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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.
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People moves this month
01 June 2007HSBC has appointed SIMON MARTIN as its head of group sustainability and corporate responsibility, a new role with overall responsibility for the bank's environmental management, sustainability, and corporate responsibility and philanthropy. Martin was previously HSBC's country head for Argentina.
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Suzlon seals €1.34bn deal for Repower
01 June 2007Indian wind company Suzlon has won the takeover battle for Repower, a German wind turbine manufacturer, after rival bidder Areva failed to match its €150 ($202) a share offer (see Environmental Finance, May 2007, page 6). Suzlon's winning deal values Repower at around €1.34 billion and gives Suzlon access to European wind markets.
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Mitsui buys US weather dealer
01 June 2007Mitsui Sumitomo Insurance (MSI) has bought the assets of US weather derivatives dealer GuaranteedWeather for an undisclosed sum. MSI, which has been a long-term partner of GuaranteedWeather, bought the business from Ramsey Quantitative Systems, a Louisville, Kentucky-based hedge fund.
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Drought threatens credit quality of Australian power sector – S&P
01 June 2007The extreme drought affecting much of Australia could have a negative impact on the credit quality of the country's electricity generators and retailers, according to ratings agency Standard & Poor's.
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Climate charity launches for-profit fund
01 June 2007Global Cool, a celebrity-backed effort to combat climate change, has launched a $60 million–100 million fund-raising to expand its activities in the entertainment industry – through which it hopes to raise $1 billion to fight climate change.
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Triodos to raise €45m
01 June 2007Dutch ethical bank Triodos is aiming to raise €30 million–45 million in a depositary receipt issue, aimed at both institutional investors and individuals.