Climate Investment Newsletter 5/9 - 5/15
Nature-Based Climate Solutions are Investable Today
Professional investors, join Capital for Climate's Nature-based Solutions Investment (NbS) Workshop, in partnership with Nature4Climate, at Innovate4Climate on May 26th (12:10pm EDT) to discover practical insight into the NbS landscape and uncover institutional grade investment opportunities in alternative asset classes.
Tune in for expert-led presentations from:
- C4C co-founder, Tony Lent
- Head of Nature-based Solutions and Food Systems for the COP27 High Level Climate Champions Team, Irene Suárez Pérez
- Natural Capital Lead for AXA Investment Managers, Adam Gibbon
- Managing Director, Impact and Advocacy, for New Forests, Radha Kuppalli
Leveraging Capital for Climate's open access NbS Investment Platform, delivered in collaboration with the COP26 High Level Champions Team, participants will engage with 12 primary NbS solutions, over 40 exemplar specialist funds, and 20 market accelerating initiatives globally.
Click here for more info and to register!
Individual Deals and Market Watch
Unilever, AXA unveil €1 bln regenerative agriculture fund [Carbon Pulse]
- Summit Carbon Solutions ("Summit"), developer of the world's largest carbon capture and storage project, which will capture and permanently store up to 20 million tons per year of carbon dioxide from dozens of ethanol and other industrial facilities across the Midwestern United States, is pleased to announce the successful completion of its equity fundraising efforts, which have resulted in over $1 billion in total equity commitments.
ADX lists first green bonds worth $700m [Arab News]
- The Abu Dhabi Securities Exchange, ADX, has announced the listing of $700 million of green bonds for Abu Dhabi solar firm Sweihan on its Second Market.
ASML successfully places inaugural green bond offering for €500 million [GlobeNewswire]
- ASML expects to use an amount equal to the net proceeds from this offering to finance and/or refinance, in whole or in part, new or existing commercial real estate projects (the Eligible Green Projects) that meet the requirements of the Issuer’s Green Bond Framework. The Green bond Framework and the ISS ESG Second Party Opinion thereon are available at www.asml.com.
Gresham House plans 'unique' €500m forestry fund [Environmental Finance]
- Aimed at institutional investors, the fund will seek to make money from timber while storing carbon in both trees and wood products, Gardner said. Gresham House is the UK’s largest commercial forestry manager overseeing around £3 billion in forestry assets globally.
GoodGreen’s $344 million green bond issuance [Global Legal Chronicle]
- The GoodGreen securitization provided financing on over 9,000 PACE assets covering residential and commercial properties located in 62 counties in California and Florida.
J.P. Morgan leads $200M investment in Arcadia’s clean-energy platform [Canary Media]
- With this new funding round, startup Arcadia is now valued at $1.5 billion and poised to grow its software ecosystem for home and commercial clean-energy usage.
UK startup raises $150 million in largest round for carbon capture [Bloomberg]
- Carbon Clean Solutions has built a modular unit that it hopes can lower the cost of capture to merely $30 a ton.
Primoris reports new USD-130m solar construction award [Renewables Now]
- The company said on Friday that the division has secured a USD-130-million (EUR 123.7m) contract to provide engineering, procurement and construction (EPC) services for a utility-scale solar facility in the South. That award was unveiled a day after Primoris announced a USD-120-million solar EPC job in the Southwest region.
Pachama nets $55m Series B to bring accountability to forest carbon markets [AFN]
- San Francisco-based Pachama has raised $55 million in Series B funding for its tech-focused carbon credit platform the company says can bring more integrity and accountability to forest carbon markets and reporting.
Macro Commitments
- A total of 493 projects are underway including 464 government-aided projects, according to government data.
$13.6bln solar park to help Dubai achieve net-zero emissions by 2050 [Zawya]
- Dubai Electricity and Water Authority (Dewa) has announced that Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world being built at an investment of AED50 billion ($13.6 billion), is set to achieve net-zero emissions by 2050.
JERA plans $11 bln capex over 4 yrs as Russia drives low carbon focus [Reuters]
- Japan's biggest power generator JERA said it will invest 1.4 trillion yen ($11 billion) over the next four years to expand overseas assets and cut carbon emissions, a trend it expects to accelerate following Russia's invasion of Ukraine.
Smelting giant Korea Zinc to invest $6.6b in green power [The Gulf Time]
- After nearly half a century expanding its bread-and-butter business into one of the world’s largest metal smelting operations, Korea Zinc Co is setting its sights on renewable energy to cut costs and drive growth.
- The Netherlands announced plans to for a new green Dutch State Loan (DSL) bond issuance, aiming to raise €4-€5 billion to finance climate change mitigation and adaptation projects and initiatives. The issuance is scheduled for June 14.
