A group of leading financial institutions from across Africa has rallied together with Ghana’s Ministry of Environment, Science, Technology & Innovation (MESTI), and the UK-funded financial sector development agency, FSD Africa, as founding members of the African Natural Capital Alliance (ANCA).
The alliance, in partnership with the United Nations Economic Commission for Africa (UNECA), will act as an African-led collaborative forum for mobilising the financial community’s response to nature-related risks and opportunities across the continent.
The ultimate aim of ANCA is to help grow and protect Africa’s natural capital by shifting financial flows from destructive activities for short-term gain to long-term stewardship of nature for sustainable economic growth.
Among the founding members are Access Bank, the Development Bank of Southern Africa (DBSA), Ecobank, Equity Bank, FirstRand, Investec, Sanlam, Standard Chartered and Zanaco.
FSD Africa acts as coordinator for the alliance with global management consultancy Oliver Wyman acting as execution and knowledge partner. The Cambridge Institute for Sustainability Leadership (CISL) joins ANCA as a knowledge partner while initial support for the alliance is being provided by UNECA and the UK’s Department for Environment, Food & Rural Affairs (DEFRA).
ANCA is also working with the Taskforce on Nature-related Financial Disclosures (TNFD) to provide an African voice in the development of its ‘beta’ reporting framework for nature-related risk and opportunities and is taking part in TNFD’s pilot tests.
The new organisation works with financial institutions based or operating in Africa to better understand and reflect the connection of their portfolios to nature-related risks and opportunities. The goal is to shape the future integration of nature across portfolios in Africa and beyond.
The alliance will focus its efforts on shifting financial flows from activities that destroy nature to more sustainable practices and lobbying to ensure that emerging global standards for nature-related risk management reflect African contexts.
