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GLG launches 'green' hedge fund
01 March 2007GLG Partners, an $18 billion London-based hedge fund manager, is raising funds into an open-ended environmental hedge fund. The GLG Environment Fund will use research from Trucost to identify companies within its $1.5 billion European equity strategy with a lighter environmental footprint, on the assumption – backed up by back-testing – that they will outperform the wider market.
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Suzlon outbids Areva for Repower
01 March 2007Indian wind turbine manufacturer Suzlon has triggered a takeover battle for Repower Systems, a German wind turbine maker that was last month the subject of a bid from Areva, a French nuclear and electricity transmission company.
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Standard RECs contract released
01 March 2007A standard contract for trading renewable energy certificates (RECs) was released in February by the American Bar Association, the Environmental Markets Association and the American Council on Renewable Energy. Those organisations formed a joint committee in 2005 to develop a contract that would be technology-neutral and usable in both compliance and voluntary markets (see Environmental Finance, November 2006, page 20).
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EU aims for 25% cut in car emissions
01 March 2007The European Commission has proposed mandatory targets to compel car makers to reduce carbon dioxide (CO2)?emissions from new cars by around 25% by 2012.
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French scheme awards €1.2bn SRI mandates
01 March 2007ERAFP, the French public service pension scheme, has awarded mandates to four socially responsible investment (SRI) managers, to make equity investments expected to top €1.2 billion ($1.6 billion) over the next four years.
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China to refuse loans on environmental grounds
01 March 2007China's central bank is working on a plan to refuse loans to companies with poor environmental records, under a nationwide system that will factor environmental information into loan applications.
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TXU buyers step away from coal
01 March 2007The proposed acquisition of US utility TXU by two private equity firms is being called an "earthquake" in the US power industry, since the new owners will abandon plans for controversial coal plants.
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State dropouts will cut mercury prices, says EPA
01 March 2007The US Environmental Protection Agency (EPA) foresees a healthy trading market for mercury, despite the withdrawal of some big states from its planned programme, and says their absence will actually reduce allowance prices.
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Goldman exceeds green investment goal
01 March 2007Goldman Sachs invested more than $1.5 billion in renewable energy and clean technologies during 2006, the investment bank said in a report summarising its achievements in the first year of its environmental initiative.
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Piper Jaffray closes cleantech fund
01 March 2007US investment bank Piper Jaffray closed a $60 million clean technology venture capital fund-of-funds on 29 January, far exceeding its original target of $25 million.