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AIG launches altenergy division
01 June 2007US insurer AIG has formed a new practice for its clients in the renewable energy sector. The AIG Global Alternative Energy Practice will focus on insurance, risk management and loss control services for US-based clients in the biofuels, hydroelectric, geothermal, solar and wind industries.
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Traders' exits hit weather trading
01 June 2007After dramatic growth in 2006, the market for weather derivatives has caught a cold, according to the annual survey by the Weather Risk Management Association (WRMA).
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Citi, HSBC pledge big sums on climate change
01 June 2007Two of the world's largest banking groups have pledged enormous sums to the fight against climate change – but have taken different approaches to the issue.
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World Bank backs controversial Ugandan dam
01 June 2007The World Bank is to help finance a controversial $799 million hydropower project in Uganda, it announced last month. Supporters of the 250MW Bujagali hydropower plant, situated on the Victoria Nile Delta near the town of Jinja, say it will end Uganda's electricity crisis, and the blight of daily power cuts which the World Bank says cost the country 1% of its GDP.
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Banks to raise $5 billion for 'green' building retrofits
01 June 2007Five major banks have promised to raise $1 billion each to finance a programme of energy efficiency building retrofits in 15 cities around the world. ABN Amro, Citigroup, Deutsche Bank, JPMorgan Chase and UBS will raise the $5 billion to pay for the first phase of the programme, which was launched by former US president Bill Clinton on 16 May.
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Carbon market triples in 2006 – World Bank
01 June 2007The global carbon market tripled in size to $30 billion in 2006, from $10 billion the previous year, according to a report from the World Bank. But some market participants believe that figure to be an underestimate, putting the real size of market as much as 25% higher.
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Credit Suisse commits $200 million to forestry-based carbon market
01 June 2007Banking giant Credit Suisse has taken a $200 million equity stake in a new company, Sustainable Carbon Finance (SCF), that will provide funding via the carbon credit market to environmentally-friendly forestry projects in Africa, South America and Australasia.
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EIB launches €1bn 'climate' bond
01 June 2007The European Investment Bank (EIB) has launched an index-linked bond, the proceeds of which it will invest in renewable energy and energy efficiency projects.
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Green' insurance offered to sustainable businesses
01 June 2007The first captive insurance scheme for sustainable companies is to be launched by Garnet Captive Insurance Services in collaboration with Domani Sustainability Consulting.
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Business failing to cut emissions – report
01 June 2007Businesses around the world are still failing to reduce or even monitor their carbon emissions, despite a growing awareness of the potentially disastrous effects of climate change, according to a report by the Economist Intelligence Unit.