U.K. consultant Redington was selected to advise local government investment pool London CIV on building a natural capital fund, the firms said Oct. 23 in a joint press release.
London CIV, with £13.4 billion ($16.3 billion) assets under active management and £12.6 billion in passive funds, manages 60% of the local government pension funds for London's 32 boroughs and the City of London Corp. Six funds invest in private markets and 16 in public markets.
Of the 32 local government partners, 30 have already declared a climate emergency and many are interested in more exposure to natural capital to help achieve their net-zero goals, the release said.
Large-scale carbon capture will play a major role in that, said Dean Bowden, CEO of London CIV, in the release.
"We could achieve a 30-40% reduction in CO2 emissions by restoring natural habitats across the globe, according to one academic study," he said.