November 11 - November 15, 2024
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In this Week’s Issue: $5.8 billion across 21 deals in Transition Finance ($5 billion), NbS ($655 million), Carbon Removal ($32 million), and Hard-to-Abate industries ($93 million).
10 Essential Deals and Commitments:
Transition Finance
- Ikea invests $1.6 billion in decarbonization
- The UK awards $2.54 billion to a 2GW undersea wind power transmission project
- EIP invest $222 million in Plentitude
Nature-based Solutions
- Brazil Restoration & Bioeconomy Finance coalition launches with a $10 billion goal
- Bolivia engages Laconic for a $5 billion sovereign carbon transaction
- BTG Pactual TIG raises $500 million towards its Latin American Reforestation Strategy
- GenZero and Trafigura invests $100 million in Colombian NbS projects
Hard-to-Abate Emissions
- Air Canada buys 78 million liters of Sustainable Aviation Fuel
- General Galactic raises $8 million in seed funding for CO2-gas technology
Carbon Removal
News Highlights
Policy and Regulation
- COP29 negotiators approve a framework for a global carbon market under Paris Agreement Article 6.4
- The EU delays implementation of the EUDR due to internal and external pushback
- The UK pledges to cut emissions 81% from 1990 levels by 2035
Climate & NbS Finance
- The ICVCM approves 3 REDD+ issuance methodologies
- J.P Morgan discloses it invested $1.29 in green investments for every 1 dollar invested in fossil fuels in 2023
- MSCI finds that 2024 has already set a record for nature-based carbon offtake agreements
Emerging Science
- A new study finds that agricultural optimization can effectively reduce nitrogen emissions
- A new congressional research service report provides a quick primer on Carbon Dioxide Removal and its role in climate mitigation
- A Nature Communications study estimates the carbon mitigation burden of each
This week’s most important news:
COP29 negotiators take a major step toward establishing a global carbon market [utility dive] [the banker]
Following earlier promising signs, including the release of draft article 6.4 standards in the run-up to COP29, the main negotiating body at Baku has agreed to formally adopt standards for Article 6.4 of the Paris Agreement, which would govern a global market for carbon credits, and could potentially reduce implementation costs of climate goals globally by billions per year, allowing finance to flow to the most efficient regions for decarbonization.
The agreement at COP29 sets up protocols for an Article 6.4 supervisory body to evaluate and approve methodologies for Article 6 compliant carbon credit projects, which would be paired with still developing rules for country-to-country carbon trading under Article 6.2. The decision ended 9 years of gridlock on how Article 6.4 would be operationalized and was put into force with limited deliberation by the overall conference, which drew criticism from some climate justice and environmental campaigners.
Businesses will now be able to apply to the supervisory body for the ability to sell carbon credits on the UN carbon market, which could be as large as $250 billion a year according to UN estimates. The decision does not fully finalize the shape of a future UN carbon market, but does set out the basic parameters for how carbon credits can be developed and assessed, and how emissions should be calculated and monitored. Reversal risk guidelines and standards for ensuring rigor still need to be developed, and the standards are still subject to change based on decisions by the conference and the supervisory body.
For more insight into the development of Article 6.4, you can read analysis from our partners at Nature4Climate and from Anna Nesbit and Alexia Kelly, whose LinkedIn posts provide a brief primer on the developments so far.
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Nature-based Solutions ≥ $1M
Commitments and deals
Commitments
New $10 billion fund for Brazilian forests launched at the G20 [business wire]
- Outgoing U.S. President Joe Biden announced at the G20 on November 17 the formation of the Brazil Restoration & Bioeconomy Finance Coalition to mobilize $10 billion for forest conservation and bioeconomy by 2030. The coalition will include major investors and NGOs, including Agni, Banco do Brasil, BNDES, Biomas, BTG Pactual, Conservation International, the U.S. International Development Finance Corporation, IDB Invest, Instituto Arapyaú, Instituto Clima e Sociedade, Instituto Itaúsa, Mombak, The Nature Conservancy, Regia Capital, re.green, the World Bank Group, and the World Economic Forum.
In addition to the overall $10 billion mobilization goal, the coalition hopes to conserve and restore at least 5 million hectares of Brazilian forests by 2030, sequester 1 gigaton of CO2 emissions, and invest $500 million in initiatives that specifically benefit Indigenous peoples and local communities. iCS is expected to serve as a secretariat in support of the coalition's work starting in 2025.
