The GFI Hive has established a new collective designed to bring together members of the financial industry to encourage increased expenditure on the restoration of natural habitats.
GFI Hive presented the UK Financial Institutions for Nature Group today, and it has already found backing from major financial bodies like Aviva, Barclays, the British Business Bank, NatWest Group, and UBS.
GFI emphasised the necessity for private sector investment to meet the UK's ambition of reversing nature loss by the decade's end. It was further stated that the backing of the UK financial sector will play a key role in ensuring enough capital is directed towards nature recovery projects, nature-based solutions, and more sustainable and regenerative agricultural practices.
The collective emphasised the importance of the upcoming years for the UK to be able to successfully achieve an economic transformation that has a focus on nature as suggested in the Dasgupta Review and to reach the goal of stimulating private-sector funding for nature revival as planned in the Green Finance Strategy of 2023.
GFI announced that the new collective would assess the hindrances that stop more private financing from getting to nature-based undertakings and furnish feedback on legislative activities intended to amplify the amount of funding.
Dr Rhian-Mari Thomas, the leader of the GFI, declared that to accomplish the UK's nature objectives this decade, investment from the private sector is essential.
Market infrastructure is taking shape to facilitate the transfer of private capital towards nature recovery and solutions dependent on nature. However, there is still a considerable amount of work to be done. The UK financial sector's assistance and the backing of the UK private sector are essential. The GFI is pleased to see the dedication and leadership of those joining this fresh Group.
The collective will investigate how extensively the financial and corporate sectors have embraced the Taskforce For Nature-Related Financial Disclosures (TNFD) framework and look into methods of promoting the broader implementation of its reporting rules.
GFI announced the founding of a new organisation which will be modelled on the two coalitions it has already launched - the Coalition for the Energy Efficiency of Buildings and the Coalition for the Decarbonisation of Road Transport - which work to eliminate any obstacles impeding investments in decarbonising initiatives.
The initial participants in the recently created nature-oriented collective are Climate Asset Management, Finance Earth, Green Angel Ventures, Federated Hermes, Impax Asset Management, Lloyds Banking Group, Oakham Wealth Management, Oxbury Park, Posaidon Capital, Rathbone Greenbank Investments, Schroders, Scottish National Investment Bank, Triodos Bank, and the UK Infrastructure Bank.