First biodiversity fund to be set by South African State Bank
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/05/2000x1334-3.jpg)
The Development Bank of Southern Africa (DBSA) is establishing its first biodiversity fund. Further, they plan on approaching one of the world’s biggest dedicated environmental funds later this year to boost its size.
DBSA’s green fund, established by the South African government’s environment department, will offer $2.7 millions of seed capital to the biodiversity fund.
The state-owned bank would then target the Global Environment Facility, which provides a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health, and private investors for additional financing.
While significant investment has been made in climate projects combatting global warming, efforts to preserve biodiversity have lagged. The DBSA aims to change this trend.
Read more: WWF urges central banks in Africa to integrate green practices into financial regulation
In an interview with Bloomberg, Michael Hillary, the DBSA’s group executive for financing operations, said the fund is one of “the first real big steps to get this stuff going”. They added, “At the end of this year, we will start getting more traction. Wealth funds are recognizing how critical biodiversity funds are.”
DBSA also issued a white paper to guide investors to integrate biodiversity concerns into their decision-making.
The paper highlights, “As major financiers of economic activity, banks must be at the forefront of shifting financial flows to halt and reverse natural loss. They need a reliable, quantitative way to measure the impact and dependencies of their operations and portfolios on biodiversity, reduce risks, and promote nature-positive outcomes to build resilience.”
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]