Laconic and Bolivia announce plans for a $5 billion sovereign carbon transaction [Carbon Herald]
- Laconic Infrastructure Partners Inc. has been engaged by Bolivia to use its SADARtm Natural Capital Monetization platform to aid Bolivia’s capacity-building initiatives under its Nationally Determined Contribution (NDC). The platform will aggregate environmental data to monetize up to $5 billion in current and future carbon stocks through the first Article 6-compliant Sovereign Carbon sale.
Deals
GenZero and Trafigura invest $100 million in nature restoration carbon removal [esg today]
- GenZero, a Temasek subsidiary focused on decarbonization solutions investment, and Trafigura, a global commodity trader, have announced a joint investment of $100 million in Brújula Verde, a nature-based carbon removal project in Colombia. The project is expected to restore up to 30,000 hectares of land degraded by agricultural activities such as cattle grazing, and remove more than 20 million metric tons of carbon throughout the project's lifetime while using new MRV techniques to confirm effectiveness and track ecosystem health.
Klim raises $22 million in Series A funds to expand regenerative agriculture platform [esgtoday]
- Klim, a Berlin-based platform provider focused on regenerative agriculture, raised $22 million in a Series A funding round to support global expansion and enhance its offerings. The company helps farmers and food companies transition to regenerative practices, improving soil health, reducing emissions, and increasing biodiversity. Klim's platform serves over 3,500 farmers across 700,000 hectares of land, with clients including Nestlé and Kaufland. The funding, led by BNP Paribas, will also support the introduction of a financial services layer to aid farmers in transitioning to sustainable practices.
Shiru raises $16 million to expand AI protein discovery platform [green queen]
- AI startup Shiru secured $16M in a Series B round to enhance its ProteinDiscovery.ai platform, which uses AI and a 33-million-protein database to streamline ingredient discovery and reduce R&D costs. The funding supports the expansion of its sustainable product portfolio, including vegan casein and structured fats, with partnerships aimed at scaling eco-friendly solutions.
- Naturbeads, a UK climate tech startup focused on combating microplastic pollution, has raised £7.8m ($9.8 million) in a Series A round led by Eos Advisory. The company is scaling its plant-based microsphere technology to replace microplastics in everyday products. The funding will help Naturbeads build its first production plant in Puglia, Italy, and expand its capacity to meet growing demand across industries. Investors include Progress Tech Transfer, CDP Venture Capital, PI-NB, and Paragon Capital Management.
- Closed Loop Ventures Group has made a follow-on investment in Brisbane-based Earthodic as part of a $4 million seed round led by FTW Ventures, with participation from other investors. Earthodic develops a water-resistant, recyclable, and repulpable bio-based coating for paper packaging that reduces reliance on plastic liners and incorporates lignin, a byproduct of paper manufacturing. The funding will support Earthodic's U.S. expansion, the establishment of a second headquarters, and further development of bio-based, circular packaging solutions.
NitroVolt raises $3.7 million in seed funding for green fertilizers [esg today]
- Danish startup NitroVolt raised €3.5 million ($3.7 million) in seed funding to commercialize its green ammonia production system, Nitrolyzer, which uses air, water, and renewable electricity for carbon-free, on-site synthesis at farms. The funds will be used to build NitroVolt's first container-sized demonstration unit.
Fund Formation
BTG Pactual TIG raises $500 million for Latin American Reforestation Strategy [businesswire]
- BTG Pactual Timberland Investment Group (TIG) has raised $500 million toward its $1 billion Latin American Reforestation Strategy, focusing on sustainable forestry, conservation, and land restoration. The strategy aims to restore 133,000 hectares of natural forest and establish sustainable commercial tree farms on an additional 133,000 hectares, generating carbon credits and supporting rural economic development. Conservation International serves as an advisor to the project on achieving positive climate, biodiversity, and community impacts. Progress so far has included planting over 8 million seedlings and restoring 3,200 hectares of degraded land.
