News

• REEX closes first deal

  01 November 2007

  The Renewable Energy Exchange (REEX), a Singapore-based boutique investment bank, has closed its first financing, raising $25 million for PowerSource Energy Services. The hybrid debt–equity deal involves an unidentified investor taking a 45% stake in the Philippines-based clean energy firm.

• Greentech Energy Systems raises Dkr1,140m

  01 November 2007

  Danish wind energy company Greentech Energy Systems has raised Dkr1,140 million ($221 million) in a share offer on the Stockholm-based OMX. The money will be used to develop its pipeline of wind energy projects.

• PGGM issues emerging markets ESG mandate

  01 November 2007

  Giant Dutch pension fund PGGM has issued an emerging markets equities mandate with a core focus on environmental, social and governance (ESG) issues.

• UK switches to per-flight aviation tax

  01 November 2007

  The UK government has announced that it will scrap the air passenger duty paid by every traveller, in favour of a per-aircraft flight tax.

• China sets out renewables spend

  01 October 2007

  A leading Chinese energy planner announced last month that the country will achieve its ambitious renewable energy targets through $2 trillion yuan ($266 billion) in investment by 2020. While much of the money will come from industry, analysts say it is a sign China is getting serious about its energy goals.

• Merrill Lynch unveils environmental framework

  01 October 2007

  Merrill Lynch has become the latest US investment bank to unveil an environmental strategy. However, unlike several of its peers, it has eschewed environmental investment targets, and campaign group Rainforest Action Network (RAN) has dismissed its Environmental Sustainability Framework as 'business as usual'.

• US state wins vehicle emissions battle

  01 October 2007

  Car manufacturers in the US are facing renewed pressure to reduce the greenhouse gas emissions (GHGs) from the vehicles they produce.

• CCFE launches cat futures

  01 October 2007

  The Chicago Climate Futures Exchange (CCFE) has listed futures linked to natural catastrophe events, similar in principle to the contracts launched by the New York Mercantile Exchange and the Chicago Mercantile Exchange (see Environmental Finance, March 2007, page 12).

• Sydney gets clean-tech, carbon trading platform

  01 October 2007

  A new stock exchange for clean-tech and sustainability companies has been launched in Sydney, by the Financial and Energy Exchange (FEX), a new platform that will also trade energy, carbon dioxide and environmental commodities and derivatives.

• Virgin steps back from biofuels focus

  01 October 2007

  Richard Branson's foray into biofuels investment appears to be under pressure, after the company set up by Virgin Group to invest in 'green fuel' start-ups has been re-branded.