Climate Finance Roundup - January 14
Highlights from UK-China Economic and Financial Dialogue; EIB funds alternative cheese maker Formo; Bursa Malaysia's new renewable energy subsector classification; S&P Global Cleantech investment;
In this newsletter
The 2025 UK-China Economic and Financial Dialogue
EIB invests €35M in Formo's sustainable food tech
Australia invests $34M in three clean energy projects
Net Zero Asset Managers suspends activities pending review
Bursa Malaysia adds Renewable Energy sub-sector classification
S&P Global: Cleantech Investments to Surpass Fossil Fuels in 2025
Western Australia's Clean Energy Link: $270 Million Contract Awarded
EUR 62 million for GreenH2Atlantic project in Portugal
Australia: $583 Billion Needed for Threatened Species Recovery
Ontario Launches Major Energy Efficiency Programs
NANO Nuclear Acquires MMR® and Pylon Reactor Technologies
NY awards $29M for clean energy projects
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2025 UK-China Economic and Financial Dialogue
Highlights on Climate & Energy
China agreed to issue its first RMB-denominated sovereign green bond in 2025, to be listed in London
Bank of China London Branch plans to issue new dual currency sustainability-related bonds in 2025 (in RMB and GBP). Bank of China has also become a member of the Taskforce on Nature-related Financial Disclosures (TNFD).
Both countries agreed to deepen their clean energy partnership, including cooperation on Clean technologies, Clean energy transition pathways, Power market reform, Electricity grids, Green Electricity Certificates (GEC), International energy governance.
Both countries committed to:
Design and implement competitive, transparent electricity markets
Promote deployment and integration of variable renewable energy, including offshore wind
Reduce high carbon resources in their energy mix
Work together internationally to support global energy transition
Agreed to convene a China-UK Energy Dialogue in 2025
Will hold dialogues on UK's Carbon Border Adjustment Mechanism (CBAM)
Both sides committed to implement:
The UAE Consensus (adopted at COP28)
Baku Climate Unity Pact (adopted at COP29)
Plan to strengthen China-UK climate policy dialogue through:
Potential bilateral arrangement on climate cooperation
Possible MoU on climate dialogue
Focus areas: mitigation, adaptation, and finance
Both countries agreed to collaborate on:
Transition finance for sustainable development
Standards development
Green bond issuance
Sustainability disclosures
Both recognize emissions trading and voluntary carbon markets as vital tools in combating climate change
Welcomed China's national emissions trading system and UK's efforts to scale up global voluntary carbon markets
UK-China Economic and Finance Dialogue 2025 (PDF)
EIB invests €35M in Formo's sustainable food tech
(January 14)
Germany-based Formo, a food tech company, received a €35 million loan from the European Investment Bank (EIB) to scale up its fermentation processes for producing dairy and egg alternatives. The loan, backed by the EU’s InvestEU guarantee, brings Formo’s total funding to over €135 million. Formo’s products are already sold in German and Austrian supermarkets.
Australia invests $34M in three clean energy projects
(January 14)
The Cook Labor Government in Western Australia has allocated $34 million to three clean energy projects: $15 million to POSCO Co Ltd and Port Hedland Iron Pty Ltd for decarbonizing steel manufacturing; $15 million to Pilbara Minerals Limited for a demonstration-scale plant producing battery precursors; and $4 million to International Graphite Ltd for developing battery materials. This is part of the government's Investment Attraction Fund.
NZAM Suspends Activities Pending Review
(January 13)
The Net Zero Asset Managers (NZAM) initiative, which helps investors mitigate climate change risks, is undergoing a review and has suspended activities to track signatory implementation and reporting. The commitment statement and list of signatories will be removed from the website pending the review outcome.
Bursa Malaysia adds Renewable Energy subsector classification
(January 13)
Malaysia's Bursa Malaysia introduced a ‘Renewable Energy’ subsector under ‘Energy’ and ‘Utilities’ sectors. 13 companies were reclassified under the new subsector to provide investors with a more streamlined view of the many industries listed on the Exchange and to enhance visibility among investors focused on sustainable and environmentally-friendly initiatives.
Cleantech Investments to Surpass Fossil Fuels in 2025
(January 13)
S&P Global Commodity Insights predicts that cleantech energy supply investments will reach $670 billion in 2025, surpassing upstream oil and gas investments for the first time. Solar PV is expected to represent half of all cleantech investments and two-thirds of installed megawatts. However, the report also highlights challenges such as tensions in cleantech supply chains due to an oversupply of equipment from China and the need for increased investment to meet climate goals.
WA's Clean Energy Link: $270 Million Contract Awarded
(January 10)
The Cook Labor Government in Western Australia awarded GenusPlus a $270 million contract to build part of the Clean Energy Link - North project. This project, part of a $5.7 billion investment since 2017, will expand the South West Interconnected System's northern section to enable more clean energy generation, benefiting projects like the $400 million Warradarge Wind Farm expansion. The project aims to support the state's transition to renewable energy and retirement of coal-fired power plants by 2030.
ERM supports 100-MW electrolyser for renewable hydrogen in Portugal
(January 09)
Portugal-based HYTLANTIC Joint Venture has been awarded EUR 62 million by the European Union’s Innovation Fund for its GreenH2Atlantic project. The project will deploy 100 MW of hydrogen production capacity powered by renewable energy sources to supply hydrogen to the Sines refinery and for blending in the natural gas grid. ERM provided strategic project review, proposal preparation and ongoing project support.
Australia: $583 Billion Needed for Threatened Species Recovery
(January 07)
Australian research estimated the annual cost to fully restore populations of 1,657 threatened terrestrial and freshwater species to be $583 billion. The study highlighted that actions such as restoring traditional fire regimes, managing invasive species, and restoring and protecting habitats would enhance soil stability, improve water quality and sequester significant amounts of carbon, generating jobs and reducing the economic impact of pests and weeds.
Ontario Launches Major Energy Efficiency Programs
(January 07)
The Ontario government launched new energy efficiency programs, including a Home Renovation Savings Program with up to 30% rebates for renovations. This is part of a $10.9 billion, 12-year investment, projected to reduce peak demand by 3,000 MW by 2036 and save ratepayers $12.2 billion.
NANO Nuclear Acquires MMR® and Pylon Reactor Technologies
(December 24)
US-based NANO Nuclear Energy Inc. has acquired Ultra Safe Nuclear Corp.’s patented Micro Modular Reactor (MMR®) and Pylon Space Reactors for $8.5 million. The acquisition includes associated patents and demonstration project partnerships. NANO Nuclear plans to integrate these technologies into its existing microreactor development and expand into new markets.
NY awards $29M for clean energy projects
(December 23)
New York State awarded over $29 million to 15 innovative projects to reduce carbon emissions. Seven projects are located in disadvantaged communities. Funding was provided through Round XIV of the Regional Economic Development Council Initiative, supporting initiatives like the Commercial and Industrial Carbon Challenge and the Building Cleaner Communities Competition.
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