Release date: 10 December 2024
Promoter – Financial Intermediary
ACCEPTABLE CORPORATE(S)Location
Description
A fund focusing on nature-based solutions through forestry projects and sales of carbon credits.
Objectives
The Fund will invest in nature based solutions projects including reforestation, afforestation and wetlands and mangrove restoration projects. Primarily emerging markets in non-OECD countries will be targeted, with the objective to promote climate resilience, protect nature ecosystems, which are anticipated to deliver biodiversity and social co-benefits. The Fund will contribute to climate adaptation targets by creating nature-based carbon credits with environmental integrity.
Sector(s)
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
EUR 500 million
Environmental aspects
The Fund will be required to develop an environmental and social policy and establish and maintain the appropriate environmental and social risk management system to identify, assess, manage, monitor and report environmental and social risks and impacts so as to comply with the environmental and social requirements of the Bank. The Fund will be required to identify and assess the environmental and social risks, impacts and opportunities as part of the standard due diligence process for each underlying investment, thereby ensuring that the investments are in compliance with applicable national and EU environmental and social legislation as well as the relevant EIB's Environmental and Social Standards. Details of the Fund's environmental and social due diligence procedures as well as the capacity of the Fund Manager to implement the environmental and social risk management system will be reviewed during appraisal.
Procurement
The Bank will require the Fund Manager to take all requisite measures to ensure that contracts for implementation of the projects financed by the Fund will be tendered in line with the Bank's Guide to Procurement.
Status
Under appraisal - 23/07/2024
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).