Just Climate Research
Investment Thesis
Just Climate is a mission-driven investment business established by Generation Investment Management. It backs climate solutions that it believes can radically reduce or remove emissions this decade, built on the idea of the time value of carbon: cuts made today are worth more than cuts promised later, so the firm favors transformational rather than incremental solutions. It targets attractive risk-adjusted returns alongside outsized emissions abatement and a just transition. The firm builds climate-led research roadmaps (emissions pathways, abatement costs, catalytic opportunity) to find deals, then runs integrated due diligence on impact, business quality, management and valuation.
Strategies
- Industrial Climate Solutions: global growth strategy for high-emitting industrial sectors most off track with net zero (steel, cement, batteries, motors, EV charging, industrial heat, marine electrification, geothermal).
- Natural Climate Solutions: global growth strategy to decarbonise agriculture and back nature-based business models, described as picks-and-shovels for land use and natural resources. Fund I (with co-investment vehicles) reached a final close of $540 million on 12 Nov 2026, after $375 million was announced in Nov 2025.
- Latin America Climate Solutions: regional growth strategy covering low-carbon industry and energy, waste-to-value and circularity, and land use and food systems, focused on companies where technology and business models are derisked and catalytic capital unlocks scale. Added through the 2023 merger with Good Karma Partners, with an MoU with IFC and Itau Unibanco Private Bank (Dec 2025) and a Green Climate Fund MoU (Nov 2025).
Stage Focus
Growth-stage and later. The firm commercialises largely proven technologies and invests in companies or projects through tailored alternative capital structures, including development capital facilities (for example Zanskar). It is not a seed or pre-seed investor.
Check Size
Not disclosed on the website. Recent disclosed rounds include a $30M AgroStar round with existing investors and a co-led $40M Zanskar development facility, which suggests tens of millions per position.
Lead Tendency
Both. Co-led the Zanskar facility, invested as a strategic investor alongside Kinea in Twenty Four Seven Data Centers, and joined existing investors in AgroStar. Partners take board seats (Shaun Kingsbury sits on the boards of Stegra and ABB E-Mobility).
Recent Activity
- Final close of Natural Climate Solutions I at $540M (Nov 2026).
- Twenty Four Seven Data Centers strategic investment (Jul 2026).
- Afresh $34M raise (Apr 2026).
- Zanskar $40M development capital financing (Apr 2026).
- Tropic $105M Series C (Mar 2026).
- AgroStar $30M (Nov 2025), the third Natural Climate Solutions investment after NatureMetrics and GreenLight Biosciences (Jan 2025).
Portfolio Highlights
Meva Energy, Stegra, ABB E-Mobility, Infinitum, Ascend Elements, Continuum Green Energy, Terra CO2, NatureMetrics, GreenLight Biosciences, AgroStar, Tropic, Zanskar, Afresh, Corvus Energy and Twenty Four Seven Data Centers. The site does not list exits.
Team
- Clara Barby, Senior Partner (former CEO of the Impact Management Project, led ISSB establishment).
- Shaun Kingsbury CBE, Founding Partner and Co-CIO (founding CEO of the UK Green Investment Bank).
- Eduardo Silveira Mufarej, Co-CIO (co-founder of Tarpon Investimentos, founder of Good Karma Partners).
- Beth Carter, Partner (technical due diligence, ex-Honeywell UOP).
- Gustavo Bassetti and Tushar Kumar, Partners; managing directors including Benoit Grobon, Joris Rademakers and Natalia Simakina.
- Management committee includes Generation founders David Blood and Colin le Duc.
Decision Process
Investment committee within a partnership structure, with research-led roadmaps feeding deal selection and a dedicated technical diligence and risk function.
Founder Preferences
Experienced management teams building hard-to-abate or nature-positive businesses with measurable abatement, commercial traction and a need for scale capital. Active portfolio support includes engineering, carbon accounting and corporate partnerships.
Geographic Focus
Global, with offices in London and Sao Paulo (and Generation's San Francisco presence). Portfolio spans the US, UK, Sweden, Switzerland, India, Brazil and Norway.
Gaps
Check size, AUM across strategies and exit history are not disclosed. Stage per company was not set because no source names each round with Just Climate.