Transition Finance ≥ $100M
Commitments and deals
Commitments
- A consortium of multilateral development banks (MDBs) have pledged to increase climate finance to low- and middle-income countries to $120 billion annually by 2030, marking a 60% rise from 2022 levels. This includes $42 billion for adaptation to extreme weather, a 70% increase from 2023. The MDBs aim to leverage $65 billion in private-sector funding, with a focus on transformative change and scaling up resources. However, the success of the goal depends on the commitment of MDB shareholders and greater ambition from both developed and developing nations.
Pentagreen Capital targets to deploy $1 billion for sustainable infrastructure in Asia [technode]
- Pentagreen Capital, established by HSBC and Temasek, is seeking to deploy $1 billion in funding for sustainable infrastructure projects across Asia. Through its Green Investments partnership, the initiative seeks to bridge financing gaps and improve the bankability of green infrastructure, including renewable energy, EV infrastructure, and water management. The partnership, part of the FAST-P blended finance initiative, aims to mobilize up to $5 billion for climate-related projects in Southeast Asia. Capital deployment is set to begin in 2025, with support from the Singapore government, IFC, ACP, and other stakeholders.
- Nine Canadian families and foundations pledged CAD405 million over the next decade through the Climate Champions initiative. Key contributors include the Trottier Family Foundation (CAD150 million), Peter Gilgan Foundation (CAD100 million), and Ivey Foundation (CAD100 million). The funds will support innovative projects to accelerate the transition to a low-carbon economy, aiming to triple Canada’s annual climate philanthropy to CAD300 million by 2030. Additional donors include the Roadburg Foundation, Chisholm Thomson Family Foundation, and Sitka Foundation.
- At COP29, the Coalition for Disaster Resilient Infrastructure (CDRI) will highlight the need for investments in disaster-resilient infrastructure and announce $8 million for Small Island Developing States and $2.5 million for urban heat and flooding projects. Launches in Baku include a mountain program, a climate risk assessment playbook for financial institutions, and transport resilience guidelines. CDRI will host a pavilion featuring 36 sessions with global stakeholders to showcase resilient infrastructure’s role in reducing disaster risks and supporting sustainable development.
Deals
The UK awards $2.54 billion for 2GW in ocean floor wind power transmission [renewables now]
- The UK’s Eastern Green Link 1 (EGL1) project, a 2-GW high-voltage subsea electricity line between Scotland and northern England, has secured GBP 2 billion ($2.54 billion) in funding from the UK government according to an announcement by Ofgem. Developed by SP Energy Networks and National Grid Electricity Transmission, the 196-km cable aims to boost reliance on domestic wind power and reduce dependency on international gas markets, potentially saving over GBP 870 million annually by optimizing grid capacity and lowering consumer bills.
Ikea invests $1.6 billion in decarbonization [esg today]
- INGKA Group, the parent company of IKEA, is investing €1.5 billion ($1.6 billion) to phase out fossil fuels for heating and cooling its stores, focusing on energy efficiency and renewable technology to meet its goal of reducing operational climate impact by 85% by 2030. The investment supports retrofitting 150 existing properties and ensuring new stores use renewable systems. This move follows a prior €7.5 billion ($8.1 billion) investment in off-site renewable energy. Chief executives highlight the long-term benefits of this shift for both sustainability and cost efficiency.
EIP invests an additional $222 million in Eni's renewables segment [esg today]
- Energy Infrastructure Partners (EIP) has agreed to invest an additional €209 million (approximately $222 million) in Eni's renewables, retail, and EV charging company Plenitude, raising its total investment to nearly €800 million. EIP's stake in Plenitude will now be 10%, supporting the company’s growth and recognizing its strong performance. Plenitude, formed by Eni in 2021, operates over 3 GW of renewable capacity with targets to expand to over 8 GW by 2027 and runs an EV charging network aiming to reach 40,000 points by 2027.
- 3 blended finance platforms are pooling €84 million ($89.3 million) of debt financing to support Axian Energy, an African renewables developer. The Emerging Africa & Asia Infrastructure Fund (EAAIF) and FMO have both invested €30.5 million, with DEG contributing an additional €23 million. The investment will support the development of 2 PV solar with battery storage plants in Senegal, with an annual capacity of 60MW and 72Mwh of battery storage.
