TCFD REPORT 2021 TACKLING CLIMATE CHANGE 30 PUTTING CLIMATE AT THE HEART OF OUR BUSINESS STRATEGY electric car-sharing vehicles during a call for tenders by theCity of Paris for the retrofit and operation of former Autolib terminals. The second concerned the minority stake of MEF4 in a company specializing in the installation and operation of charging infrastructures for electric vehicles. Natural capital The preservation of natural capital is a pivotal step in the process of fighting climate change. This is particularly the case for carbon capture through carbon sinks. Since 2017, Mirova has had a platform specializing in investment for biodiversity conservation and natural capital. Mirova develops innovative investment solutions to mitigate and adapt to climate change, and to protect local regions, biodiversity, soil and marineresources.Atend-2020,thefirminvested€510bninnaturalcapital. In response to the depletion of natural capital and land degradation as global issues (relating to food security, human life and ecosystems), the Land Degradation Neutrality (LDN) Fund is an example of the type of innovative public-private partnerships needed to finance the Sustainable Development Goals (SDGs). The Fund was created by the United Nations3 and Mirova as a source of transformative capital bringing together public and private investors to fund triple bottom line (economic, social and financial) projects that contribute to Land Degradation Neutrality. The LDN Fund will invest in sustainable land use: agroforestry, regenerative and sustainable agriculture and sustainable forestry on degraded land. The LDN Fund aims to generate positive environmental and socioeconomic impacts alongside financial returns. By addressing land degradation, the LDN Fund aims to deliver  thefollowing benefits: • land degradation neutrality; • climate change mitigation and adaptation; • improved livelihoods; • improved biodiversity. InJune2021,Mirovafinalizedalanddegradationfundfor$208m. The LDN Fund will use its investments to apply sustainable land management practices on 500,000 hectares of land around the world, to reduce CO 2 by 35 Mt, and to create or improvejobsforover100,000people. The Althelia Sustainable Ocean Fund  (SOF) managed by Mirova, invests in companies that harness the ocean’s natural capital sustainably, build resilience in coastal ecosystems and create sustainable economic growth. SOF holds a mixed portfolio of assets in the sustainable marine products sector, the circular economy and conservation. The fund focuses on emerging markets and small island nations. Launchedin2018,Mirovafinalizedthe$132mfundraisingin2020. Recent partnerships were established with Eunomia and KFW to promote a study on the circular economy in the Caribbean, where the recycling rate of plastics is currently among the lowest in the world. This collaboration will also enable the launch of a “blue carbon” project to support the development of mangroves, a strategic natural solution to mitigate climate change. 3. United Nations Convention to Combat Desertification (UNCCD). €2bn natural capital investment target by 2023 Investment strategy to protect natural ecosystems Numerical and time- targeted commitments thanks to: