Climate Investment: expanding reach to China with CNPC and three new investments announced
24 September 2018
New fund expands reach and impact into China
Climate Investment announces its 2018 portfolio investments
New York City, New York, USA, September 24, 2018: China National Petroleum Corporation (CNPC) and OGCI Climate Investments (Climate Investment) today announced that they are partnering to create an investment fund focused on China. The major founding investors of the fund will be CNPC Assets Management and Climate Investments. A minimum of $100 million is committed to the fund which is fully aligned with Climate Investment’s priorities and focus areas, supporting the development, demonstration, and rapid scale-up of technologies and business solutions that have the potential to materially reduce greenhouse gases.
“This agreement represents a significant opportunity for Climate Investment and CNPC to develop climate solutions in and for China, with its rapidly advancing technological capabilities and highly-skilled workforce,” said Pratima Rangarajan, CEO, Climate Investment. “We are delighted to be working alongside a trusted OGCI partner to lower the carbon footprint in a region with growing energy demand.”
“With the largest greenhouse gas emissions, China is confronted with a huge challenge of climate change. However, China is also one of the largest markets for low-carbon technology application and has one of the most dynamic private capital markets,” said Xiao Hua, executive director of CNPC Assets Management. “Therefore, the fund is aimed to optimize the influence of both Climate Investment and CNPC to contribute to global climate change.”
In addition, Climate Investment today formally announced its 2018 investment portfolio. Three of these investments are in methane emissions detection and mitigation technologies, two of which are among the first to receive funding from the Venture Day held this past June in Washington, DC.
“These investments in methane leak detection and prevention are the types of practical innovations that can get implemented quickly and will allow our companies to achieve an immediate and meaningful win for climate action.” said Pratima Rangarajan, CEO, Climate Investment.
Investments announced today by Climate Investment:
Clarke Valve designs and manufactures proprietary control valves for the industrial market. Its patented Shutter ValveTM is cost effective, energy efficient and virtually eliminates fugitive methane emissions.
GHGSat provides accurate, low-cost greenhouse gas monitoring data and services covering any facility in the world. GHGSat launched its own demonstration satellite in 2016, the first that could measure facility-level emissions of both carbon dioxide and methane.
Kairos Aerospace provides actionable data on major sources of methane emissions from aerial surveys. Their patented sensors and proprietary software make continual monitoring of methane emissions over large areas of land cost-effective.
The methane investments accompany earlier investments in carbon mitigation made in 2018 by Climate Investment in Inventys and Econic, two companies respectively focused on capturing and using CO2.
Inventys aims to halve the cost of carbon capture through its breakthrough scalable technology and uses a distributed supply model to build a physical CO2marketplace that can enable the utilization of CO2on a gigatonne scale.
Econic uses pioneering catalyst technology to incorporate CO2as a raw material into polyols, the basis of all polyurethanes. Its aim is to replace 30% of polyol production with its new technologies, potentially reducing CO2emissions by up to 3.5 million tonnes per year.
ABOUT OGCI CLIMATE INVESTMENT:
Climate Investment is a $1+ billion fund investing in technologies and business models which lower the carbon footprint of the energy and industrial sectors and their value chains. The fund was created by the CEOs of the Oil and Gas Climate Initiative to take practical action on climate change. We invest in innovative companies that are ready to be commercialized. We collaborate with global co-investors and industrials to achieve speed and scale.
To learn more about OGCI, please visit www.ogci.com.
Contacts: Media Enquiries: E. OGCI@hkstrategies.com T. +44 (0)207 413 3448