September 13 - September 27, 2024
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In this Week’s Issue: $8.5 billion across 33 deals in Transition Finance ($4.6 billion), NbS ($1.35 billion), Carbon Removal ($895 million), Hard-to-Abate industries ($1.42 billion) and the Blue Economy ($ 220.2 million).
10 Essential Deals and Commitments:
Climate
- Brookfield Raises $2.4 billion for Catalytic Transition Fund
- Colombia commits $40 Billion Investment Portfolio for Energy Transition and Climate Adaptation.
- Global Utilities Pledge $116 Billion Annually for Clean Energy and Grid Transformation
- Allianz Global Investors (AllianzGI) has raised €560 million in commitments for its Impact Private Credit Strategy (IPC) at its first closing
Nature-based Solutions
- Patria Investments Launches $100M Brazil Reforestation Fund Focused on Sustainable Land Restoration
- Meta Signs Deal for up to 3.9 Million Tons of Nature-Based Carbon Removal Credits with BTG Pactual
- Climate Asset Management Raises Over $1 Billion For Natural Capital Projects
- UNEP FI and FfB co-creating biodiversity investment framework
Carbon Removal deals
- The LEAF Coalition secured a $180 million carbon offset deal with the Brazilian state of Pará, marking the largest investment in forest protection history.
- Occidental’s DAC subsidiary, 1PointFive, secured up to $500M from the U.S. Department of Energy to develop its South Texas Direct Air Capture (DAC) Hub.
Blue Economy
News Highlights
Policy and Regulation
- SBTi Net Zero Standard to Drive Banks’ Transition
- European Commission insists no plans to delay anti-deforestation law
- 'Immense relief': Government confirms it is to consult on Voluntary Carbon Market reforms
Climate & NbS Finance
Emerging Science
- Future Increase in Post-Drought Precipitation With a Stronger Response to Warming
- Missing voices. The violent erasure of land and environmental defenders
- From land grabbers to carbon cowboys: a new scramble for community lands takes off
C4C News and Events
Learn more about what we're doing
Capital for Climate is encouraged by the success of the New York Climate Week events with which we have partnered and participated.
- At an event at last week’s New York Climate Week, Capital for Climate introduced its new business offering, NbS 360°. It’s a comprehensive package that combines an elite investor community, a digital intelligence platform, and capital facilitation services. The session was hosted by Banco do Brasil and was attended by over 25 investors and partners. For more information about NbS 360, and how it fits with Capital for Climate’s overall mission, contact Akshay Sriprasad at asriprasad@capitalforclimate.com.
- Launched report "Scaling nature finance now: The opportunity for investors in Brazil" with Climate Champions Team, IFACC, and Brunswick Group.
- Co-curated Nature Hub sessions on paths to a nature-positive economy by COP30 with Nature4Climate, UNFCCC Climate Champions, and IFACC.
- On the 23rth, Tony Lent, co-founder of Capital for Climate, moderated a roundtable on Latin American and Caribbean NbS investment opportunities, featuring re.green, replanet, Co Capital, and Campo Capital.
- On the 24th, contributed to Climate Advisors' Orbitas Initiative workshop on mobilizing investments in sustainable agriculture and nature-based solutions in Brazil.
- On the 26th, Tony presented on nature-based solutions for net-zero targets at GFANZ event, showcasing re.green, Acelen renovaveis, Mombak, Carbonwave, and Ocean rainforest.
- To close our participation in Climate Week, Deborah Stern, co-founder of Capital for Climate, participated in "Runway for Change: Fashion, Finance & Impact" event, showcasing the Climate Investment Engine developed with UN Climate Champions.
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Nature-based Solutions ≥ $1M
Commitments and deals
Commitments
AXA IM's nature investments reach €919m
- AXA Investment Managers’ investments in natural capital solutions have reached over €919 million ($1 billion), with progression also made on its interim net-zero targets. It is targeting €1.2 billion of natural capital solutions investment by 2028. This includes investments across sustainable forestry, biowaste-to-energy, sustainable agriculture, nature technology and project developers.
PepsiCo aims to transform regenerative agriculture with over $6 million in grants
- PepsiCo, in partnership with AgMission, has committed $6.7 million in grants to support regenerative agriculture projects in Canada, Australia, and Mexico. This investment aligns with PepsiCo’s broader sustainability initiative, PepsiCo Positive (pep+), which aims to transform its operations, sourcing practices, and environmental impact. The initiative is part of PepsiCo’s goal to achieve net zero emissions by 2040 and drive progress in sustainable agriculture.
