(Bloomberg) -- Some of the world’s biggest banks are about to gather for talks, with the goal of monetizing a theme that until now has left much of Wall...
-- Some of the world’s biggest banks are about to gather for talks, with the goal of monetizing a theme that until now has left much of Wall Street drawing blanks: nature and biodiversity.JPMorgan Chase & Co. and Standard Chartered Plc are among lenders sending representatives for the first time to the United Nations’ COP16 biodiversity summit, which starts next week in the Colombian city of Cali. Other banks that plan to send staff include Citigroup Inc. , Bank of America Corp.
For now, only about 10% of the countries that have signed up to the GBF have submitted the required National Biodiversity Strategies and Action Plans.Oliver Withers, StanChart’s head of nature, said the next step is to look at sovereign investment plans and identify “what are the most bankable, investible opportunities that we can start pulling out of that process.”
StanChart has created a nature-innovation hub dedicated to new products. “There’s a moment here for us to really seize,” Marisa Drew, who took over as chief sustainability officer at StanChart in 2022 after almost two decades at Credit Suisse, said in an interview. The goal is to “both influence policymaking, but then take that and run with it in terms of mobilizing capital.”
JPMorgan, Lloyds Banking Group Plc and NatWest Group Plc are among banks that have created senior roles dedicated to tracking regulatory and product developments within biodiversity.
Standard Chartered Plc HSBC Holdings Plc Deutsche Bank AG Bank Of America Corp. Global Biodiversity Nature Conservation Stanchart Jpmorgan Chase & Co. National Biodiversity Strategies Citigroup Inc. Credit Suisse
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