Biodiversity > German billionaire sets up $1.5-bln nature fund

German billionaire sets up $1.5-bln nature fund

Published 02:17 on February 3, 2024  /  Last updated at 02:42 on February 3, 2024  / Stian Reklev /  Biodiversity, International

A German fintech billionaire has set up a $1.5-billion nature conservation fund through his family office to combat the mass extinction of species and help meet the Global Biodiversity Framework target of protecting 30% of the world’s land and oceans by 2030.

A German fintech billionaire has set up a $1.5-billion nature conservation fund through his family office to combat the mass extinction of species and help meet the Global Biodiversity Framework target of protecting 30% of the world’s land and oceans by 2030.

The Gastauer Family Office (GFO) announced Friday its founder and chairman, Michael Gastauer, has set aside almost 10% of his $11.4-bln family fortune for the purpose.

“The aim of the Gastauer Nature Fund is to combat the mass extinction of endangered animal species, to protect important ecosystems, and to protect at least 30% of land and ocean areas by 2030,” the announcement said.

The German has made his fortune through the establishment and consequent sale of various companies in the fintech industry.

Most recently he launched digital bank Black Banx in 2015, and despite being fined $165 million by the US Securities and Exchange Commission (SEC) after being found in 2022 to have been aiding and abetting the founder of a Swiss investment firm in trading stocks illegally, Gastauer’s digital bank is currently in the process of expanding its business to California, according to the LA Times.

Meanwhile, the Gastauer Family Office “is driven purely by the needs and preferences of the Gastauer family”, according to its website.

“The Gastauer Nature Fund supports the goals of 30×30 in areas critical to carbon sequestration and biodiversity protection. As part of these efforts, the Gastauer Nature Fund financially supports local partners to secure land ownership in protected areas and strengthen the management of protected areas,” the GFO announcement said.

“In addition, the fund supports the establishment of administrations and organisations to monitor the development of protected areas.”

Currently, around 15% of global terrestrial area and 8% of oceans are protected. Some of that is largely only on paper, as many nations lack the resources to properly enforce the protection.

By Stian Reklev – stian@carbon-pulse.com

** Click here to sign up to our twice-weekly biodiversity newsletter **