Following COP28 in Dubai, where our partner Luiz Gustavo Bezerra was present and participated in various discussions related to the transition to a low-carbon economy and the role of economic instruments and carbon markets, among several other topics, the implementation of initiatives that financially value the adoption of environmentally desirable practices by individuals and institutions is appropriate and urgent, in…
Microsoft Signs Deal to Remove up to 3 Million Tons of Carbon Through U.S. Forest Project
Microsoft and nature-based carbon removal startup Chestnut Carbon announced today a 15-year offtake agreement, with Chestnut providing Microsoft with potentially more than 3 million tons of nature based credits from its U.S.-based afforestation project. The deal includes the removal of 362,000 tons of carbon in its first phase, and up to 2.7 million tons in subsequent phases, which would mark…
EU Invests Over €2 Billion of Emissions Trading Revenue into Clean Energy Infrastructure Projects
The European Commission announced today investments of €2.2 billion in clean energy projects in lower-income member states, with the new disbursements funded by revenues from the EU Emissions Trading System (EU ETS). Allocations for the projects were made through the EU’s Modernisation Fund. Launched in 2018, with disbursements beginning in 2021, the fund was designed to support the modernization of…
ING to Phase Out Financing for Oil & Gas Exploration and Production by 2040
Amsterdam-based global bank ING announced today that it will phase out financing of upstream oil and gas activities, ending its lending for oil and gas exploration and production, by 2040, while setting a new target to triple financing for renewable power generation by 2025. According to ING, the new commitments are aimed at building on the progress made at the…
Octopus Energy Raises $800 Million to Accelerate Clean Energy Buildout
UK-based clean energy provider Octopus Energy Group announced has announced that it has received $800 million additional investment from its existing shareholders, aimed at accelerating the company’s clean energy growth. Launched in 2016, Octopus Energy Group is now made up of 10 businesses across 18 countries, serving over 7 million customers. The new investment values the company at nearly $8…
Meta Signs Deal for 330MW of Renewable Energy in Illinois and Arkansas
Utility-scale solar developer and battery storage company Adapture Renewables, announced today that it has signed three Environmental Attributes Purchase Agreements (EAPAs) with Meta to procure 330MW of renewable energy from three solar projects under development in Illinois and Arkansas. Meta is one of the largest corporate buyers of renewable energy, and the company achieved its goal to meet 100% of…