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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

Fossil fuel executives to testify at "landmark" hearing focused on climate disinformation

An oil flare at a BP plant in Whiting, Indiana. Photo: Luke Sharrett/Bloomberg via Getty Images

The House Committee on Oversight and Government Reform announced on Friday it will hold a "landmark" hearing next week with fossil fuel executives focused on the industry's role in spreading climate disinformation.

Why it matters: This is the first time oil company CEOs, and the head of their main trade group, will testify under oath about their knowledge of the link between burning fossil fuels and climate change, per Axios' Andrew Freedman.

New Zealand passes "world-first" climate change disclosure law for banks

Commerce and consumer affairs minister David Clark and Prime Minister Jacinda Ardern at Parliament in Wellington, New Zealand, in 2018. Photo: Mark Tantrum/Getty Images

New Zealand passed a "world-first" law requiring financial institutions to disclose and act on climate change impacts concerning their businesses, officials announced Thursday.

Why it matters: About 200 of the "largest financial market participants in New Zealand" will have to "disclose clear, comparable and consistent information about the risks, and opportunities, climate change presents to their business," per a statement from commerce and consumer affairs minister David Clark.

Oct 21, 2021 - Economy & Business

Report: Climate change is an "emerging threat" to U.S. economic stability

A firefighter watches an airplane drop fire retardant ahead of the Alisal fire near Goleta, California, on Oct. 13. Photo: Luis Sinco/Los Angeles Times via Getty Images

A top U.S. financial coordinating organization took several steps on Thursday to manage the growing risks that climate change poses to the U.S. financial system.

Why it matters: While the Biden administration has been taking an all-of-government approach to climate change, like factoring climate risk into planning at the Treasury Department, today's moves by the politically independent Financial Stability Oversight Council (FSOC) carry significant weight.