CBA backs climate change-focused Wollemi Capital with major funding

CBA backs climate change-focused Wollemi Capital with major funding

Commonwealth Bank of Australia (CBA), a renowned banking entity, has strategically invested in Wollemi Capital, a global climate-focused investment firm. This move is a key part of Wollemi’s Series A fundraising campaign.

The substantial investment made by CBA in Wollemi’s Series A round further expands the capital pool of the Sydney-based climate specialist. The exact sum invested, however, hasn’t been disclosed.

Wollemi Capital, formed in 2021 by Tim Bishop and Paul Hunyor, is known for its substantial contributions to businesses and projects pivotal to the global transition to net zero. The firm’s focus lies in sectors such as food, agriculture, natural capital, energy transition, and climate services. It operates not only in Australia but also holds substantial investments in the US.

This funding injection from CBA will bolster Wollemi’s efforts in aiding the transition to a sustainable future. It will accelerate the firm’s innovation initiatives across critical sectors while fostering the development of carbon markets, an essential tool in the transition phase.

In addition to the financial backing, this investment carries added significance as it forms a strategic alliance between CBA and Wollemi. This will facilitate knowledge sharing, co-investment opportunities, and further cooperation in the carbon market services sector.

Group Executive Institutional Banking & Markets at CBA, Andrew Hinchliff, underlined the strategic importance of this alliance. He said, “This investment will enable CBA and Wollemi to collaborate on a broad range of initiatives aligned to the bank’s commitment to play a leadership role in Australia’s transition and ambition to help our customers reduce their emissions.”

Wollemi’s Co-Founders Tim Bishop and Paul Hunyor spoke about the potential this collaboration with CBA holds. Bishop mentioned, “The investment from CBA will amplify Wollemi’s impact by allowing us to scale our business and investments more quickly.”

Hunyor added that, “The strategic alliance with CBA will allow our portfolio companies, helped by our team of climate investment experts, to connect much more effectively to growing corporate demand for carbon solutions.”

Despite being a relatively new establishment, Wollemi Capital’s fundraising campaign has been successful, thanks to strategic investments from major players like CBA.

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