Banks including Barclays, Lloyds and Natwest have joined a nature group created by Green Finance Institute (GFI) to invest into nature recovery.
Members of the group called GFI Hive UK Financial Institutions for Nature Group will identify barriers to the government’s ambitions on increasing private sector finance.
GFI CEO Dr Rhian-Mari Thomas said the private sector investment is “urgently needed” to reach the UK’s nature goals.
“The support of the UK financial sector will be critical, in addition to the support of the broader UK private sector, and the GFI is delighted by the enthusiasm and leadership of those joining this new group,” she added.
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The group will also provide feedback and input where relevant on key government initiatives including developing high-integrity domestic nature markets and a national database to track progress towards the HM Treasury’s target £1 billion p.a. of private sector nature investment by 2030.
Elsewhere, the UK and French government have set out a global roadmap to support companies contributing to nature recovery aligning the COP15 framework.
The initiative has been created to encourage individuals and companies from the private sector to invest in environmental projects that will help contribute to a richer biodiversity or restore nature.
“Mobilising finance is key to meeting the global goals set out in the COP15 agreement,” said UK environment secretary Thérèse Coffey.
“Initiatives like the global roadmap on biodiversity credits will help ensure private sector financing is leveraged to conserve and restore nature.”
