Carbon market fund raises $1bn

Article by Pauline Skypala

Climate Change Capital, the boutique investment bank, has raised $1bn for a fund designed to profit from the growth of the carbon market, the largest amount raised by a private institution to date.

The investors include Dutch pension funds ABP and PGGM and Centrica, the energy company. Carbon Fund II, designed as a private equity vehicle with a 10-year life, will invest to cut greenhouse gases in developing markets, mainly in China and India. It will pay for installation of appropriate technology by a polluter, for example, and invest in a promise by a counterparty not to release emissions, said James Cameron, vice chairman of Climate Change Capital.

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Carbon market fund raises $1bn