The Development Bank of Southern Africa (DBSA) is establishing its first biodiversity fund, aiming to attract significant global investments. This fund will receive an initial $2.7 million from the DBSA’s Green Fund, which was initially capitalised with $58 million by the South African government’s environment department.
Three lionesses looking ahead, African landscape in the background. AI generated picture.
The DBSA plans to seek additional financing from the Global Environment Facility (GEF) and private investors. The GEF, with 186 member countries, has provided $8.6 billion over the past 18 years for various environmental projects.
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Investment in biodiversity has lagged behind climate-related projects, but the DBSA aims to change that trend. A white paper issued this month aims to guide investors in integrating biodiversity considerations into their decision-making processes.
Michael Hillary, the DBSA’s group executive for financing operations, emphasised the significance of this initiative, calling it one of ‘the first real big steps’ in promoting biodiversity investment. He expressed optimism that by the end of the year, the fund will gain significant traction and attract wealth funds recognising the critical importance of biodiversity preservation.
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The new biodiversity fund represents a strategic effort to boost funding for projects addressing biodiversity loss and land degradation, marking a significant move towards environmental sustainability in South Africa and beyond.
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