Aviva Investors' pioneering Carbon Removal Fund has been named as the judges' choice for this year's Environmental fund of the year – Global. Launched towards the end of 2024, the fund invests patient capital in nature-based and carbon removal assets that generate high-integrity carbon credits to help institutional clients accelerate their net-zero commitments, whilst delivering strong returns through related ecosystem revenues, such as timber.

In addition, the fund aims to drive biodiversity enhancement, species protection, improved water quality, and meaningful social benefits such as employment and public access.

Aviva Investor aims to grow the fund to £1 billion ($1.3 billion) during its first 10 years and deliver an overall return of 8% per annum (in sterling) over a 25-year period.

Overseen by Greta Talbot-Jones and Zoe Austin, the fund invests in commercial forestry, carbon afforestation, commercially viable restoration activities and naturetech companies in developed markets, as well as carbon forestry and restoration projects in select tropical emerging markets.

One Sustainable Investment Awards judge described it as "the type of fund that is most deserving of being an environmental fund of the year", highlighting its direct environmental impact through a unique financing structure and social benefits.

Another judge said the strategy was "a highly innovative and frankly groundbreaking effort to develop carbon credit markets as a mainstream investable asset class".