Group of financial organisations launches to support investment in nature recovery
Melanie May | 14 July 2023 | News
Big name financial institutions from across the UK have united in a new group to support the delivery of investment in UK nature recovery.
Launched by the Green Finance Institute’s Nature Programme (GFI Hive), the UK Financial Institutions for Nature Group (G-FIN) is outcomes-focused and open to any financial institution engaged in UK nature finance.
The Group will identify barriers to UK Government ambitions on increasing private sector finance and provide feedback and input where relevant on key government initiatives including:
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- the development of a national database to track progress towards HMT’s target of £1 billion p.a. of private sector nature investment by 2030;
- the development of high-integrity domestic nature markets;
- the Land, Nature, and Adapted Systems Advisory Group’s recommendations in the development of the UK’s green taxonomy;
- UK uptake of the TNFD framework.
There are 20 initial members of the GFI Hive UK Financial Institutions for Nature Group: Abrdn; Aviva; Barclays; British Business Bank; Climate Asset Management (CAM); Finance Earth; Green Angel Ventures; Federated Hermes; Impax Asset Management; Lloyds Banking Group; NatWest Group; Oakham Wealth Management; Oxbury Bank; Posaidon Capital; Rathbone Greenbank Investments; Schroders; Scottish National Investment Bank; Triodos Bank; UBS Optimus Foundation; and UK Infrastructure Bank.
The group’s establishment follows on the Green Finance Institute’s Coalition for the Energy Efficiency of Buildings and the Coalition for the Decarbonisation of Road Transport, which were established to identify and unlock barriers to sectoral decarbonisation.
Dr. Rhian-Mari Thomas OBE, CEO of the Green Finance Institute, said:
“Private sector investment is urgently needed if we hope to reach the UK’s nature goals this decade. The market infrastructure is being put in place to enable the flow of private sector capital into nature recovery and nature-based solutions, but there is still much to be done. 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.”
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.