Deals
Google Signs Brazil Reforestation-Based Carbon Removal Purchase Deal
- Google has signed its first agreement to purchase 50,000 carbon credits from Mombak, generated through reforestation projects in the Brazilian Amazon, as part of a broader commitment to acquire at least $35 million in carbon removal credits over the next year.
Meta Signs Deal for up to 3.9 Million Tons of Nature-Based Carbon Removal Credits with BTG Pactual
- Social media giant Meta has signed a long-term contract to purchase 1.3 million nature-based carbon removal credits, with an option for delivery of an additional 2.6 million credits, through 2038, from BTG Pactual Timberland Investment Group (BTG Pactual TIG).
Microsoft Signs Deal with UNDO to Capture CO2 Using Rocks and Soil
- Microsoft has partnered with UNDO for the removal of 15,000 tonnes of CO2 using enhanced rock weathering (ERW) technology in the UK and Canada. UNDO's process involves spreading crushed silicate rock on agricultural land, accelerating natural weathering to remove CO2 while enriching soil with nutrients.
EIB and Moldova Sign €200M Agreement for Sustainable Forestry Development.
- The European Investment Bank (EIB Global) and Moldova signed agreements for a €200 million loan for sustainable forestry, rehabilitating 63,000 hectares of degraded land, and a €12 million EU grant to modernize key railway infrastructure, enhancing Moldova’s green transition, connectivity, and regional trade routes, including vital links with Ukraine.
IBank invests $25 million to Wildfire Risk Reduction Efforts.
- California’s Infrastructure and Economic Development Bank (IBank) announced a $25 million investment from the Climate Catalyst Revolving Loan Fund into the California Wildfire Innovation Fund to mitigate wildfire risks. The funds will restore forests, improve forest health, and implement new biomass technologies. This contribution, alongside support from CSAA, aims to attract additional investment in innovative forest restoration and resilience projects.
British Columbia Invests $11.4M in Forestry Projects to Boost Sustainable Manufacturing and Jobs.
- The Government of British Columbia is investing up to $11.4 million through the BC Manufacturing Jobs Fund to support eight forestry sector capital projects and one planning project. Major investments include $5 million for Kruger Kamloops Pulp mill’s AI-powered pressure diffusion washer and $3.4 million for Power Wood Corporation's new thermal modification manufacturing facility. Federal funding through the IFIT Program is also contributing $7.9 million to these initiatives.
Canada Commits $76 Million to Sustainable Great Lakes Freshwater Ecosystem Initiative
- The Government of Canada is investing $76 million to support 50 partner-led projects under the Great Lakes Freshwater Ecosystem Initiative, which addresses environmental challenges impacting water quality and ecosystem health. This initiative aligns with the Canada-Ontario Agreement on Great Lakes Water Quality and Ecosystem Health (2021–2026) and the Canada–US Great Lakes Water Quality Agreement. The funding follows Canada’s earlier commitment of $420 million over 10 years to enhance restoration and protection efforts for the Great Lakes through the Freshwater Action Plan.
- US-based nature intelligence company, Dunya Analytics, secured $1.2 million in seed funding to expand its platform aimed at supporting companies in assessing biodiversity-related risks.
US OIA awards $2.5M to enhance biosecurity and ecosystem restoration in the US territories
- The U.S. Department of the Interior’s Office of Insular Affairs has announced $2,526,429 in Fiscal Year 2024 funding to support biosecurity training and projects aimed at enhancing ecosystem resilience in American Samoa, CNMI, Guam, and the U.S. Virgin Islands. Funded through the Bipartisan Infrastructure Law's Ecosystem Restoration Program, this initiative focuses on mitigating the impacts of invasive species and restoring natural processes to protect coastal and island ecosystems. The funding supports various activities, including community education, youth outreach, shoreline protection, and restoration of native ecosystems.
Climate Asset Management closes flagship funds with $1bn raised
- Climate Asset Management has held final closes on its two flagship funds, bringing the total raised across the platform to more than $1 billion. The two funds include the Natural Capital Fund and the Nature Based Carbon Fund.
