Macquarie Infrastructure Real Assets (MIRA) is close to raising $A1bn (€618m) for its latest agriculture fund.

The company said it was nearing a final close for the vehicle, which will target improved on-farm energy efficiency and reduced carbon emissions through sustainable farm management practices.

Australia’s Clean Energy Finance Corporation (CEFC) is an investor in the fund and is working with MIRA and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to develop an emissions reduction benchmarking model to be shared with the broader farming sector.

MIRA said the model will enable the creation of emissions intensity targets that are consistent with Science Based Targets, a global industry programme initiated after the COP21 Paris Agreement.

The announcement coincided with a talk by Macquarie group CEO Shemara Wikramanayake at a United Nations Climate Action Summit in New York.

Wikramanayake said Macquarie intended to develop 20GW of new renewable energy projects over the next five years through its Green Investment Group (GIG).

Macquarie acquired GIG (formerly the Green Investment Bank) in 2017 and in January of this year became one of the founders of the Climate Finance Leadership Initiative established by Michael Bloomberg, the UN Secretary Generals Special Envoy for Climate Action.

Macquarie also announced that it would become a member of RE100, a global corporate leadership initiative bringing together businesses committed to 100% renewable electricity and will source all of the energy supplying its premises and data centres from renewable sources by 2025.