProgrammes they own and can finance, with title, authorisation and the registry kept at home. For governments
- Indigenous and community institutionsStewardship that is paid for under contract, with the area, the knowledge and the data kept by the community.
- Project sponsorsA programme structure, an instrument and a route to institutional capital.
- IssuersPaper that institutions can assess on terms they already use.
- Development partnersGuarantees, first-loss and anchor positions placed where they change the outcome.
Next step
Bring us a programme
Tell us about the programme, the delivery challenge and where you are in its development. We will come back to you to say whether, and how, we can help.