Fund Formation
- Brazil's BNDES development bank has initiated a R1 billion ($180 million) reforestation program to support companies planting native trees and funding agroforestry projects outside the Amazon, with loans capped at 2.5% interest (vs. the Brazilian average lending rate of [ ]%). President Luiz Inacio Lula da Silva also announced the establishment of a climate authority and committee to enhance federal climate efforts, aiming to replant 12 million hectares by 2030 in response to severe droughts.
- Santander and Atitlan have launched a €500 million ($552 million) global investment platform, named Atgro, dedicated to agricultural projects. The private equity fund has secured initial contributions of €200 million ($220 million) from Santander and €50 million ($55 million) from Atitlan, with plans to attract additional investors. Atgro will focus on high-impact crops, including superfoods, and promote sustainable production models, reflecting a long-term commitment to the agri-food industry’s transition to net-zero emissions.
Patria Investments Launches $100M Brazil Reforestation Fund Focused on Sustainable Land Restoration
- Patria Investments Ltd. is launching a $100 million Brazil Reforestation Fund aimed at restoring degraded land by planting native and high-value trees like ipe and African mahogany, alongside cacao and coffee for sustainable agriculture. The fund will focus on the Atlantic rainforest region, avoiding remote areas and commercial eucalyptus or pine forests, with expected returns of up to 12% annually over 15 years. San Francisco-based Pachama Inc. will assist with land assessment, forest monitoring, and carbon credit sales, contributing to the fund’s revenue streams.
Climate Asset Management Raises Over $1 Billion For Natural Capital Projects
- Climate Asset Management (CAM) has raised over $1 billion to support natural capital projects, including regenerative agriculture, through its Natural Capital Fund and Nature Based Carbon Fund. Key contributions include $100 million from Gothaer Asset Management. The Nature Based Carbon Fund aims to generate carbon credits via landscape restoration, attracting interest from companies like GSK. Additionally, the Restore Fund, in partnership with Apple, has raised $280 million, aligning with the Global Biodiversity Framework's goal of $200 billion annually for biodiversity preservation.
- The UK government and FMO have committed $55 million to a reforestation initiative in Latin America, including Brazil's Cerrado biome, in partnership with BTG Pactual Timberland Investment Group. This investment aims to integrate sustainable commercial tree farming with the protection and restoration of native ecosystems, targeting deforested and degraded lands to achieve environmental, climate, and social impacts.
Transition Finance ≥ $100M
Commitments and deals
Commitments
ADB okays USD-500m policy loan to aid Indonesia's energy shift
- The Asian Development Bank (ADB) on Friday announced approval for a USD-500-million (EUR 448m) policy-based loan to support Indonesia in accelerating its energy transition.
Global Utilities Pledge $116 Billion Annually for Clean Energy and Grid Transformation
- Utilities for Net Zero Alliance (UNEZA) members, representing 39 global utilities and energy companies, announced a commitment to invest over $116 billion annually in clean power generation and grid infrastructure to accelerate electrification and decarbonization by 2030. During New York Climate Week, they also published supply chain recommendations urging policymakers to harmonize standards, promote the free flow of supplies, and support long-term system planning, as 48% of the investment focuses on modernizing transmission and distribution infrastructure.
- Allianz Global Investors (AllianzGI) has secured €560 million in commitments for its Impact Private Credit Strategy (IPC) during its first closing, exceeding half of its fundraising target. The strategy, backed by major European institutional investors and the EU's InvestEU initiative, aims to provide loans to small and medium enterprises in Europe that tackle pressing environmental and social issues, particularly in clean energy, resource efficiency, sustainable agriculture, and access to healthcare and education.
UAE’s Clean Energy Investments Exceed $12 Billion
- The UAE continues to make progress in clean energy investments, with total investments exceeding $12 billion (AED 45 billion), according to Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure. These developments are part of the UAE’s ambitious energy transition, which has already led to a 70% increase in installed renewable energy capacity in 2023, now totaling 6.1 GW. The country is on track to reach 32% renewable energy in the national mix by 2030, up from the current 27.83%.
Novo Holdings targets €2.7bn allocation to green transition
- The Danish Investor, Novo Holdings, is committing to expand investment in the green transition by 2030, going from 2% of 10% of AUM with most targeted to energy transition plus circular economy.
