COP30: China holds back on Brazil forest fund
11 hours ago
Garanti BBVA (GARAN) has issued Turkey’s first biodiversity blue bond, with the aim of protecting marine ecosystems in the Mediterranean basin, the bank's Spanish parent BBVA has announced.
The $20.22mn paper (XS3221803227) has a three-year maturity.
The innovative instrument is billed as one of only a few examples of biodiversity financing in the world. It will provide funding to sustainable tourism projects as well as to moves made in the responsible use of fisheries and marine resources, sustainable water management and sustainable agriculture projects.
Garanti BBVA has reached its initial target of Turkish lira (TRY) 400bn ($9.5bn) in sustainable finance, CEO Mahmut Akten said. It has now raised the target to TRY 3.5 trillion for a period between 2018 and 2029. Garanti BBVA has provided approximately TRY 1bn in blue finance since the beginning of 2024.
Blue Breath Project
In September, BBVA said Garanti BBVA’s Blue Breath Project helped identify Turkey’s oldest known seagrass meadow off the coast of Kizilada near Gocek on the south Aegean coast.
The meadow is around 2,000 years old. It is the first time such an ecosystem has been dated in the country.
The project was launched in 2021 in partnership with marine conservation group TURMEPA. It was also supported by the country’s environment ministry.
The initiative was conceived in the aftermath of the mucilage crisis that hit the Marmara Sea. It combines scientific research with on-the-ground environmental work ranging from waste collection to biodiversity mapping and education.
Under the project, more than 275 tonnes of solid waste have been cleared from the Marmara Sea in addition to 16 tonnes cleared from Lake Van.
In Gocek, a vessel dedicated to liquid waste has collected 860,000 litres from boats, sparing an estimated 6.8mn litres of seawater from contamination.
In Saros Bay, 45 dives at 35 sites documented 382 species and produced a new habitat map.
In the Fethiye-Gocek Special Environmental Protection Area, about 10,000 seagrass seedlings across three stations were transplanted.
Related Content
bneGREEN
COP30: China holds back on Brazil forest fund
China has decided not to provide funding at this stage to Brazil’s new rainforest protection mechanism, citing the principle that wealthier nations should take the lead in climate finance.
COP30: Climate negotiators forge ahead despite loss of US delegation
Brazilian President Lula has urged nations to step up efforts as Trump withdrew from the Paris Agreement for the second time, leaving 195 countries to tackle climate change.
Taiwan village flooded after storm pushes creek beyond banks
Mingli Village in Hualien’s Wanrong Township was submerged after water from Matai’an Creek overflowed following intense rainfall brought by Tropical Storm Fung Wong, according to Taiwan's Water Resources Agency.
UN says climate crisis is intensifying typhoons impacting the Philippines
The United Nations cautioned that intense storms such as Typhoon Fung wong, locally called Uwan, are likely to increase as rising sea temperatures around the Philippines fuel extreme weather.
