The European Investment Bank (EIB) has issued a €5 million loan to CDC Biodiversité, a banking subsidiary promoting biodiversity in France.
CDC Biodiversité, a subsidiary of French banking operator Caisse des Dépôts et Consignations, intends to use the loan to finance the restoration and preservation of France’s biodiversity-rich conservation areas; both investing in new sites for conservation projects and maintaining the ecosystems of existing ones.
Marc Abadie, President of CDC Biodiversité, said: “I am very pleased by this partnership between the European Investment Bank, the Natural Capital Financing Facility and CDC Biodiversité. It is an outstanding opportunity to further develop the nature-based solutions on which CDC Biodiversité has been working on for the last 10 years. It will contribute to reaching the objectives of the French Biodiversity Plan and, I hope, to the European momentum.”
The project, which will see CDC Biodiversité sell credits to its clients allowing them to offset the adverse effects of planning and building activity on native animal and plant species, is supported by a guarantee from the Natural Capital Financing Facility (NCFF), a joint endeavour by the EIB and the European Commission aimed at supporting initiatives on conservation of nature, biodiversity preservation and adapting habitats to the ongoing effects of climate change.
Emma Navarro, EIB Vice-President responsible for climate action and environment, said: “With this project the EIB, in close partnership with the European Commission, for the first time uses the Natural Capital Financing Facility to support the emerging business of biodiversity offsets, which are an important tool in promoting both nature conservation and biodiversity protection and economic development. We are confident that this operation will help mobilize investment, including from the private sector, and scale up finance for such biodiversity compensation schemes.”
European Commissioner for Environment, Maritime Affairs and Fisheries Karmenu Vella said: “With the Natural Capital Financing Facility we can help deliver true green growth. The programme developed by CDC Biodiversité will help decision-makers in France to contribute to achieving EU biodiversity targets. It is excellent news that the NCFF will help sustaining such an innovative scheme. ‘Biodiversity offsetting’ can ensure that private investment delivers a net gain for nature.”