Sudene grants loan for nearly 100 MW of EDP solar projects in Brazil
- Brazil's Superintendency for the Development of the Northeast (Sudene) has authorized a BRL-149.62-million (USD 27.6 million) loan package for two solar projects with a combined capacity of 98 MW developed by EDP Renovaveis Brasil.
CDFW Awards $41M to Critical Restoration Projects Statewide
- The California Department of Fish and Wildlife (CDFW) today announced the award of $41 million in grants for 20 restoration and protection projects throughout the state to benefit wetlands and meadows.
Biden announces $7.3 billion funding for Clean, Affordable, Reliable Electricity for Rural America.
- President Joe Biden announced $7.3 billion in government funding to 16 electric cooperatives across 23 states to expand clean energy, the largest rural electrification investment since the 1930s. Funded through the Inflation Reduction Act, this initiative aims to power over 5 million homes and create 20,000 jobs, including 4,500 permanent positions. The funding, supplemented by $5.1 billion in private investment, will support projects in solar, wind, and energy storage, including $580 million for Dairyland Power Cooperative.
Deals
UK government announces £88m green investment
- The UK government has awarded £88m ($115.49) of funding to 46 innovative projects to support zero-emission vehicle technologies.
Masdar Acquires Renewables Developer Saeta from Brookfield for $1.4 Billion
- UAE-based clean energy-focused developer Masdar announced plans to acquire renewable power company Saeta Yield from Brookfield Renewable together with its institutional partners, for an implied enterprise value of US$1.4 billion. The closing of the transaction is subject to customary approvals and is expected to occur around the end of 2024.
JLR confirms £500m factory upgrade in Halewood, England, to prepare for EV transition
- JLR has invested £500 million to transform its 61-year-old Halewood facility for parallel production of electric, hybrid, and combustion vehicles. The revamp includes £250 million for new production lines and technology, with a focus on renewable energy and CO2 reduction, aligning with JLR’s Reimagine strategy to become an electric-first luxury automaker by 2030.
Octopus Energy turbocharges the UK’s green energy revolution with £2 billion investment by 2030
- Octopus Energy announces a £2 billion investment in UK clean energy projects by 2030, including new solar farms, battery storage, and wind projects, aiming to power tens of thousands of homes and significantly boost Britain's renewable energy capacity.
Fund Formation
ALTÉRRA commits $350m to BlackRock emerging markets transition strategy
- ALTÉRRA has announced its second big deal of New York Climate Week, committing $350 million to BlackRock’s emerging markets transition infrastructure strategy.
TPG Raises $1.25 Billion for Global South-focused Climate Solutions Investment Strategy
- TPG Rise Climate has raised $1.25 billion for its Global South Initiative (GSI), including a $500 million commitment from UAE-backed ALTÉRRA, to accelerate climate solutions in developing regions. The strategy aims to attract institutional capital by offering return enhancement for private equity investments in high-growth climate opportunities across the Global South.
Brookfield Raises $2.4 Billion for Catalytic Transition Fund
- Brookfield Asset Management has announced the initial closing of $2.4 billion for its Catalytic Transition Fund (CTF), aimed at raising up to $5 billion for clean energy and transition assets in emerging markets. Launched at COP28 with $1 billion in catalytic capital from ALTÉRRA, the fund has also secured commitments from institutional investors, including CDPQ, GIC, Prudential, and Temasek. Brookfield aims to enhance risk-adjusted returns for other investors by providing 10% of the Fund’s target capital, aligning with innovative approaches to mobilize climate finance.
Colombia commits $40 Billion Investment Portfolio for Energy Transition and Climate Adaptation.
- Colombia has launched a $40 billion investment portfolio aimed at supporting the country's transition from fossil fuels and adapting to climate change. The portfolio will focus on funding eco-tourism, a fair energy transition, and the conservation and restoration of ecosystems, according to the Environment Ministry.
Green Bonds ≥ $100M
Commitments and deals
New Issuances
Completed Issuances
Catena Issues SEK 1 Billion in Green Bonds maturing 2027 and 2029.
- Catena has issued SEK 1 billion in green bonds under its updated MTN program, with SEK 500 million maturing in 2027 at 3-month STIBOR +1.00% and SEK 500 million maturing in 2029 at 3-month STIBOR +1.35%. Concurrently, Catena repurchased SEK 884 million of bonds maturing in 2025. The proceeds will be used in accordance with Catena’s green framework, and the new bonds will be listed on Nasdaq Stockholm. Nordea and SEB served as joint bookrunners.
