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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.
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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.