ESG Today writes that alongside the launch of the fund, Silva Capital also announced its first closure, which was supported by the likes of mining company Rio Tino and Australian airline Qantas, committing 53 million USD. Silva aims to raise up to 250 million USD through its climate-oriented fund.

Rio Tinto Chief Decarbonization Officer, Jonathon McCarthy said that "we are absolutely committed to decarbonizing our operations, but many of the technologies we need will take time to develop and implement. Meanwhile, our investment in the Silva Carbon Origination Fund helps us meet our compliance obligations with high-integrity carbon credits."

Through the Silva Carbon Origination Fund, Silva Capital aims to financially support large carbon sequestration projects by reforesting empty land, while contributing to the regeneration of the land itself.

Brad Mytton, Silva Capital Co-Managing Director added that "sustainable agriculture is at the forefront of our investment strategy. With the Silva Carbon Origination Fund, we aim to create a portfolio of mixed farming land with significant canopy cover, generating a large volume of high-integrity carbon credits."

This also represents Qantas' first investment through the company's own climate fund, set up last year and amounting to 400 million Australian dollars with the objective to meet its climate goals.