- Carmila (Paris: CARM) today issued its first green bond for a total amount of €300 million. With a maturity of just over seven years, the bonds fall due on 25 January 2032 and pay an annual coupon of 3.875%. The financing was raised at a spread of 160 basis points above the benchmark rate with no issue premium.
Carbon Removal ≥ $1M
Commitments and deals
Commitments
Google signs $10 million carbon capture deal with DAC Technology Startup Holocence.
- Google announced a $10M agreement with Direct Air Capture (DAC) company Holocene for 100,000 tons of carbon removal credits at a record-low price of $100 per ton, for delivery by 2030. The low price was achieved through Holocene’s hybrid liquid-solid system, Google’s upfront financial support, and the U.S. 45Q tax credit of $180 per ton. This deal aims to reduce DAC costs long-term and accelerate scalable carbon removal technologies for net-zero goals.
India's renewable energy minsitry received $386 billion financing pledge for Green Energy Push
- India’s renewable energy ministry has secured $386 billion in investment commitments from banks and financial institutions to support its decarbonization efforts. These funds will aid in achieving the goal of over 500 gigawatts of non-fossil electricity capacity by 2030, which requires adding approximately 44 gigawatts annually—tripling the average of the past five years. The commitments were announced at the RE-Invest conference in Gandhinagar, where project developers and investors gathered to discuss accelerating installation processes.
- The U.S. Department of Energy is investing $3 million in the Industrial Sustainability, Energy Efficiency, and Decarbonization (ISEED) Collaborative. This initiative aims to develop and distribute training programs for the workforce needed to decarbonize the U.S. industrial sector.
British Airways Commits £9M to Carbon Removal Credits. Can this Propel Aviation to Net Zero?
- British Airways has launched an initiative to accelerate its climate action by investing over £9 million in carbon removal credits. These efforts are part of the company’s broader strategy to achieve net zero emissions by 2050.
Deals
- The LEAF coalition has agreed to a ‘landmark’ $180 million carbon credit deal with the Brazilian state Pará, aimed specifically at halting deforestation in the Amazon. Within the agreement, LEAF Coalition members Amazon, H&M, Walmart Foundation, Bayer, BCG, and Capgemini have agreed to purchase five million emission reduction credits, generated from reductions in expected deforestation. They will be bought upon issuance, expected at the end of 2025, at $15 per tonne.
- Occidental’s DAC subsidiary, 1PointFive, secured up to $500M from the U.S. Department of Energy to develop its South Texas Direct Air Capture (DAC) Hub. Located on the King Ranch in Kleberg Country, Texas, the hub will initially remove 500,000 metric tons of CO2 annually, with plans to expand to over 1 million tons per year. The site has potential to scale up to 30 million tons of carbon removal per year and store up to 3 billion tons of CO2. This funding is part of a $3.5 billion Bipartisan Infrastructure law-funded program to advance U.S. DAC hubs and support net-zero emissions by 2050.
Bank of America provides $205 million tax equity financing for Carbon Capture
- Bank of America has secured a $205 million tax equity financing deal with Harvestone Low Carbon Partners (HLCP) to acquire clean energy production tax credits from a North Dakota carbon capture facility. This agreement enables Bank of America to participate in 45Q tax credits associated with the facility's carbon capture, utilization, and sequestration infrastructure. Additionally, when available, the bank will have the opportunity to purchase clean fuel tax credits generated by HLCP’s Blue Flint Ethanol biorefinery. HLCP emphasized that this tax equity financing structure is a first of its kind.
Google signs $10 million carbon capture deal with DAC Technology Startup Holocence.
- Google announced a $10M agreement with Direct Air Capture (DAC) company Holocene for 100,000 tons of carbon removal credits at a record-low price of $100 per ton, for delivery by 2030. The low price was achieved through Holocene’s hybrid liquid-solid system, Google’s upfront financial support, and the U.S. 45Q tax credit of $180 per ton. This deal aims to reduce DAC costs long-term and accelerate scalable carbon removal technologies for net-zero goals.
Meta Signs Deal for up to 3.9 Million Tons of Nature-Based Carbon Removal Credits with BTG Pactual
- Social media giant Meta has signed a long-term contract to purchase 1.3 million nature-based carbon removal credits, with an option for delivery of an additional 2.6 million credits, through 2038, from BTG Pactual Timberland Investment Group (BTG Pactual TIG).
