Commonwealth Bank of Australia (CBA) has made an equity investment in Wollemi Capital as part of the global climate specialist investment firm’s Series A capital raising.
Namely, Wollemi focuses on investing in and supporting climate solutions businesses in the food and agriculture, energy transition, natural capital, and climate services sectors, with an aim of reducing or abating global greenhouse gas emissions.
The firm, which is headquartered in Sydney, was created in 2021 by co-founders Tim Bishop and Paul Hunyor, who lead a global team of climate specialists with staff across Australia and the US.
Mr Bishop was formerly global head of Macquarie Capital and Mr Hunyor was head of Asia at Boston Consulting Group’s corporate venturing unit.
CBA’s group executive, institutional banking and markets, Andrew Hinchliff, 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 highly credentialed founders have strong networks and proven track records combining climate impact, private equity, and venture capital expertise with experience financing, building, and scaling global business across infrastructure, renewables and technology.”
According to Mr Hinchliff, the bank’s strategic investment in Wollemi is intended to accelerate the innovation needed to drive Australia’s transition across key sectors, as well as develop carbon markets as an important transition tool.
“It will significantly contribute to the development of CBA’s climate, carbon and biodiversity expertise, and our ability to play a leadership role in supporting investments in climate-linked businesses as they scale their operations,” he said.
CBA also confirmed in a statement on Monday that the investment underpins a broader strategic alliance between the two organisations which will facilitate “knowledge and expertise sharing, potential co-investment opportunities, and further collaboration” in the carbon market services sector.
Commenting on the partnership, Mr Bishop added: “The investment from CBA will amplify Wollemi’s impact by allowing us to scale our business and investments more quickly.
“We’re also excited about the possibilities this strategic alliance opens up, including the opportunity to introduce quality carbon opportunities to CBA and its customer base, along with access to best in breed, world-leading technologies and specialist climate expertise.”
Moreover, co-founder Mr Hunyor explained that a critical element of decarbonisation at scale is bridging emerging climate technologies to corporate and customer demand.
“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,” Mr Hunyor concluded.