Algebris Raises €200 Million for Private Equity Fund Targeting Green Transition Opportunities

Global asset manager Algebris Investments announced the first close of its first private equity fund, the Algebris Green Transition Fund. The firm said that it aims to raise a total of €400 million for the fund over the next twelve months.

The fund supports the expansion of companies active in key green transition areas including energy transition, circular economy and smart cities and agritech, with a focus on Italian and other European businesses. Investments target companies with proven earnings potential,

The fund invests in opportunities in key green transition themes including energy transition, circular economy, smart cities and agritech, and aims to support companies in these areas through expansion, internationalisation, and consolidation. Companies targeted for investment include those with proven earnings potential, resilient business models and sustainable long-term strategies, with a focus on businesses in Italy and more widely in Europe.

The Green Transition Fund, managed in accordance with Article 9 of the EU Sustainable Finance Disclosure Regulation, is headed by Luca Valerio Camerano, Managing Director at Algebris, along with Investment Director Francesco Becchelli and head of business development energy transition Matteo Tarchi.

Camerano said:

“The Algebris Green Transition Fund represents a unique solution to take advantage of the forces that are reshaping the economy, and at the same time, it represents a concrete access to investments related to a more sustainable future. The stakeholders in the market and society demand industrial solutions capable of credibly combining development and sustainability.”

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ESG Today: Week in Review

This week in ESG news: G7 leaders form ‘climate club,’ pledge $600 billion for sustainable infrastructure; U.S. Supreme Court decision puts nation’s climate strategy at risk; EY appoints global head for climate & sustainability practice; hundreds of investors to engage companies to report on environmental impact; Switzerland launches climate scores for investment products & portfolios; capital raises for carbon tracking, fast EV charging, energy storage; GRI launches sustainability disclosure standard for agriculture sectors; Fifth Third ramps sustainable finance goals; first-ever 100% sustainable aviation fuel-powered flight completed; PVH, HSBC launch sustainable supply chain finance program, and more.

See below for the highlights of the past week, and get all your ESG news at ESG Today:

Sustainability Goals, Initiatives and Achievements

Urgent Corporate Action on Deforestation Needed to Meet Climate Goals: Report

Global Real Estate Investor Hines Targets Net Zero from Buildings Without Offsets

Climeworks Launches Massive Direct Air Capture Plant in Iceland

Euronext to Require Science-Based Emissions Reduction Targets from Suppliers

Neste, ATR, Braathens Operate First 100% Sustainable Aviation Fuel-Powered Flight

Business Leaders Urge G7 to Ramp Carbon Price, Set Policies Enabling Private Market Investment in Climate Action

Government & Regulators

Supreme Court Decision a Big Setback for US Climate Strategy

G7 Leaders Pledge to Mobilize $600 Billion for Sustainable Infrastructure in Emerging Markets

Climate Watchdog Warns of “Major Risks” of UK Missing Net Zero Goals

G7 to Launch “Climate Club” to Coordinate Decarbonization, Address Carbon Leakage

European Council Agrees on Tougher Renewables, Energy Efficiency Targets for EU

EU Markets Regulator Releases ESG Ratings Market Assessment as Part of Process to Regulate Sector

ESG Reporting & Disclosure

Switzerland Launches Climate Scores for Investment Products and Portfolios

GRI Unveils Sustainability Reporting Standard for Agriculture, Fishing Sectors

Guest Post – ESG Reporting: Can CFOs Really Help to Repair the Planet?

$31 Trillion Investor Group Urges High Impact Risk Companies to Report Climate, Forest, Water Data

ESG Services and Tools

ESG & IR Advisory Clermont Acquired by H.I.G. Capital’s Riveron

Sustainalytics Acquires Property-Level Climate Risk Data Provider Aquantix

KYC Provider Fenergo Launches ESG Compliance Solution for Financial Institutions

Nasdaq to Provide Exchange Technology to Power CIX’s Carbon Credit Platform

Real Estate ESG Data Provider Deepki Acquires Building Sustainability Platform Fabriq

Guest Post: ESG Risks in the Supply Chain and Identifying Weaknesses

ESG Investing

responsAbility, ESG-AM Launch Bond Fund Targeting Industrial Decarbonization Leaders

Amundi Launches Corporate Green Bond Fund

DWS Launches ETF Providing Exposure to US Equities Aligned with Net Zero Pathway

Nuveen to Target Major Emitters Alongside Climate Leaders in New Net Zero Transition Fund

Sustainable Finance

Fifth Third Ramps Sustainable Finance Goal to $100 Billion

Guest Post: How Can Oil & Gas Transition to Carbon Negativity Using Alternative Finance?

HSBC, PVH Launch Sustainable Supply Chain Finance Program

Private Equity & Venture Capital

Fast Charge EV Provider Electra Raises €160 Million

Cleantech Startup Cleartrace Raises $20 Million to Scale Carbon Tracking Platform

Energy Dome Raises $11 Million to Ramp its CO2-Based Utility-Scale Energy Storage Solution

Clean Energy Company Intersect Raises $750 Million to Scale Renewables, Storage & Hydrogen Capacity

Ara Partners Acquires Sustainable Packaging Provider Petainer

Low Carbon Proptech Tech Startup Vestack Raises Over €10 Million

Energy Transition

LyondellBasell Signs Purchase Agreements for 216 MW of Solar & Wind Energy in U.S.

Kraft Heinz Purchases Renewable Energy to Power Most of US Manufacturing

Equinor, SSE Acquire Triton Power, with Plans to Convert Major Gas Plant to Low Carbon Hydrogen

Exec Appointments

EY Appoints Matthew Bell as Global Leader of Climate Change and Sustainability Services Team

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Switzerland Launches Climate Scores for Investment Products and Portfolios

Switzerland’s Federal Council announced the launch of Swiss Climate Scores, based on a series of indicators aimed at providing transparency into the alignment of companies with global climate goals.

The council is requesting, on a voluntary basis, that banks, asset managers and insurance companies apply the scores to their client portfolios and investment products, enabling investors to better assess the climate alignment of their investments, identify climate transition opportunities, and meet their own sustainability goals.

In a statement announcing the launch of the scores, the Federal Council said:

“The voluntary use of the Swiss Climate Scores is intended to make investment decisions more efficient. Investors can benefit from economic opportunities in the transition to net zero and at the same time better contribute to achieving climate goals.”

Criteria assessed in the scores include greenhouse gas emissions, fossil fuel exposure, global warming potential, net zero strategy and commitments, and climate stewardship.

The new scores are meant to be compatible with existing climate measures, drawing heavily on existing initiatives, including the framework of the Glasgow Financial Alliance for NetZero (GFANZ) and the Taskforce for Climate-related Financial Disclosures (TCFD).

According to the council, the scores go beyond current systems, such as the EU Taxonomy, by not only providing a climate snapshot of company or portfolio’s current environmental status, but also including forward-looking information of where companies are positioned and their transition plans relative to the global climate goal to limit warming to 1.5° C.

The scores were developed with input from a working group consisting of Swiss federal bodies, financial sector participants including UBS, Swiss Re and Lombard Odier, as well as NGOs and academic institutions.

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