GEF invests $20 million in 13 climate adaptation innovation projects [thegef]
- The Global Environment Facility (GEF) has announced $20 million in grants through its Challenge Program for Adaptation Innovation, funding 13 projects aimed at reimagining climate adaptation finance. These initiatives focus on financial innovations such as scaling carbon credit-generating fire management techniques, crowdfunding climate-smart loans, and launching resilience-building bonds. The grants support GEF’s goal of piloting new adaptation funding models to engage the private sector and drive climate action. This funding brings GEF's investment in adaptation projects to over $40 million, with plans for an additional $40 million by 2026.
Fund Formation
Singapore commits $500 million to FAST-P to support Asia's green transition financing [technode]
- The Singapore government has committed up to $500 million in concessional funding to the Financing Asia's Transition Partnership (FAST-P), a blended finance initiative supporting Asia's decarbonization and climate resilience. BlackRock, along with other international partners like the Asian Development Bank (ADB), Temasek, and the Global Energy Alliance for People and Planet (GEAPP), is collaborating on the initiative. The pooled concessional capital aims to raise $5 billion for Asia's green transition, with partnerships focused on energy transition, green investments, and industrial transformation. FAST-P plans to start capital raising and deployment in 2025.
Ivory Coast launches $500 million green finance fund [cnbc africa]
- Ivory Coast is launching a $500 million green finance fund to support sustainable development projects, as part of the African Green Banks Initiative. The fund will be capitalized by both public and private sources, including the government, multilateral banks, and development finance institutions. This initiative aims to address the significant gap in climate finance for African nations, which receive only 1% of global climate funding despite being heavily impacted by climate change. The fund will also support the country's efforts to manage carbon credits.
SBI Ventures to raise $237 million for third climate fund [bfsi.economictimes.indiatimes.]
- SBI Ventures Ltd., a unit of State Bank of India, plans to raise up to Rs 20 billion ($237 million) for its third climate fund, focusing on investments in small and mid-sized companies tackling waste recycling and emissions reduction. The fund is aiming to seek equity partnerships and secure capital from multilateral institutions after board approval.
Green Bonds ≥ $100M
Commitments and deals
New Issuances
Global Green Bond Initiative prepares $3.2 billion fund [environmental finance]
- The Global Green Bond Initiative (GGBI), led by the EU, is preparing a €3 billion ($3.2 billion) raise for an emerging market-focused green bond fund. The raise is expected to mobilize €1 billion of capital from public institutions and €2 billion from senior bonds to be subscribed by private investors, with the goal of financing up to €20 billion in projects for countries that have not yet experienced significant development.
- The Climate Investment Funds Capital Markets Mechanism (CCMM) has announced it is ready to issue its first bonds, although they will not be labeled "green". Launched at COP26 to fund the Clean Technology Fund (CTF), the CCMM aims to support low-carbon projects in developing countries, such as renewable energy and sustainable transport. The bond issuance, listed on the London Stock Exchange, will be led by BofA Securities, BNP Paribas, HSBC, and TD Securities, with ratings from Fitch and Moody's (AA+/Aa1). The initiative is designed to mobilize significant capital for climate action through multilateral development banks.
Completed Issuances
- Starts Proceed Investment Corporation has issued 2 billion yen ($12.9 million) in green bonds to enhance its funding platform and support sustainability efforts. The funds will be used to repay existing bonds and loans, aligning with green finance principles. This move is designed to attract ESG-focused investors and improve the company’s financial position.
- RE Royalties closed the second tranche of its Series 4 senior secured green bonds private placement, raising CAD 1.7 million ($1.2 million) and $140,000, bringing the total raised to CAD 5.8 million ($4.1 million) and $340,000. The bonds, maturing August 29, 2029, offer a 9% annual interest rate and are secured by the company's royalty and loan investment portfolio. Proceeds will fund renewable and sustainable energy projects to reduce greenhouse gas emissions, aligned with the ICMA Green Bond Principles. Integral Wealth and Canaccord Genuity acted as co-lead agents for the offering.
Carbon Removal ≥ $1M
Commitments and deals
Deals
- Vaulted Deep, a U.S.-based climate tech startup, has raised $32 million in venture capital to expand its operations. The company uses oil industry technology to bury organic waste, such as biosolids and livestock manure, deep underground to lock away carbon. The new funding will support the development of additional injection sites in Colorado and other locations.
