UK-based conglomerate Virgin announced that its climate targets, including its goal to achieve net-zero greenhouse gas emissions (GHG) across the value chain by 2050, have been approved by the Science Based Target initiative (SBTi). Among the goals approved by the SBTi is a commitment by the company to ensure that 68% of its companies by emissions will have science-based targets…
New York Governor Kathy Hochul announced that she has directed the New York Power Authority (NYPA) to develop and construct a zero-emission advanced nuclear power plant in Upstate New York, with capacity to produce at least one gigawatt of electricity. According to a statement released by the Governor’s office, the new initiative will contribute to the goal “to achieve a…
US-based private equity firm Greenbelt Capital Partners announced the final close of its inaugural fund, Greenbelt Capital Partners III (Fund III), at its hard cap of $1 billion. The firm said that its fund reached its hard cap, and surpassed its initial target of $750 million. The successful raise marks a significant milestone for the firm, which was founded in…
The European Council announced an agreement by EU member states on the Council’s negotiating position on the Omnibus proposal to simplify and reduce sustainability reporting and due diligence requirements for companies. The Council’s agreed position targets more significant cuts to the EU’s sustainability-focused regulation than the Commission’s initial proposals, particularly for the Corporate Sustainability Due Diligence Directive (CSDDD) – which requires companies…
Goldman Sachs Asset Management has launched an ETF targeting green and social bonds across emerging markets. The Goldman Sachs Emerging Markets Green and Social Bond Active UCITS ETF invests mainly in fixed income across corporate and sovereign issuers in emerging markets, where issuers intend to allocate the proceeds for green or social contributions. The ETF, which will list on exchanges…
As London Climate Action Week gets underway, it’s time to ask a hard question: are we still on track for net zero by 2050? On the surface, the momentum is holding. Clean technology costs continue to fall — forecast to drop another 2–11% in 2025 — bringing the total cost of net zero down by an estimated 73% versus original…
Alternative asset management firm Ares announced today that its alternative credit arm, Ares Management Alternative Credit funds signed a new agreement with Italian energy company Eni to acquire a 20% stake in Plenitude, Eni’s renewables, retail and EV charging company. The transaction is being made for a total value of approximately €2 billion (USD$2.3 billion), corresponding to an equity valuation of…
Volkswagen AG’s vehicle financing business Volkswagen Bank announced that it has raised €1.5 billion through its first-ever green bond issuance. According to Volkswagen Bank, demand for the offering was strong, with more than 170 investors taking part in a virtual roadshow for the deal, and with the transaction drawing demand of €6.6 billion. The issuance was comprised of a 3-year…