Phlair (formerly Carbon Atlantis), a company developing a carbon capture system to remove unavoidable CO₂ emissions, announced that it has raised €14.5M in a seed round for the expansion of its footprint and further innovation of its Direct Air Capture (DAC) technology. Direct air capture (DAC) technologies extract CO₂ directly from the atmosphere, and can be used anywhere – unlike…
Google announced today a new agreement with carbon removal company Mombak for the purchase of 50,000 carbon credits generated through Mombak’s reforestation projects in the Brazilian Amazon. The agreement marks Google’s first-ever purchase of nature-based carbon credits, and follows a commitment announced in March by the company to contract for at least $35 million of carbon removal credits over the next 12…
Sustainability advisory firm ERM announced today the launch of the ERM Carbon Credit Portal, a new solution providing the firm’s clients with access to carbon credits through the voluntary carbon market (VCM). According to ERM, the new portal comes as clients increasingly look to carbon credits to complement their greenhouse gas emissions reduction strategies and help mitigate unabated emissions, while…
Investment data and research provider MSCI announced today the launch of MSCI Carbon Project Ratings, aimed at enabling carbon market participants including buyers, investors, and developers to assess the quality and integrity of carbon projects. The new ratings come as demand for carbon offset projects and related credits is expected to increase significantly over the next several years, as companies…
UK-based Standard Chartered and Northern European financial services company SEB announceda partnership with carbon crediting platform Puro.Earth, under which the banks will begin to offer clients carbon removal offtake agreements from Puro-certified early-stage carbon dioxide removal (CDR) projects, and aimed at channeling capital to suppliers to help scale the CDR market. According to the landmark Intergovernmental Panel on Climate Change…
By: Linda Freiner, Group Chief Sustainability Officer, Zurich Insurance Group We are already paying a heavy price for climate inaction. Record-breaking flooding, heatwaves, droughts and wildfires are having disastrous humanitarian and financial impacts. Due to global warming, our climate risk models show that these natural hazards and severe weather events are becoming more frequent and severe. Insurance can provide protection…
Amsterdam-based global bank ING announced on Thursday a series of updates to its policy for energy financing, including an immediate end to all new general financing – including corporate financing and bonds – to pure-play upstream oil and gas companies that continue to open new oil and gas fields. The new policy was unveiled as part of the release of…
Amsterdam-based global bank 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. The utilization of the new tool was…