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CBA invests in climate investment house Wollemi Capital

Climate investment firm Wollemi Capital, founded by former Macquarie Capital chief Tim Bishop, has raised $220 million and attracted Commonwealth Bank as a strategic investor and partner.

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CBA invests in climate investment house Wollemi Capital

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Wollemi invests in the businesses and projects supporting the global transition to net zero, with a focus on food, agriculture and natural capital, energy transition, and climate services. The firm's first three investments include carbon credit platform Pachama, and AgTech startups Loam Bio and Pluton Bio.

CBA says it will lean on Wollemi's expertise as part of its drive to create new carbon markets for its corporate customer base.

CBA’s group executive institutional banking & markets, Andrew Hinchliff, says: “Our strategic investment in Wollemi is intended to accelerate the innovation needed to drive Australia’s transition across key sectors, as well as develop carbon markets as an important transition tool. It will significantly contribute to the development of CBA’s climate, carbon and biodiversity expertise and our ability to play a leadership role in supporting investments in climate linked businesses as they scale their operations."

The value of CBA's investment has not been disclosed.

In May, CBA launched a Sustainability Action Tool to provide insights into actions businesses can take to reduce their environmental impacts and lower costs. it has also worked with Australia’s national science agency CSIRO on the development of a climate change roadmap for finance.

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