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EU opens €1 billion auction for industrial heat decarbonisation
The European Commission has published the final terms for its second Europe-wide auction supporting industrial process-heat decarbonisation. The auction has a planned €1 billion budget from EU Emissions Trading System revenues and is expected to open in early December. Successful projects will receive a fixed premium linked to CO₂ reductions for up to five years.
ESB raises €500 million through first European Green Bond
ESB has raised €500 million through its inaugural European Green Bond, the first issuance by an Irish corporate under the European Green Bond Regulation. The 10-year bond carries a 4.375% coupon, with proceeds allocated to eligible investments including electricity transmission and distribution infrastructure, renewable generation and battery storage. “The successful completion of ESB’s inaugural European Green Bond is an important milestone in the evolution of our sustainable finance programme,” commented Anne Marie Kean, ESB group treasurer.
UNECE dialogue highlights clean-air measures ahead of COP31
A UNECE-convened international dialogue on 24 September highlighted measures to reduce air pollution ahead of COP31. UNECE said air pollution causes an estimated seven million deaths annually and costs the global economy around $6 trillion in health-related damage. The organisation said stronger action on clean air could generate returns of up to $15 for every dollar invested through health, climate and economic benefits.
Oracle and Wild Bio partner on AI-driven crops and carbon removal
Oracle and UK-based Wild Bioscience have announced a collaboration using AI, cloud computing and IoT technology to support research into more resilient crops and crop-based carbon removal. Wild Bio is using evolutionary genomics and AI to identify plant traits linked to productivity, resource efficiency, climate resilience and carbon removal, while Oracle Cloud and IoT technology will be used to collect and analyse field-trial data. “AI is creating new opportunities to solve problems that once seemed out of reach,” said Clay Magouyrk, chief executive officer, Oracle.
Finnfund and Proparco commit $33 million to Colombian solar platform
Finnfund and Proparco, with an EU guarantee, have committed $33 million to Colombian integrated solar-energy platform ERCO. The financing will support the construction and expansion of solar assets as ERCO increases generation capacity in Colombia. The investment forms part of a larger equity financing round led by development-finance institutions and impact investors, with the projects intended to increase renewable electricity availability and diversify Colombia’s power mix.
Revera Energy reaches financial close on 400MW UK battery project
Revera Energy has reached financial close and issued a notice to proceed for the 400MW/800MWh Hunterston battery energy storage system in North Ayrshire, Scotland, according to reports. Construction is due to begin immediately, with commercial operations expected in the third quarter of 2028. The project is located near a major electricity-grid bottleneck and is intended to support grid resilience and the transfer of renewable generation from Scotland to demand centres in England.
Christian Aid launches £20 million climate-resilience investment fund
Christian Aid has launched a new investment vehicle targeting £20 million by 2030 for locally owned businesses helping communities adapt to climate change. The Christian Aid Resilient Futures Fund will initially invest through specialist impact-fund managers, alongside a smaller direct-lending portfolio. The organisation has signed partnership agreements with impact managers Talanton and BlueOrchard for the fund’s initial investment activities.
EU and Canada commit at least €211 million to ocean observation
The EU and Canada have launched the OceanEye Alliance with financial commitments of at least €211 million to strengthen the Global Ocean Observing System. The European Commission is providing €92 million through Horizon Europe, including €50 million for observation networks, €30 million for new technologies and €12 million for international marine-data flows. Canada has pledged CA$82 million over five years.