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Capitalising Conservation How Conservation Organisations Can Engage with Investors to Mobilise Capital

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Capitalising Conservation How Conservation Organisations Can Engage with Investors to Mobilise Capital CAPITALISING CONSERVATION HOW CONSERVATION ORGANISATIONS CAN ENGAGE WITH INVESTORS TO MOBILISE CAPITAL CLARMONDIAL 1 Cover: WWF is working with communities in coastal Kenya to protect marine turtles. ThisPhilodendron, page: Mangrove rubber sapling, plant, new Mafia specie Island from Marine Lago Park. Fortuna, Tanzania. West Pnama,© Peter ©Denton WWF-Switzerland / WWF / Tom Croat © Jonathan Caramanus / Green Renaissance / WWF-UK Foreword right level of concessional finance to kick-start new ap- proaches? This report introduces these issues, documents the changing investor interests and explores opportunities for As the pressure on our planet’s natural resources rises, ensur- conservation organisations. Throughout, it helps the wider ing the integrity of the global commons becomes both more conservation community to see through the eyes of investors. difficult and more urgent. To be successful we must aim at a The report includes numerous case studies illustrating com- fundamental transformation of our key economic systems: pelling examples where conservation and private sector are cities, food, and energy, along with our production-consump- already working together. tion system. This cannot happen without the private sector. We need to find new avenues to protect and enhance natural The timing of this report could not be better. Innovations in capital in ways that are also profitable for investors. This re- natural resources management and public/private partner- quires innovative investment strategies, delivery structures ships are developing significant momentum. For example, and partnerships. Fortunately, there is growing appetite for GEF support for the Meloy Fund has helped attract founda- such approaches among investors committed to achieving a tions and investors to support sustainable community fishing positive environmental impact. Corporations that depend on in Indonesia. A GEF project in Latin America is supporting natural resources are also increasingly embracing their roles small and medium enterprises working to implement the as stewards of their supply chains, not only to secure long- Nagoya Protocols for Access and Benefit Sharing; and GEF’s term supply of raw materials but also to minimize reputational decision to join the andgreen.fund responds to a unique op- risks. portunity to support inclusive, sustainable and deforesta- tion-free commodity production that is commercially viable What we see is that conservation organisations can play a and replicable. critical role in helping to attract private capital, but doing so requires reframing conservation from a challenge (wherein These are favourable circumstances in which conservation humanity threatens the environment) to an opportunity organisations can leverage their reputation, expertise and (wherein capital is deployed to yield positive financial, and long-standing relationships with governments and local com- environmental, returns). For this reason, the Global Environ- munities to promote private sector investments in conserva- ment Facility (GEF) is pleased to be a founding partner in the tion. This report documents the progress and challenges us Coalition for Private Sector Investment in Conservation to be even more ambitious. At the Global Environment Facili- (CPIC), which works to identify barriers to greater private sec- ty, we are keen to continue our engagement and to keep in- tor engagement and to unveil new opportunities through the vesting in our planet. I trust that this report will inspire others development of blueprints for conservation projects and in- to join us on this journey. vestments that are attractive to the private sector. In order to further expand interest in this agenda and to foster needed solutions, a number of questions remain. How can conservation organisations mobilize additional private capital for projects with positive environmental outcomes? How can Naoko Ishii they identify bankable projects, and form the necessary part- CEO and Chairperson, nerships and structures to attract private finance? What is the Global Environment Facility (GEF) 2 About Clarmondial Frank Hicks, Case studies and interviews Kristin Gilliss Moyer, Clarmondial is an independent independent consultant and Senior Investment Partner, Julie Reneau, investment advisory company advisor to Clarmondial Mulago Foundation Sustainability Program that focuses on practical, Anton Gigov, Manager, Nestlé Nespresso Elias Kimaru, profitable and creative solutions Finance Advisor to the WWF WWF Kenya for social and environmental Sylvia Wisniwski, Managing Landscape Finance Lab businesses and their funders. Director, Finance