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November 2023: 3 Things in Impact

October felt like Hong Kong is really picking up speed again. Research, travel, reports, and events seem to be back on across Asia.

In very big news, we're happy to share our member GRST, is a winner of the prestigious Earthshot Prize, and will receive a catalytic £1 million prize to support efforts to scale their innovative climate and environmental solutions.

We're excited to welcome Justin Hung of GRST for an upcoming Meet The Founders on 16 November.

In October / November sustainable finance DEAL news....

  • CarbonFarmTechnology lands $2.6m to decarbonize rice through satellite-verified carbon credits. It’s the biggest agri foodtech early stage accelerator/vc in Asia. 

  • Generation Investment Management's Just Climate led an USD185m Series E round in Infinitum, creator of the sustainable air-core motor, to  catalyze industrial decarbonization. According to the International Energy Agency (IEA), motors are the largest single end-user of energy, consuming 53% of electricity globally.

  • Temasek leads $384 million round into India’s Ola Electric, the company leading the EV scooter Indian market with more than 30% market share

  • OMV AG led an USD182m round in Canada’s Eavor Technologies, solidifying Eavor's position as the leader in scalable geothermal energy. Other investors who participated in the round are Canada Growth Fund (CGF), Japan Energy Fund, Monaco Asset Management and Microsoft's Climate Innovation Fund.

Read on for 3 things in impact.

1. China on Track to Win Net-Zero China is on track to almost double its current wind and solar capacity by 2025 and blow past the country’s clean power target five years early, according to Global Energy Monitor. The nation has announced or begun construction on enough projects that its total wind and solar capacity is likely reach 1,371 gigawatts by 2025. 

Reporting from Reuters, China's investments in its power sector may exceed 100 trillion yuan ($13.7 trillion) from 2020 to 2060. Researchers say the goal, if achieved, could curb likely global warming by 0.2-0.3 Celsius this century.

For more on Unlocking the Potential of ESG in China, check out SFi's latest research piece on our blog. 

2. HK to join GFANZ Chapter

Hong Kong will step up to host a GFANZ Asia-Pacific (APAC) Network launched in 2022. Glasglow Financial Alliance for Net Zero (GFANZ) , the world's largest coalition of financial institutions committed to the goal of net zero by 2025 announced.

3. HK to Host First Forum at COP28 Hong Kong will host its first forum at the United Nations’ annual climate change summit next month, as a government advisory body and a local NGO promote the city as a global hub for green and sustainable finance.

Financial Services Development Council Daniel Fung Wah-kin, will speak about the city’s positioning as a “premier regional green finance hub”, with Friends of the Earth’s chairman Plato Yip Kwong-to discussing the use of blockchain technology to help develop green and sustainable finance.

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With the very best wishes,

SFi Team

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