The Monetary Authority of Singapore (MAS) launched the Singapore-Asia Taxonomy for Sustainable Finance (the “Singapore-Asia Taxonomy”) at the COP28 climate conference on 3 December 2023. This development is noteworthy as the Singapore-Asia Taxonomy is the world’s first multi-sector transition taxonomy for defining green and transition activities across eight key sectors, namely: (1) energy; (2) industrial; (3) carbon capture and sequestration;…
Cleantech Startup Dimensional Energy Raises $20 Million to Advance Carbon Utilization Tech
CO2 utilization company Dimensional Energy announced today that it has raised $20 million in a Series A funding round, with proceeds to be used to accelerate the production of sustainable aviation fuel, and other industrial decarbonization-focused initiatives. Founded in 2014, Ithaca, New York-based Dimensional Energy uses captured CO2 to produce fuels and product materials that would otherwise utilize fossil fuels…
BNP Paribas Launches New Climate Impact Infrastructure Debt Fund
Paris-based global bank BNP Paribas announced today the launch of BNP Paribas Climate Impact Infrastructure Debt, a new fund aimed at financing climate change mitigation, and supporting energy transition projects across continental Europe. The fund is targeting €500-750 million from institutional investors, including a seeding commitment from BNP Paribas’ insurance business BNP Paribas Cardif. Olivier Hereil, Deputy CEO for Asset…
Sustainable Infrastructure-Focused Generate Capital Appoints William Sonneborn as New President
Sustainable infrastructure investor and operator company Generate Capital announced the appointment of William (Bill) Sonneborn as President. Founded in 2014, Generate builds, owns, operates and finances clean energy, transportation, water, waste, agriculture and digital infrastructure, aimed at being a “one-stop-shop for the infrastructure transition.” The company has raised over $ billion in capital since inception, and invested over $6 billion in…
UK Eliminates Cap on Penalties on Polluting Companies
The UK government announced that it has scrapped a limit on penalties that its Environmental Agency can impose on companies that pollute the environment through Variable Monetary Penalties (VMPs), its civic sanctions system that can impose fines directly through regulators, and expanded the range of pollution offences covered by the system. Prior to the revision, VMP penalties were capped at…
COP28 Ends with Agreement to Transition Away from Fossil Fuels
Following a marathon overnight negotiating session, a final agreement was approved at the UN’s COP28 climate conference in Dubai, which for the first time ever called for a global transition away from fossil fuels. While falling short of the ambition of some countries and environmental organizations to introduce a time-bound requirement to “phase out” fossil fuels, the negotiations, brokered by…