Subaru to spend $1.9bn on battery capacity, EV line [Moneyweb]
- Over the next five years and will add an EV production line to its main factory in Gunma prefecture in Japan that should begin producing cars from 2027, the automaker said.
- After delivering a state surplus of $5.7 billion, the West Australian government announced a $652 million investment in tackling climate change and protecting the environment as part of its 2022-23 State Budget.
Toyota to invest $624 million to make EV parts in India [Bloomberg]
- Toyota Group plans to invest 48 billion rupees ($624 million) to make electric vehicle components in India, as the Japanese carmaker works toward carbon neutrality by 2050.
$500 million fund launched to guide investment towards plastic waste solutions [Resource.co]
- The Alliance to End Plastic Waste and Lombard Odier Investment Managers (LOIM) have announced their intention to launch a new circular plastic fund.
BNI seeks Rp 5 trillion (US$342.95 million) from green bond sale [The Jakarta Post]
- State-owned Bank Negara Indonesia (BNI) seeks to raise Rp 5 trillion (US$342.95 million) from the sale of green bonds to finance green projects.
£200 million boost to rollout of hundreds more zero-emission HGVs [Clean Technica]
- The world’s largest fleet of zero emission HGVs will take to UK roads through plans to achieve cleaner air and greener jobs, while helping to keep costs down on consumer goods. Transport Minister Trudy Harrison revealed over £200 million of government funding will be injected into an extensive zero emission road freight demonstrator programme, at Logistics UK’s Future Logistics Conference this morning (12 May 2022).
Greenvolt forms JV to invest EUR 170m in small-scale solar in Spain [Renewables Now]
- Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) and its Madrid-based peer Green Mind Ventures (GMV) are planning to invest EUR 170 million (USD 179.4m) in the Spanish solar market over the next five years.
UK starts £120 million fund to develop nuclear power technology [BNN Bloomberg]
- The UK government is giving £120 million ($147 million) to a new fund for the development of nuclear power as the country seeks to put atomic energy at the heart of its electricity mix.
Pathways, Frameworks, Case Studies, Research, Climate Science
- Moreover, alternate dairy products segment is expected to acquire a market share of around 34% in year 2027. In both the mature and emerging markets, dairy replacements have proven to be extremely popular. This is due to an increase in the number of persons who are allergic to dairy.
- The Global Cement and Concrete Association (GCCA) has revealed the first six start-ups that will be backed by its member companies as part of the first ever Innovandi ‘Open Challenge’ in the race to ‘net zero’ by 2050.
UKGBC publish guide to accelerate industry action on commercial retrofit [Climate Action]
- The UK Green Building Council (UKGBC) has published a guide to support the industry to retrofit the UK’s poorly performing commercial buildings.
China’s climate-focused funds surpass U.S. with $47 billion in assets [Yahoo Finance]
- Chinese funds with a climate focus more than doubled their assets last year, passing the U.S. as the second-largest global market and bolstering Beijing’s push to meet its net-zero targets.
- Coral bleaching affected 91% of reefs surveyed along the Great Barrier Reef this year, according to a report by government scientists that confirms the natural landmark has suffered its sixth mass bleaching event on record.
Norfolk Southern's $500 million in green bonds funds low-carbon initiatives [Yahoo]
- Norfolk Southern Corporation (NYSE: NSC) released a report on projects funded by the $500 million in green bonds issued by the company in 2021. The report provides a comprehensive overview of the funded projects, as well as expected environmental and social benefits.
Japan needs to invest $1.2 trillion in decarbonisation over 10 yrs, industry ministry says [Reuters]
- Japan's public and private sectors will need to invest a total of 150 trillion yen ($1.2 trillion) in decarbonisation over the next 10 years to help achieve the nation's ambitious goal of becoming carbon neutral by 2050, the industry ministry said.
FCA warns greenwashing risks trust in $1bn carbon market as firms race to net zero [Financial News]
- The City watchdog warns that greenwashing could damage the trust needed to offset carbon in the race to net zero.
- At stake is the growing carbon offsetting market, valued at more than $1bn. The voluntary marketplace for carbon credits is beset with major problems because of a lack of regulation and therefore, accountability.
US solar installations could fall 50% or more under new tariffs [Canary Media]
- The actions of a tiny equipment supplier are leading to tens of gigawatts of solar power not being deployed in the U.S. The solar-panel manufacturer Auxin Solar filed a trade complaint earlier this year that triggered an investigation by the U.S. Commerce Department into whether tariffs should be imposed on solar modules imported from Cambodia, Malaysia, Thailand and Vietnam, which have been supplying about 80 percent of the solar panels installed in the U.S.
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