- Microsoft Corp. and Royal Bank of Canada (RBC) have agreed to purchase 10,000 tons of carbon dioxide removal credits (at an undisclosed price) from Deep Sky, a Canadian project developer. Deep Sky's Alberta facility, which uses a combination of direct air capture (DAC) technologies, will begin operations by March 2025 and deliver credits by June. The deal marks RBC's first DAC purchase and supports Microsoft's efforts toward carbon-negative goals by 2030.
Hard to Abate Sectors ≥ $1M
Commitments and deals
Deals
Suomen Lantakaasu invests $85 million in a liquified biogas plant [renewables now]
- Suomen Lantakaasu has announced a EUR 80 million ($85 million) investment in a renewable liquefied biogas plant in Kiuruvesi, using cattle manure and agricultural byproducts, with construction starting in the winter of 2024/25 and commissioning in 2026. The plant will produce approximately 125 GWh of biogas annually, enough to fuel 250 heavy-duty vehicles, and its output will be distributed through St1's network. The project is part of the EUR 100 million Upper Savo complex, supported by a EUR 19.2 million EU grant, and includes three potential satellite plants and another central plant under development.
- General Galactic has raised $8 million in a seed funding round, bringing total investment to $10 million. Co-led by Harpoon Ventures and Refactor Capital, the round aims to accelerate the development of General Galactic's Genesis technology, which converts industrial CO2 waste into fossil-free natural gas. The company aims to build commercial generation plants worldwide, targeting sectors like maritime shipping, agriculture, and heavy industry. General Galactic plans to deploy its technology by 2025, with fuel offtake reservations now available.
Air Canada buys 78 million liters of SAF from Neste [esg today]
- Air Canada has announced an agreement with Ntest to purchase 77.6 million liters (2.5 million gallons) of sustainable aviation fuel from Neste. The purchase is expected to help Air Canada achieve its 205 sustainability goals of achieving 2% GHG net reductions from flights and 30% GHG net reductions from ground operations.
Research and Knowledge Sharing
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Policy and Regulations
EU parliament delays EUDR implementation [revista cultivar] [deutsche welle]
- The European Parliament has adopted amendments to the European Union Deforestation Regulation, postponing implementation until December 30, 2025, and adding a "no deforestation risk" category to the existing "high" "standard" and "low" risk types. The decision was controversial and widely seen to be a response to pushback from EU trade partners like the United States and the agriculture ministries of several member states. The postponement is unlikely to allay concerns by countries like Indonesia and Brazil, which have refused to comply with the law, arguing that it infringes on their national sovereignty and potential development.
UK pledges to cut emissions by more than 80% by 20235 [esg today]
- The UK government has committed to cut the country's national GHG emissions by 81% by 2035 from a 1990 baseline. The new NDC, which was announced early at COP29, represents an increase from the 78% target set in 2021. Green investment forms a major pillar of the UK government's program, with major investments planned throughout parliament in carbon capture, green energy generation, and a new national wealth fund focused on decarbonization investments.
World Bank announces Carbon Markets insurance product [carbon herald]
- The World Bank Multilateral Investment Guarantee Agency has announced a Letter of Authorization template that can provide insurance coverage for private investors engaging in the UN's Article 6 carbon market. The mechanism is expected to introduce mechanisms for government commitments to be accompanied by clear dispute resolution processes, and credit guarantees to reduce risk for buyers.
Iceland and NDF join IMCA to boost climate finance in emerging markets [innovatorsmag]
- Iceland and the Nordic Development Fund (NDF) announced at COP29 that they have joined the Investment Mobilization Collaboration Alliance (IMCA), a platform focused on blended finance solutions for climate projects in emerging markets. Launched at COP28, IMCA aims to catalyze investments in climate mitigation, adaptation, and nature. IMCA is currently issuing calls for proposals for its latest initiative, Greening Value Chains in Africa (GVCA).
Finance Research and Updates
Environmental Finance releases Biodiversity Insight 2024 [environmental finance]
- Environmental Finance has released its 2024 Biodiversity Insight 2024 supplement, providing recent updates on investor expectations coming out of COP16, the development of England's biodiversity Net Gain, and the current state of blue bonds, among other issues.
