We are pleased to announce that Convergence has awarded grant to Clarmondial for the Biosphere Integrity Fund (Biosphere), under the Gender-Responsive Climate Finance Design Funding Window, funded by Global Affairs Canada. Biosphere will finance the transition of emerging and developing market agricultural supply chains and sourcing landscapes to achieve targets on the environment, local livelihoods, business resilience, and women’s economic empowerment.
Biosphere will provide long-term capital to advance sustainable actions on-farm, within supply chains, and across the sourcing landscapes. These include payments for ecosystem services such as carbon insets (within value chain greenhouse gas mitigation), high-quality offsets, and where appropriate, credits under the emerging United Nations Framework Convention on Climate Change (UNFCCC) Paris Agreement Article 6 Framework.
With support from Convergence, Clarmondial will conduct crucial pre-investment feasibility studies, and environmental and social baseline work with corporates to advance these opportunities.
The development of the fund has been supported by the Business Case for Collective Landscape Action, an initiative supported by the U.S. Agency for International Development (USAID) and executed in collaboration with the Rainforest Alliance (RA), Conservation International, and CDP. Clarmondial recently announced that it will execute a pilot transaction in the Mount Kenya landscape, in collaboration with RA Kenya and the IKEA Foundation.
More information is available on this link.
