Climate fund targets wildlife bonds for every country in Africa
Money borrowed using wildlife bonds does not typically go onto the books of beneficiary governments, meaning they can offer much-needed financing to poorer countries, climate finance experts said.
They usually target emblematic species to appeal to specialist investors and wealthy philanthropists, and their payouts are directly linked to conservation, meaning the better the result the less governments are usually required to pay out.
The GEF hopes they can be expanded to include entire ecosystems such as wetlands, Boltz said.
The push by the fund, formed after the landmark Rio Earth Summit of 1992, comes as aid and development funding cuts by the US and other major economies threatens some conservation projects.
"Many countries are suggesting that in this tough official development assistance environment, maintaining the last level of replenishment may be difficult," Boltz said, "and we might need to try to do more with less".
The GEF has in total invested $7.7bn (R137bn) in Africa in projects, including an $85m (R1.5bn) effort to fight desertification in the Sahel region.
It is urging donors to replenish its cash for its next four-year cycle of programmes, starting next year.
Its last fundraising for its cycle raised $5.3bn (R94bn), an increase of more than 30% from its last operating period amid a surge of support for international efforts to meet nature and climate targets.
That funding round received money from 29 countries, with the US among the biggest donors, contributing $700m (R12.4bn).
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3 days ago
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What followed was a flurry of litigation over his powers, including an application by the KwaZulu-Natal government seeking to review and set aside Kruger's appointment on the basis it was unlawful and an application by Kruger for the liquidation of the provincial government-owned entity which has been in existence for 40 years. At the heart of the dispute, which came before the full bench, sitting in the Durban high court on Friday, is an order granted in November last year by Pietermaritzburg high court judge Muzi Ncube, who ruled effectively Kruger had overstepped his powers by freezing all of Ithala's bank accounts, held at Absa Bank, not only those containing the deposits. He ordered Absa Bank to immediately unfreeze the accounts. In May this year, Ncube granted the PA and Kruger leave to appeal this ruling to the Supreme Court of Appeal (SCA). This would ordinarily have the effect of suspending the ruling. However, Ncube, at Ithala's behest, granted an order in terms of the Superior Courts Act that his ruling remain in force, notwithstanding the pending appeal. It is this order the PA and Kruger are seeking to set aside. Ithala is opposing the application, arguing if granted it will be the end of the agency. 'Ithala is not some pyramid scheme that will disappear with depositors' money, it is a government-backed business. 'They are asking the court to condone and enable their continued unlawful self help,' it argued in papers. Ncube ruled Kruger could not involve himself in the normal operations of Ithala, did not have operational and management control over the day-to-day operations and affirmed the board continued to hold management powers. He said pending the final outcome of the liquidation application, Ithala was entitled to continue conducting its non-deposit taking business, pay salaries and related expenses, rent for properties it was leasing and other bills. 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'They also believe they can unilaterally decide to halt the operations of a state-owned company and cancel all its contracts with its employees and service providers without a court order when there is pending litigation over the extent of their powers.' Ithala said the liquidation application had been brought as a matter of urgency with only one day's notice in January 2025. 'More than five months later, it has not been set down and is unlikely to be heard this year. So much for urgency. 'It is designed to destroy Ithala and bears no relation to the protection of depositors. 'They also want the court to disbelieve the minister of finance when he states publicity and repeatedly he will guarantee all deposits. They are driven by their desire to see Ithala fail.' Ithala said if it was forced to close its doors, its customers, who include poor Sassa grant recipients, will not be able to access their grants. 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IOL News
6 days ago
- IOL News
Tshwane's draft policy aims to manage informal settlements and generate revenue
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The Herald
18-07-2025
- The Herald
Climate fund targets wildlife bonds for every country in Africa
He said the move would require an investment of $150m (R2.6bn) from the GEF, which would be leveraged 10 times to provide a total of $1.5bn (R26.7bn) for conservation efforts through other borrowing. Money borrowed using wildlife bonds does not typically go onto the books of beneficiary governments, meaning they can offer much-needed financing to poorer countries, climate finance experts said. They usually target emblematic species to appeal to specialist investors and wealthy philanthropists, and their payouts are directly linked to conservation, meaning the better the result the less governments are usually required to pay out. The GEF hopes they can be expanded to include entire ecosystems such as wetlands, Boltz said. The push by the fund, formed after the landmark Rio Earth Summit of 1992, comes as aid and development funding cuts by the US and other major economies threatens some conservation projects. "Many countries are suggesting that in this tough official development assistance environment, maintaining the last level of replenishment may be difficult," Boltz said, "and we might need to try to do more with less". The GEF has in total invested $7.7bn (R137bn) in Africa in projects, including an $85m (R1.5bn) effort to fight desertification in the Sahel region. It is urging donors to replenish its cash for its next four-year cycle of programmes, starting next year. Its last fundraising for its cycle raised $5.3bn (R94bn), an increase of more than 30% from its last operating period amid a surge of support for international efforts to meet nature and climate targets. That funding round received money from 29 countries, with the US among the biggest donors, contributing $700m (R12.4bn). Reuters
