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Major Banks Explore $15 Billion Financing for Indian Ocean Habitat Protection

ESGMajor Banks Explore $15 Billion Financing for Indian Ocean Habitat Protection

Citigroup Inc., BNP Paribas SA, Standard Chartered Plc, HSBC Holdings Plc, Societe Generale SA, and Rothschild & Co. are reportedly exploring financing options for a $15 billion program aimed at protecting Indian Ocean habitats. The initiative seeks to safeguard 30% of the ocean area across the nations participating in the pact.

These banks are considering various funding possibilities, including bonds and debt-for-nature swaps. Debt-for-nature swaps alone are expected to generate approximately one-fifth of the required funding for the initiative.

The Indian Ocean project received an initial $100 million in funding from organizations like the International Union for Conservation of Nature (IUCN), World Wide Fund for Nature, Irish Aid, Bloomberg Philanthropies, and government agencies from France and Germany.

An additional $200 million is reportedly set to be announced as part of a project preparation facility, although the source of this funding has not been disclosed.

HSBC confirmed that it is in discussions with organizations like IUCN but stated that it is not currently involved in a specific transaction related to the initiative.

Spokespeople for the other banks mentioned in the report declined to comment on their involvement in the initiative.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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