In March 2026, Building Bridges convened a Breakfast Masterclass on scaling investments into natural capital at Lombard Odier, with special guest and pioneer in natural-capital investing, David Brand, Executive Chair of New Forests Investments and Founder of New Forests. Following the session, we sat down with him to discuss why sustainable land use remains underrepresented in global investment flows, the importance of mobilising capital in emerging markets, and the role of investor education and regulatory frameworks in scaling natural capital solutions.

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As someone who has spent decades helping establish natural capital as an institutional investment strategy, what stood out to you from your experience at Building Bridges and the conversations you had there, were there any moments or practical insights that stood out to you?

对我而言，最有趣的是了解瑞士的投资管理行业及其理念。令人鼓舞的是，可持续发展被置于核心地位。世界上很多领域都出现了对ESG（环境、社会和治理）的漠视，仿佛ESG本身就是一件坏事。因此， 看到人们仍然认识到长期投资需要考虑我们面临的一些系统性风险，例如气候变化、自然保护，甚至是经济不平等问题，真的令人耳目一新。

How do you see, if you look ahead, platforms like Building Bridges helping better recognise and account for nature as a critical economic asset? Where do you see the biggest opportunities for impact?

我来自土地领域——林业、农业、自然保护，但说实话，尽管这些领域潜力巨大，但实际投入的资金却少得可怜。我记得几年前，我查看了所有用于应对气候变化的资金，发现其中只有大约3%流向了土地利用。然而， 土地利用应该在解决方案中占据大约四分之一的比重。

With Building Bridges, you have a community that can identify opportunities to deploy capital into solutions that may have been overlooked. That’s an important role to play as you start to think about nature and climate as integrated solutions, and as you push that theme more strongly into the investment community.

凭借您在林业、保护和自然资本投资方面的经验，您认为在哪些方面最有机会采取行动并产生影响？

首先，我们需要了解构成可持续土地利用的基本资产类别。其次，如何吸引更多资本流入新兴市场是一个亟待解决的问题，因为许多最重要的生物多样性资源都位于新兴市场，而森林砍伐和土地恢复等一些最关键的前线问题也集中在那里。此外，监管工具和碳市场也是一个更广泛的主题：它们如何运作，如何进行投资，以及如何在多种监管环境下有效部署资本。像我们今天上午举办的大师班这样的研讨会，对于从业者来说非常有价值，他们可以借此分享各自的经验、教训和遇到的困难。

对于致力于构建对自然有益且具有气候适应能力的投资组合的下一代领导者，您会提供哪些经验、策略或建议？

首先，考察你想投资的领域，分析资产的性质，以及与这些资产相关的市场机遇。然后，制定投资策略：投资什么，以及如何管理这些资产？之后，再考虑需要构建哪些能力。这几乎是所有投资策略的流程，也是实现以下目标的最佳途径：A，吸引资金；B，为你提供清晰的投资路线图，明确你的目标，无论你追求的是哪种类型的投资。.

国际资本也遵循同样的原则。关键在于制定并坚持既定的投资策略，保持严谨的纪律。即便你尝试做一些新颖的、创新性的事情，也仍然要恪守投资管理的基本原则。.

有哪些举措或方法让您觉得特别鼓舞人心？您认为其他人在寻求扩大影响力时可以从中学习到什么？

I thought the closed-door roundtable at Building Bridges in 2025 was very strong. We had some real heavyweight institutional investors in the room, and there was a lot of good discussion. It shows that the idea of natural capital as an investable asset class has moved beyond the theoretical stage to a point where people are genuinely interested in deploying real capital into it.

That’s the exciting opportunity. I know that for the first ten years of running New Forests, I was viewed as being a bit too far out. It was only when people started to realise that we were actually making strong returns that others began to replicate it. And as they say, the best compliment is someone copying your approach! With Building Bridges, you’re able to convene these kinds of investors and help them feel confident that this is something successful they can deploy capital into.

 

我们搭建桥梁故事系列

Building Bridges is more than just an event, it’s a space for meaningful collaboration, fresh perspectives, and lasting connections. Through our storytelling series, we highlight the personal experiences that shape each edition. If you have a story to share about your engagement with Building Bridges, whether it’s a key insight, a memorable moment, or the impact of the bridges built, we’d love to hear from you at community@buildingbridges.org.