Microsoft Signs Deal with UNDO to Capture CO2 Using Rocks and Soil
- Microsoft has partnered with UNDO for the removal of 15,000 tonnes of CO2 using enhanced rock weathering (ERW) technology in the UK and Canada. UNDO's process involves spreading crushed silicate rock on agricultural land, accelerating natural weathering to remove CO2 while enriching soil with nutrients.
Fund Formation
Hard to Abate Sectors ≥ $1M
Commitments and deals
Commitments
Deals
BP & Iberdrola launch Green Hydrogen Initiative of EURO 15 million
- BP has announced a final investment decision for a 25 MW green hydrogen project at its Castellón refinery, in partnership with Iberdrola through their joint venture, Castellón Green Hydrogen S.L. Expected to be operational in the second half of 2026, the initiative has secured €15 million in funding from NextGenerationEU and involves the Technology Institute of Energy. The plant will convert 200 GWh of renewable energy per year into green hydrogen to support BP's decarbonization goals, signaling a step for Iberdrola in promoting green hydrogen for industrial decarbonization.
Woodland Biofuels Announces $1.35 Billion Investment in Carbon-Negative Renewable Energy Facility
- Canadian company Woodland Biofuels is investing $1.35 billion to develop the world's largest carbon-negative renewable natural gas and ultra-green hydrogen facility at the Port of South Louisiana. The project will convert waste biomass into sustainable biofuels, creating approximately 869 jobs, including 110 permanent positions. Supported by a $250 million incentives package from Louisiana Economic Development, the facility aims to remove up to 660,000 tons of CO2 annually by its second phase, with Phase 1 expected to begin operations by 2028.
- Clean fuel startup Utility Global announced that it has raised $53 million as part of a growth equity Series C funding round, with proceeds aimed at supporting the commercialization of its technology to process industrial gasses into clean fuels to help decarbonize hard-to-abate industries, such as steel, without the use of electricity.
Fund Formation
The Japan Hydrogen Fund, has launched with over $400 million in commitments.
- A group of Japan-based financial and industrial firms, along with France's TotalEnergies, has launched the Japan Hydrogen Fund, focused on developing a low-carbon hydrogen value chain. The fund debuted with $400 million in commitments from initial investors such as Toyota, Iwatani Corporation, and Sumitomo Mitsui Banking Corporation, and aims to raise approximately $1 billion in total. Managed by Advantage Partners, the fund will support hydrogen-related companies and projects in Japan and globally, with Japan's commitment to achieve carbon neutrality by 2050 and reduce greenhouse gas emissions by 46% by 2030.
West of England Launches £100M Green Energy Fund to Power 36,000 Homes and Cut Energy Costs.
- The West of England Mayoral Combined Authority has launched a £100 million fund to boost the region's green economy, aiming to bring renewable energy to 36,000 homes and save £6 million in energy costs over 12 years. The fund combines £10 million in public funds with £90 million in private investment to drive growth and job creation in net-zero sectors.
Blue Economy ≥ $1M
Commitments and deals
Commitments
Deals
U.S invests $92 million in 19 aquatic habitat restoration [doi]
- The Department of the Interior announced a nearly $92 million investment from President Biden’s Investing in America agenda for 19 projects to restore and protect aquatic ecosystems.
US DOE to invest $112.5 million to promote wave energy
- The US Department of Energy (DOE) says that it will fund up to $112.5 million to promote and commercialize wave-created power in what it describes as “its largest-ever investment in marine energy.”
- U.S. Senators Chris Van Hollen and Ben Cardin and Congressmen Steny H. Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Jamie Raskin, David Trone, and Glenn Ivey announced $10,698,764 in National Fish and Wildlife Foundation funding for 11 Maryland projects to protect and restore water quality, species and habitats in the Chesapeake Bay watershed
€5.7 Million EU Funding Launched for Sustainable Blue Economy Projects
- A total of €5.7 million will be allocated to projects focusing on Smart Specialisation and Regenerative Ocean Farming and Algae Innovation.
