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☆ TPG Taps Montag for Ambitious Carbon-Credit Effort
▼ + stars: | 2022-11-29 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Private-equity firm TPG Inc. has recruited former Wall Street power broker Tom Montag and partnered with several blue-chip companies to launch a carbon-credit business it hopes will add transparency and boost growth in the nascent market for emissions offsets. The firm is investing $300 million into the new company, called Rubicon Carbon, and is aiming to raise a total of $1 billion to kick-start the effort. Rubicon Carbon is intended to give buyers a simpler and safer way to invest in carbon credits.

☆ Bahamian Attorney General Defends Handling of FTX Collapse
▼ + stars: | 2022-11-28 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

FTX Digital Markets Ltd. planned on building new headquarters in the Bahamas before the cryptocurrency exchange imploded. The Bahamian attorney general defended the island nation’s actions during the collapse of FTX Digital Markets Ltd. and urged patience while authorities investigate the embattled cryptocurrency exchange. In a national address late Sunday, Ryan Pinder disputed recent statements made by FTX’s new chief executive and lawyers in U.S. Bankruptcy Court questioning whether Bahamian regulators had the authority to take control of the local FTX subsidiary’s assets around the time of its bankruptcy earlier this month. He said they did have the right to do so under local laws and did so to protect customers and creditors.

☆ Carbon Market Under Pressure to Deliver Billions in Climate Funding
▼ + stars: | 2022-11-12 | by ( Amrith Ramkumar | Shane Shifflett | ) www.wsj.com time to read: 1 min

Some carbon credits are tied to preserving forests in countries such as Nigeria, but verifying the climate benefits is often a challenge. The U.S. government and United Nations are touting plans for businesses to funnel billions of dollars to developing nations to fight climate change. The efforts rely on a tiny carbon-credit market that has struggled for years with uneven standards and conflicts of interest. A global effort unveiled by U.S. climate envoy John Kerry and a U.N. Africa-focused credit initiative are two of the hallmark pledges of the climate summit continuing in Sharm El Sheikh, Egypt. The goal is to fill the financing gap to fund the transition to clean energy in developing countries.

☆ Government Climate Funding Pushes Private Sector to Make Good on Promises
▼ + stars: | 2022-11-01 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Startups such as Piedmont Lithium are trying to extract lithium from rocks and process it to help power rechargeable batteries. The Biden administration is starting to dole out billions of dollars for nascent climate industries such as battery metals. That is putting pressure on banks and investors to step up with additional funds to make good on their climate promises. The federal government granted about 20 producers of raw materials that power rechargeable batteries a total of nearly $3 billion. The goal is to kick-start a domestic supply chain for big auto makers and combat China’s dominance of battery materials.

☆ Big Banks and U.N. Green Finance Group Clash in Alliance
▼ + stars: | 2022-10-26 | by ( David Benoit | Amrith Ramkumar | ) www.wsj.com time to read: 1 min

An uprising by banks in a United Nations -sponsored climate coalition has been quelled but opened wounds that could weaken an alliance meant to funnel trillions of dollars to fund the transition away from fossil fuels. Getting banks to sign on to the coalition was a marquee achievement of the U.N. climate conference in Glasgow. Since then, fuel shortages and pressure from politicians and regulators led banks to push back against what they thought were tighter rules.

☆ Upstart European Lithium Is Valued at $970 Million in Deal for U.S. Listing
▼ + stars: | 2022-10-25 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

European Lithium an upstart mining company hoping to be one of Europe’s only sources of the key metal for electric-vehicle batteries, has reached a deal that will value it at $970 million and list its shares in the U.S., company officials said. The company has struggled to raise cash despite a possible agreement with BMW to buy its lithium. European Lithium , which now trades as a penny stock in Australia, is trying to fund its plan to mine and process lithium from a mine near Vienna.

☆ Brookfield Buys U.S. Renewable Developers for $1.5 Billion
▼ + stars: | 2022-09-29 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

The new renewables investments come from a $15 billion Brookfield fund dedicated to the energy transition. One of the world’s biggest clean-energy investors is buying a pair of U.S. renewable developers for $1.5 billion, in bets that add to the money flooding into projects despite this year’s market volatility. Brookfield Asset Management renewable-power unit is acquiring wind and solar firm Scout Clean Energy LLC for $1 billion and Standard Solar Inc. for $530 million, company officials said. Brookfield could invest over $500 million more across the two companies to help them grow faster, it said.

☆ Rooftop Solar Digital Platform Taps Into Climate Law Incentives
▼ + stars: | 2022-09-21 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

A software startup backed by the venture capitalist Chamath Palihapitiya is launching a digital platform that allows companies such as mortgage lenders and home-improvement retailers to sell rooftop solar installations directly to consumers. The new product adds to a list of clean-energy efforts announced by companies following the passage of the healthcare, climate and tax law, which solidifies tax incentives over the next decade for projects including a 30% credit.

☆ ‘SPAC King’ Chamath Palihapitiya Closing Two SPACs After Failing to Find Deals
▼ + stars: | 2022-09-20 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Chamath Palihapitiya will wind down and return cash from two special-purpose acquisition companies to shareholders after failing to find companies to take public. One of the biggest promoters of SPACs is shutting down two deal-making efforts that together hold more than $1.6 billion after the market collapsed, wiping out tens of billions in startup market value and punishing individual investors. Chamath Palihapitiya will wind down and return cash from the two special-purpose acquisition companies to shareholders after failing to find companies to take public. Giving up is an admission by the brash venture capitalist dubbed the “SPAC king” that the market that helped make him a mainstay on business television has effectively shut down.

☆ Mining Giant Fortescue to Spend Billions in Bid to Eliminate Fossil Fuels by 2030
▼ + stars: | 2022-09-20 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Fortescue Metals Group will spend more than $6 billion on renewable energy and stop using fossil fuels by 2030, a pledge that the Australian iron-ore giant says will lower energy costs and mark a key step toward producing low-carbon steel. Fortescue is committing to use a combination of wind and solar power, battery storage and hydrogen produced from renewable energy to generate the electricity and fuel needed to extract iron ore, company officials said. Buyers in the steel supply chain could then turn that “green iron ore” into steel.

BusinessThe Russian steel magnate, who was sanctioned by the U.S., the European Union and the U.K. following the invasion of Ukraine, is exploring options to restructure ownership of his businesses to ease the burden of Western sanctions, according to people familiar with the matter.

☆ Country Musician's Austin Home Designed by His Architect Sister
▼ + stars: | 2017-07-27 | by ( ) www.wsj.com time to read: 1 min

Investors Warm-Up to Clean-Energy Stocks AgainShares of clean-energy companies are rising after an18-month downturn. Companies and investors are now watching to see if the rally will help sustain them until climate-law subsidies kick in. WSJ climate-finance reporter Amrith Ramkumar joins host Julie Chang to explain how Tesla is leading the surge. Photo: Jessica Tezak for the Wall Street Journal

Persons: Amrith Ramkumar, Julie Chang, Tesla, Jessica Tezak Organizations: Companies, Wall Street

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