RGreen Invest backs EV charging business with €47m financing
SWISH, a French company in the management of charging stations for electric vehicles, has announced the completion of a €47 million equity and quasi-equity financing round, provided by INFRAGREEN V, a fund managed by RGreen Invest. The fund is certified Greenfin and classified Article 9 under the Sustainable Finance Disclosure Regulation (SFDR). The transaction marks the first in "pure" EVs for RGreen’s InfraGreen V fund, the fifth vehicle in this strategy. The fund is currently fundraising, targeting €1.2 billion. [1] [2]
La Banque Postale launches €1 billion energy transition infrastructure fund
La Banque Postale, LBP AM and CNP Assurances are ramping up their commitment to energy transition with the launch of an impact infrastructure debt fund, backed by CNP Assurances, totalling €1 billion. According to La Banque Postale, the new impact debt fund, classified as Article 8 under the SFDR regulation, will provide long-term support for projects that make a substantial contribution to mitigating climate change or that are committed to decarbonising their operations. It will be deployed over a three-year period. [3] [4]
Allianz to invest over $20 billion in climate and cleantech solutions by 2030
Insurance and investment group Allianz announced a series of new climate-focused commitments and targets, including a goal to invest €20 billion (USD$21 billion) in climate and cleantech solutions by 2030. The new goals were released with the publication of Allianz’s first comprehensive net-zero transition plan, outlining the company’s strategy to achieve its climate goals. Allianz has committed to achieving net-zero emissions by 2050 in its proprietary investment and P&C underwriting portfolios, and by 2030 in its own operations. [5] [6]
Just Climate launches 'natural climate solutions' strategy
Just Climate, an investment business established by Generation Investment Management to address the net-zero challenge at scale, announced its expansion to natural climate solutions through a dedicated investment strategy. Consistent with its existing Industrial Climate Solutions (ICS) strategy, Just Climate’s Natural Climate Solutions (NCS) strategy aims to direct capital at scale globally to businesses that can generate the highest climate impact and attractive financial returns. It will focus on avoiding emissions from agriculture, forestry and other land use (AFOLU), as well as sequestering emissions through restoration of soil, forests and wetlands. [7] [8]
DWS fined $19m by SEC over 'materially misleading' ESG statements
Deutsche Bank’s asset management arm DWS has agreed to pay $25m in penalties to settle two charges by the Securities and Exchange Commission (SEC) into alleged ESG “misstatements” and anti-money laundering violations. The ‘materially misleading’ statements refer to how ESG factors were factored into the research and investment recommendations for ESG-integrated products. The SEC’s investigation found that DWS had marketed itself as a ‘leader in ESG’, however during a three-year period between August 2018 and late 2021, it had failed to implement provisions of its global ESG integration policy, despite leading its clients and investors to believe it would do so. [9][10]
US asset managers decline to back 'over-reaching' E&S resolutions
Support for environmental and social shareholder resolutions fell by 10 percentage points in the 2023 proxy season, with asset managers arguing the motions were often ‘overly prescriptive’ or ‘redundant’, Morningstar Manager Research has found. This is especially true amongst the ‘Big Three’ – BlackRock, Vanguard and State Street – which all raised concerns that resolutions were too constraining. [11]
Blackstone closes record energy transition private credit fund at over $7 billion
Alternative investment manager, Blackstone announced the final close of its energy transition credit fund, Blackstone Green Private Credit Fund III (BGREEN III). BGREEN III closed at its hard cap of $7.1 billion. Dwight Scott, Global Head of Blackstone Credit, said: “Blackstone has built a premier platform focused on private credit in the energy transition and infrastructure markets. We are grateful for the trust from our limited partners and look forward to investing in this favourable market environment.” [12][13]
Investors failing to act on just transition, Fidelity International says
Institutional and intermediary investors lack understanding and conviction when it comes to moving to a "just transition" economy, according to a survey by Fidelity International. Fidelity said a lack of awareness and conviction regarding a just transition might explain why only 35% of those familiar with the term already have or are developing a dedicated investment strategy devoted to it, with those in Europe ahead of their counterparts in Asia. [14][15]
Green steel plant raises €1.5bn in largest private placement in Europe this year
In the largest private placement in Europe this year, H2 Green Steel has raised over €1bn for a GW-scale electrolyser project in Sweden. The developer has raised €1.5bn in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The plant will deliver steel with up to 95% less CO2 emissions compared to steel produced with traditional blast furnace technology. [16][17]
Nuveen launches $525 million sustainable commercial real estate lending fund
Investment manager Nuveen, and its sustainable commercial real estate financing solutions business Nuveen Green Capital (NGC), announced the launch of the Nuveen CPACE Lending Fund, aimed at enabling insurance investors to finance energy efficiency and sustainability projects for commercial real estate. The fund is launching with allocations of $525 million from an initial investor group of six major insurance firms. The new fund, designed for the unique requirements of insurance investors, aggregates the financing of C-PACE projects that reduce buildings’ environmental impact by increasing energy efficiency, and providing the insurers with a capital-efficient opportunity to access investment grade clean energy assets. [18][19]
$150trn investor groups call on Australia to adopt ISSB standards
Australia's new climate reporting rules should match global best practice by including standardised and decision-useful transition plans, according to three alliances of investors, collectively worth an estimated $150 trillion. The three groups – Investor Group on Climate Change, UN-supported Principles for Responsible Investment as well as the Carbon Disclosure Project – released a joint statement highlighting a lack of standardisation and regulatory guidance, which currently means that most companies’ disclosure of net zero strategies is "incomplete or inadequate" for investor needs. [20]
'Landmark' Global Biodiversity Framework fund launched – but with $40m shortfall
A 'landmark' Global Biodiversity Framework fund was finally given the go ahead, but after just two governments (UK and Canada) made funding commitments, a further $40 million needs to be found by the end of the year. The fund, which will contribute to the goal of protecting 30% of the world’s land and water ecosystems by 2030, has been set up by the Global Environmental Facility (GEF), a multilateral financial partnership. [21][22]
