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Illustration: Eniola Odetunde/Axios

Investment firm General Atlantic is raising $4 billion for a growth equity fund focused on climate technologies, Axios has learned.

Why it matters: Massive flooding in Germany. Wildfires in Canada, with smoke reaching Greenland. Droughts causing massive amounts of animal death. Another heat dome forming. Hottest June on record in the U.S. And on and on and on.

Details: GA will seek to raise $3 billion from outside investors, while $1 billion will come from existing managed accounts.

  • It also announced the creation of a dedicated climate investment team called BeyondNetZero, which will be chaired by former BP CEO John Browne.
  • Axios has learned that another senior member will be Lance Uggla, current president of IHS Markit (which is being acquired by S&P Global).
  • Areas of specific focus will include decarbonization, energy efficiency, resource conservation and emissions management.

The bottom line: Reducing the impact of climate change will require new, scalable technologies, in combination with deployment of existing renewable energy solutions.

Go deeper

Watch: A conversation on investing in advanced climate tech

On September 23 at 12:30pm ET, Axios business editor Dan Primack and Axios Today host Niala Boodhoo will explore how alternative energy investments towards climate solutions function in the private and public sector today, featuring Galvanize Climate Solutions co-founder Tom Steyer and more. Register.

8 mins ago - World

U.S. drone strike victims' families in Afghanistan seek compensation

A relative of Ezmarai Ahmadi, who was killed by a U.S. drone strike, looks at the wreckage of a vehicle that was damaged in the strike in the Kwaja Burga neighbourhood of Kabul on Saturday. Photo: Hoshang Hashimi AFP via Getty Images

Relatives of 10 Afghans killed by a U.S. drone strike in Kabul last month said Saturday they want to see punishment and compensation over the deaths.

Driving the news: The relatives said it's "good news" that the U.S. had "officially admitted" that "they had attacked innocents" in the Aug. 29 strike that killed Zamarai Ahmadi, an aid worker with a U.S.-based group, and nine family members, but they still need "justice," per AFP.

Miriam Kramer, author of Space
4 hours ago - Science

All-civilian Inspiration4 is back on Earth after flight to space

A side-by-side of the Inspiration4 crew and a shot of their capsule on the way back to Earth. Photo: SpaceX

The all-civilian Inspiration4 crew is back on Earth after their three-day mission in orbit.

The big picture: The launch and landing of this fully amateur, private space crew marks a changing of the guard from spaceflight being a largely government-led venture to being under the purview of private companies.