Fund Formation
Research and Knowledge Sharing
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Policy and Regulations
U.S democrats propose $1 trillion fund, capitalized by fossil fees
- On 5 September 2024, US Democrats unveiled a bill proposing the creation of a $1 trillion fund through fees imposed on major fossil fuel companies operating in the U.S., based on their share of carbon emissions. The funds would be allocated toward infrastructure improvements, pollution cleanup, and providing aid for communities affected by climate-related disasters. While the bill faces obstacles in the Republican-majority House and the Senate, it highlights Democratic efforts to address climate change ahead of upcoming elections.
US regulator approves voluntary carbon credit guidance
- The Commodity Futures Trading Commission (CFTC) has approved guidance on the listing of voluntary carbon credit derivative contracts for CFTC-regulated derivatives exchanges
CBI launches resiliency taxonomy
- The Climate Bonds Resilience Taxonomy is designed to help address a “critical adaptation finance shortfall”, estimated by the UN Environment Programme to be between $194 billion and $366 billion for developing countries alone.
UNDP partnering with ORRAA on nature-positive coastal investment
- A partnership between the UN Development Programme and the Ocean Risk and Resilience Action Alliance (ORRAA) will look at how to create “enabling conditions” for coastal resilience investments.
Finance Research and Updates
- The Brookings Institution's report, "Mobilizing the Market," highlights the critical barriers to financing climate projects in the U.S., emphasizing the need for nuanced policies that align profitability with environmental and social costs to meet the estimated $50 trillion required for a transition to clean energy. It calls for collaborative efforts from both the public and private sectors to address these challenges and ensure equitable investment practices, particularly for marginalized communities facing the brunt of climate-related impacts.
Robeco Launches High-Income Green Bond Strategy
- International asset manager Robeco has launched their High Income Green Bond Strategy, focusing on high-yield green bonds from corporate issuers worldwide, making Robeco the first asset manager to bring an Article 9, High Income Green Bonds strategy to the credit market. This Article 9 strategy responds to increasing investor interest in green bonds, which fund environmental projects and assist companies in their decarbonization efforts.
Bloomberg launches transition plan credibility assessments
- Bloomberg has launched a product it says can help investors judge the credibility of companies' transition plans and targets.
- The 4th AAAP Partnership Forum in Nairobi brought together partners from across Africa and globally to showcase the significant progress of the Africa Adaptation Acceleration Program, which has mainstreamed climate adaptation into over $10 billion of development investments, benefiting over 63 million people across 37 African countries in its first 36 months.
- The Investor Agenda, representing more than 530 financial institutions with more than $29 trillion in AUM announced the release of the 2024 Global Investor Statement to Governments on the Climate Crisis, calling on governments to set policies aimed at unlocking private capital flows to enable the net zero transition, including mandatory climate-related reporting and the implementation of transition strategies to decarbonize high-emitting sectors.
ADB okays USD-500m policy loan to aid Indonesia's energy shift
- The Asian Development Bank (ADB) on Friday announced approval for a USD-500-million (EUR 448m) policy-based loan to support Indonesia in accelerating its energy transition.
ING Launches Climate Transition Assessment Tool May End Financing for Clients Not Progressing
- ING announced today that it has developed a new tool, ESG.X, that is being used by the bank to assess the climate transition of its clients, and has stated that it will soon begin applying stricter conditions on companies that are not making progress, including potentially ending financing for them.
Emerging Science
UNEP FI and FfB co-creating biodiversity investment framework
- The UN Environment Programme Finance Initiative (UNEP FI) and the Finance for Biodiversity Foundation (FfB) are developing a framework that will look to “operationalize” nature-positive concepts and standardize definitions and investment approaches.
Terraformation Officially Launches Terraware, Closing the Technology Gap in Global Reforestation
- Terraformation has launched Terraware, a global forestry management platform designed to streamline the entire forest restoration process, from planning to planting, by providing user-friendly tools for data collection and project management that enhance transparency and efficiency for forestry teams and investors worldwide.
UKRI invest £15 million in National Alternative Protein Innovation Centre
- UK Research and Innovation (UKRI) Biotechnology and Biological Sciences Research Council (BBSRC) and Innovate UK have invested £15 million in the new National Alternative Protein Innovation Centre (NAPIC).
Denmark's new aquaculture hub plans first land-based farm in 2026
- An organization dedicated to starting land-based aquaculture in Denmark to launch the first fish farm in 2026.
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Scaling nature finance now: The opportunity for investors in Brazil
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