In the Media
Macquarie builds a Partnership worth $25 Million
September 01, 2011
Profit-minded banking group Macquarie has tapped the expertise of environmental non-profit Flora and Fauna International in the past to identify endangered rainforests that can generate carbon credits if saved. Now they’ve formed a partnership to scale up the activity, and they have $25 million to invest.
This partnership is trying to address the challenge of financial backing for carbon projects by launching the BioCarbon Group Pte Limited to identify and fund REDD projects around the world.
The two groups have complimentary strengths that provide a strong basis for developing successful projects. FFI brings the on-the-ground experience with a global network of projects and the ability to scope potential sites for commercially viable REDD projects, says Paul Herberston, the Environmental Markets Programme Director of FFI. He says that Macquarie has the ability to raise capital and provide legal support.
Macquarie has recruited two additional investors for BioCarbon: International Finance Corporation (IFC) and Global Forestry Partners.
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Keywords: BioCarbon, carbon credits, FFI, Forest, REDD