Approach
Ownership first. Then the instrument. Then the route to capital.
We design the ownership, the instrument and the route to capital for sovereign, nature and transition programmes. We structure and coordinate; decisions rest with our clients.
Ownership first
Five things to settle before the first unit is financed
Ownership without finance is a stranded asset. Finance without ownership is extraction. We design for both.
- Legal titleWho owns the carbon, the biodiversity gain and the water outcome, defined in law before anything is sold.
- Registry and issuanceThe registry and the right to issue sit with the sovereign, not with the project developer.
- Measurement and dataThe model, the baseline and the data belong in the country, to the programme rather than the intermediary.
- Benefit-sharingThe community's share of the value is contractual and can be financed. It is not a promise.
- Market accessOutcomes are sold on the owner's terms: under Article 6.2 of the Paris Agreement, as transferred mitigation outcomes, or kept for national targets.
What we do
Five stages, from mandate to market, and after
Each stage has a clear lead and produces documents the client keeps. The evidence requirement is part of the design from the first stage.
- Stage 1Originate and frame
We understand the programme, its ownership and its revenues before we design anything.
Leads: Climate SecuritiesProduces: Non-disclosure agreement · scoping note · ownership and revenue memo · mandate letter - Stage 2Structure
The ownership architecture, the revenue waterfall, the instrument and its credit layers, and the screen an authorised arranger needs before any transaction.
Leads: Climate Securities, with the arrangerProduces: Structure memo · revenue model · indicative term sheet · outline evidence plan - Stage 3Document
Programme contracts, the notes and the evidence plan, with the arranger’s regulatory sign-off.
Leads: Counsel, coordinated by usProduces: Programme contracts · issuer and note documents · information memorandum, by the arranger · verification agreement - Stage 4Raise
An authorised firm places the notes with institutions. We introduce development banks, climate funds, outcome payers and philanthropic funders to the programme.
Leads: The authorised arranger; we make introductionsProduces: Investor materials, approved by the arranger · anchor and guarantee term sheets · subscription documents - Stage 5Report
Programme and registry reporting, monitoring updates and data rooms for the life of the structure.
Leads: Climate Securities, with the arrangerProduces: Annual programme report · registry confirmations · verification statements · data room
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.
Regulated activity sits with authorised firms. Climate Securities is not authorised by the Financial Conduct Authority. It designs, structures and coordinates. Arranging, placing and distributing securities is done by authorised firms, and investor-facing material is approved and issued by them.
Verification is independent. An evidence provider measures and models. An accredited verifier checks the results against the programme's methodology. A registry records title and issuance. We never measure or verify anything ourselves.
Modelled before it is financed
The model that makes the case becomes the yardstick
A programme can begin as a digital twin: the landscape, the work planned on it and the outcomes expected, modelled before any capital is committed. Scenarios are compared before decisions are made.
Financing can then be raised against the modelled outcome curve. Once it closes, delivery is measured against the same curve for the life of the structure, so any divergence shows early enough to act on.
The model and its data belong to the programme and the country, not to the intermediary.
Route to market
London structuring, ring-fenced issuance, regulated distribution
Notes are issued from a ring-fenced vehicle and placed by an authorised firm. Investors hold a defined claim on contracted revenues, never the natural capital itself, and the evidence line stays independent of both sides.
Documentation
Paper that institutions can assess on terms they already use
- English law where appropriateProgramme contracts and notes are documented under English law, with local law where the asset and the public bodies require it.
- Mapped to the frameworks holders useOutcomes and obligations are set out so that institutions can assess them under the prudential and reporting rules they already apply, such as Basel III, IFRS 9 and IFRS S2.
- Reporting designed inMonitoring updates, registry confirmations and data rooms follow from records the programme already keeps, because the evidence requirement was set at the start.
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.