2 November 2021

Global philanthropies promise billions in climate investments: IKEA, Bezos, and Rockefeller

The IKEA and Rockefeller foundation announced their plans to create a Global Energy Alliance for People and Planet. The alliance, which also includes eight development finance institutions, enables wealthy governments and people to make incremental donations toward the energy transition in developing countries with a starting capital of $10 billion. Jeff Bezos’ earth fund pledged $500 million to the alliance, as well as $1 billion each for landscape restoration and food system transformation. The venture, announced at the COP26 summit, aims to augment the 2009 pledge of rich nations to unlock $100 billion annually for funding energy transitions in developing countries. The $100 billion from rich nations is claimed to be symbolic, as it is nowhere near the needed trillions according to Joseph Curtin, Director of the Power and Climate team at Rockefeller (The Edge Markets).

CIP targets EUR 100 billion investments by 2030

Copenhagen Infrastructure Partners (CIP), Denmark’s green energy fund, has launched a roadmap targeting EUR 100 billion (DKK 750 billion) investment portfolio by 2030, during the COP26 summit. CIP’s roadmap includes investments in offshore wind (30 GW), onshore wind (20 GW), solar projects and Power-to-X concepts in energy islands. Its current investment portfolio amounts to EUR 16 billion – six times less than the new ambitions (Energiwatch, Spglobal).

Støre speaks out on faulty European energy politics: COP26 summit

Jonas Gahr Støre, Norway’s Prime Minister, speaks out on the faulty energy politics that underlie Europe’s energy crisis, during the COP26 summit in Glasgow – singling out the speed of phasing out fossil energy as the main reason. “Nuclear power has been phased out, and renewable energy is not stable enough”, said Støre to the press, which results in negative consequences for households and companies across Europe. The global energy mix is an underlying theme of the COP26 summit according to Støre. Thus, it is important to question the feasibility of a global replacement from fossil energy sources to renewable energy sources (Document). 

Norwegian minister considers state-owned hydrogen company

Jan Christian Vestre, Norway’s Minister of Trade and Industry, is pushing for the government to consider a state-owned hydrogen company to tackle the “passive business politics” of Norway – voicing his trust in the state as an entrepreneur. He addresses Norway’s history of state-owned companies such as Equinor, that are profitable for the country and its society. The ambition includes a profitable hydrogen company that can contribute its winnings to Norway’s welfare services and ensure fair working conditions in the company (Document).

Svensk Plaståtervinning to open world's largest plastic recycling plant by 2023

Svensk Plaståtervinning (Eng: Swedish Plastic Recycling) plans to open the world’s largest recycling station for plastic in Motala, Sweden by 2023 – expecting to recycle 200,000 tonnes of plastic waste annually. For this to happen, Swedes must improve at recycling plastic, where a meagre 15.4% of Sweden’s household plastic packaging is recycled. The ambition is to increase the share of recycled plastic packaging to 55% according to Mattias Philipsson, CEO of Svensk Plaståtervinning – still low compared to the 93% of glass packaging and 84% of PET bottles recycled in Sweden. The company will invest SEK 1 billion to integrate the already existing plastic recycling plant to the new climate neutral Site Zero plant, of which the Swedish Environmental Protection Agency contributes financing of SEK 180 million (DI). 

Hexagon Purus reports losses of circa NOK 100 million in 3Q21

Hexagon Purus, a Norwegian hydrogen company, reported increasing losses of NOK 96 million (NOK -43 million in 3Q20) after taxes and excluding discontinued operations – despite doubling its generated revenue to NOK 103 million (NOK 53 million in 3Q20). The losses relate to Hexagon Purus’ investment phase for growth initiatives such as increasing production capacity and are expected to affect profitability in the short term. Hexagon Composites own 74.7% of Hexagon Purus’ shares (Press release).

What we’re reading

• Urgency over net zero sparks climate tech investment boom (Financial Times)

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