A new key biodiversity platform for cross sectoral collaboration
For its inaugural launch, World Biodiversity Summit will help define what world leaders and the private sector in biodiversity and climate action need to do in the medium and long term to achieve sustainable development and hinder further biodiversity loss, focusing on partnerships and investment mechanisms as levers of progress. World Biodiversity Summit is a platform for responding to accelerating biodiversity loss, by using the Paris Agreement as a framework to learn from, promoting relevant solutions, innovations, and leadership networks, strengthening nature restoration and conservation. Nature-based solutions will be highlighted, from specificecosystems to global possibilities.
First year tracking of the Danish pension fund commitment towards USD50 billion in green investments by 2030
Insurance & Pension Denmark CEO, Ken Damsgaard reported that Danish pension funds have invested $8 billion in green projects since the 2019 Climate Action Summit in New York. This far exceeds earlier expectations and could lead to Danish pension funds reaching their $50 billion green investment target three years ahead of schedule.
Lake Turkana (onshore wind) – PensionDenmark
In 2007 a group of international investors came up with the idea of establishing a wind park close to the large desert lake Turkana.
Twelve years later 365 gigantic wind turbines from Vestas are producing power to Kenya’s population of approx. 48 million people.
On average, the turbines deliver around 150,000 megawatt hours per month corresponding to approx. 15 per cent of Kenya’s total electricity production.
The number of power cuts in Kenya has been reduced considerably since the turbines started to run at full speed.
The production of fossil-based energy is more than halved from around 230,000 MW hours in January 2018 to around 100,000 MW hours in January 2019. Consequently, the CO2 emissions have been considerably reduced.
• Unlisted equity
Value in US dollars
• USD 740M (full value of the project)
• Clean energy production. 365 wind turbines with 0,85 Mw capacity from Vestas
• Lake Turkana Wind Project has a 20-year PPA with KPLC. The technology in use will most likely have become obsolete at that time (if not earlier).
• IFU: The Danish Climate Investment Fund was established in January 2014 in a new collaboration between the Ministry of Foreign Affairs, IFU, pension funds PensionDanmark, PKA, PBU and Dansk Vækstkapital, and Aage V. Jensen Foundation.
Form of Funding
• Blended Finance: Danish Development Finance Institution and Pension Funds (incl. PensionDanmark) investment through Danish Climate Investment Fund: USD 250M.
Torben Möger Pedersen