ICVCM approves new REDD+ methodologies [carbon herald]
- The Integrity Council for the Voluntary Carbon Market (ICVCM) has approved three methodologies for issuing REDD+ carbon credits, complimenting recent developments in establishing global carbon markets. The methodologies include the ART REDD+ Environmental standard (TREES) v2.0, VCS VM0048, and VCS Jurisdictional and Nested REDD+ (JNR) Framework v4.1, all of which are expected to be used to issue credits starting in 2025. The New methodologies are expected to help address concerns with overcrediting that emerged under earlier REDD+ methodologies.
MSCI tracks new record in carbon offtake agreements [environmental finance]
- MSCI has estimated that long-term offtake agreements for nature-based carbon credits have reached a new record globally, with 10 being signed in the first half of 2024, up from five in all of 2023. The increase represents a potential stabilization of certain segments of the carbon offset market, as offtake agreements can provide stable revenue models for carbon project developers.
- ALTÉRRA, GEAPP, and The Rockefeller Foundation have signed a Memorandum of Understanding (MoU) to explore ways to accelerate the clean energy transition in the Global South. The partnership aims to mobilize a diverse range of public, private, and philanthropic capital to scale up climate and clean energy investments, addressing the financing gap for developing countries. The collaboration seeks to support equitable and climate-resilient energy transitions globally.
Parmenion adds sovereign green bonds to ethical investment portfolio [ft adviser]
- Parmenion has introduced global green bonds as an asset class in its ethical investment solutions, marking its first allocation to sovereign green bonds. The strategy will utilize the Goldman Sachs Sovereign Green Bond Fund, focusing on European issuers like France, the Netherlands, and Germany, while avoiding sectors such as tobacco, nuclear power, and fossil fuels. This move reflects the growth of the sovereign green bond market and aligns with Parmenion's strict ESG screening criteria. The UK has raised £43.4 billion through its green financing scheme, while the U.S. has yet to issue sovereign green bonds.
- JPMorgan disclosed a new Energy Supply Financing Ratio for 2023, providing $1.29 in financing to green energy for every dollar backing high-carbon energy. This move follows engagement with New York City Comptroller Brad Lander and comes amid growing investor pressure for banks to support the clean energy transition. The bank's strategy, which includes loans, underwriting, and green bonds, reflects its ongoing commitment to sustainable development, to finance $2.5 trillion in sustainable initiatives by 2030.
Emerging Science
Congressional Research Service publishes report on CDR [congressional research service]
- Congressional Research Service Analyst Jonathan D. Haskett has published a report on the potential role of Carbon Dioxide Removal in mitigating climate change. The report provides an overview of the history of Carbon Dioxide Removal (CDR) in stabilizing global temperatures and compensating for hard-to-abate emissions, different typologies of CDR, and current congressional actions that support the development and usage of CDR.
A new paper examines how urban spaces can promote biodiversity [phys]
- A team from the Technical University of Munich has released a new paper in Nature Cities on how various human-induced and environmental factors influence biodiversity in urban environments. Based on a study of 13 public squares in Munich, the study found that the openness of public space had a huge impact on the density and variety of species and that conscious planning of species choices could support important urban pollinators.
The IUCN warns that shorebird populations are in global decline [mongabay]
- The IUCN has reclassified 16 shorebird species into a higher threat category in its most recent list update, prompted by a 2023 study showing steep declines in shorebird population numbers. The decline in species populations is thought to be a result of the destruction of migratory bird habitat and degradation of international migration pathways or "flyways" as well as climate change impacts on birds' migratory patterns and habitat.
Study finds that optimized agricultural management can reduce global nitrogen losses [nature food]
- A new meta-analysis in Nature of 1.065 studies on nitrogen loss from crop plants has found that optimized management can effectively reduce N2O and NH3 emissions, as well as nitrogen runoff and leaching. After considering local conditions and current practices, average reductions on a global scale were 31% for N2O, 23% for NH3, 18% for N run-off, and 17% for N leaching.
Nature Communications study estimates carbon mitigation accountability across countries [nature]
- A new study in Nature Communications attempts to estimate what the fair share for mitigating global carbon emissions would be if divided across countries based on their historical emissions. The study utilized the concept of "carbon debt" or historical emissions that a country has produced in excess of what would be their fair share based on population.
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