News

• Green' insurance offered to sustainable businesses

  01 June 2007

  The first captive insurance scheme for sustainable companies is to be launched by Garnet Captive Insurance Services in collaboration with Domani Sustainability Consulting.

• Business failing to cut emissions – report

  01 June 2007

  Businesses 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.

• People moves this month

  01 June 2007

  HSBC 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.

• Suzlon seals €1.34bn deal for Repower

  01 June 2007

  Indian 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.

• Mitsui buys US weather dealer

  01 June 2007

  Mitsui 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.

• Drought threatens credit quality of Australian power sector – S&P

  01 June 2007

  The 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.

• Climate charity launches for-profit fund

  01 June 2007

  Global 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.

• Triodos to raise €45m

  01 June 2007

  Dutch ethical bank Triodos is aiming to raise €30 million–45 million in a depositary receipt issue, aimed at both institutional investors and individuals.

• Camco acquires emissions software co

  01 June 2007

  Camco International has acquired UK energy service company Bradshaw Consulting, in a cash and shares deal worth £1 million.

• Veolia buys German waste firm

  01 June 2007

  Veolia Environnement is to acquire the second biggest waste management company in Germany for €1.45 billion ($1.95 billion). The French environmental services company has signed an agreement to buy Sulo from private equity firms Blackstone Group and Ajax Partners.