Climate investment firm Wollemi Capital, established by former Macquarie Capital chief Tim Bishop, has successfully secured $220 million in funding, attracting Commonwealth Bank as a strategic investor and partner.
Wollemi focuses on investing in businesses and initiatives that facilitate the global shift towards net-zero emissions, emphasizing sectors such as food, agriculture, natural capital, energy transition, and climate services. Among its initial investments are the carbon credit platform Pachama and AgTech startups Loam Bio and Pluton Bio.
Commonwealth Bank plans to leverage Wollemi’s expertise to advance its efforts in establishing new carbon markets for its corporate clientele. Andrew Hinchliff, CBA’s group executive for institutional banking and markets, stated, “Our strategic investment in Wollemi aims to expedite the innovation necessary for Australia’s transition across critical sectors while also fostering carbon markets as a vital transition tool. This collaboration will greatly enhance CBA’s knowledge in climate, carbon, and biodiversity, enabling us to take a leading role in supporting investments in climate-focused businesses as they scale their operations.”
The specific amount of CBA’s investment has not been revealed.
In May, CBA introduced a Sustainability Action Tool designed to offer insights into effective measures businesses can adopt to mitigate their environmental impact and reduce costs. Additionally, the bank has partnered with Australia’s national science agency, CSIRO, to develop a comprehensive climate change roadmap for the financial sector.