in Motion Anders Kristoffersen, www.clarmondial.com Paul Hol, Head of Impact Investments, Diego Stapff, Executive Director, The Velux Foundations Director, Finance in Motion About WWF Form International Andrew Nobrega, WWF is one of the world’s larg- Julia Santander, Fabian Huwyler, Director North America / UK, est conservation organisations, Investment Officer, Director, Sustainability Affairs, Pur Projet with over 5 million supporters EcoEnterprises Fund Credit Suisse and a global network active in Jacob Olander, Nicolas Spencer, more than 100 countries. Neel Inamdar, Managing Partner, EcoDecisión CEO, Ibis Rice WWF’s mission is to stop the Principal, Wilderness Markets Bruno Perodeau, degradation of the planet’s nat- Thomas Kaissl, Jeremy Ironside, Conservation Director, WWF ural environment and to build Head of Sustainable Business independent consultant a future in which humans live in Engagement, WWF Austria Julie Stein, harmony with nature. Manu Jindal, Executive Director, Wildlife Armand Colard, Sustainability Project Manager, Friendly Enterprise Network CEO, ESG Plus Authors Nestlé Nespresso Songqiao Yao, Kaspar Baumann Stefanie Schock, Charlotte Kaiser, Founder, Wildbound Tanja Havemann ESG Analyst, Erste Asset Deputy Managing Director, Fred Werneck Management Simon Zbinden, NatureVest at The Nature Christine Negra Co-Head Global Programme Conservancy Vikram Widge, Samiksha Nair Food Security, Swiss Agency for Head Climate Finance & Policy, Abyd Karmali, Development and Cooperation Climate Business Department, Climate Finance Executive, SDC IFC Acknowledgements Bank of America Merrill Lynch WWF has commissioned this Kiyoshi Okumura, Courtney Lowrance, report to support the efforts of Senior Investment Officer, IFC Legal disclaimer Global Head, Environmental and conservation and development While we have made every at- Social Risk Management, Citi Frans Schepers, organisations in attracting invest- tempt to ensure that the informa- Co-Founder and Managing ment capital to conservation Melissa Moye, tion contained in this report has Director, Rewilding Europe opportunities. The authors would Senior Director, Conservation been obtained from reliable like to thank Paul Chatterton, Finance, WWF US Wouter Helmer, sources, WWF, Clarmondial and Founder and Lead of the Land- Co-founder and Head of authors are not responsible Tammy E. Newmark, scape Finance Lab at WWF for Rewilding, Rewilding Europe for any errors or omissions, or for President, EcoEnterprises Fund his trust and support. the results obtained from the Matthew McLuckie, Rob Parenteau (CFA), use of this. This report has been The following individuals have Enterprise Development Adjunct Professor, prepared for information pur- generously supported this report Manager, Rewilding Europe Presidio Graduate School poses only and does not consti- with their expertise and networks. Agustin Silvani, tute financial, investment, tax Nikkie Pelzer, VP of Conservation Finance, or other professional advice. Reviewers Impact Investing Analyst, Conservation International ACTIAM René Benguerel, Citation Curan Bonham, Managing Director, Mireille Perrin, CAPITALISING CONSERVATION: Director Monitoring and Evalua- Blueyou Consulting Program Manager, Good How conservation organisations tion, Conservation International Energies Foundation can engage with investors to Esben Brandi, mobilise capital, Clarmondial forestry investment expert Rik Sools, General support AG, Zürich, Switzerland, 2017. Deputy Director, Olaf Brugman, Marissa Altmann, Form International Head of Sustainable Markets, Strategic Partnerships Graphic Design Rabobank Jim Stephenson, Coordinator, Wildlife Friendly Marlon Ilg, Zurich Assistant Director, PwC Enterprise Network www.marlonilg.ch Sue Charman, Director, Corporate Stewardship, Seth Shames, Martin Berg, WWF UK Director, EcoAgriculture Partners Investment Officer, EIB Jane Feehan, John Tobin-de la Puente, Deesha Chandra, Environmental and Climate Fi- Professor of Practice of Community Lead at the WWF nance Investment Specialist, EIB Corporate Sustainability, Landscape Finance Lab Cornell University JP Gibbons, Dave Chen, Team Lead, Global Transactions Emily Wafler, Chairman, Equilibrium Team, USAID Development Cornell University Tom Clements, Credit Authority Senior Director Europe, Wildlife Conservation Society 3 Executive summary groups that may consider investments in conservation. This includes a discussion of how governments can facili- tate investments in conservation. A list of key investor char- Escalating environmental threats, including those associat- acteristics is provided to facilitate the identification and ed with climate change, demand new types of responses engagement of relevant investor groups. to preserve the integrity of the world’s ecosystems. Imple- menting these conservation responses requires significant Effectively communicating both the financial
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