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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

Updated Sep 23, 2021 - Axios Events

Watch: A conversation on investing in advanced climate tech

On Thursday, September 23rd, Axios business editor Dan Primack and Axios Today host Niala Boodhoo explored how alternative energy investments toward climate solutions function in the private and public sector today, featuring Sen. Ron Wyden (D-Ore.) and Galvanize Climate Solutions co-founder Tom Steyer.

Sen. Ron Wyden explained his support for overhauling the existing tax code to incentivize companies to reduce their emissions, his belief that all Americans should pay their fair share of taxes, and Congressional efforts to increase electric vehicle usage.

  • On his support for modifying the tax code: “One of the little secrets about the tax code is that many billionaires pay little or no income taxes. The way they do that is they don’t take a wage, and so Americans have read all these stories about prominent billionaires paying virtually nothing in the way of income taxes for years and years on end. I don’t think that’s right.”
  • On the future trajectory of electric vehicles: “Getting a critical mass of these electric vehicles on the road is going to bring down costs. It’s going to be good for the environment, good for marketplace forces, and the American economy.”

Tom Steyer highlighted the importance of cleaning up electricity generation across the country, how the climate tech investment landscape has changed over the last decade, and what areas of climate tech he believes need more attention and investment.

  • On the future of the infrastructure and reconciliation bills: “I believe that the Democratic Party will come to a negotiated place which will include very important climate regulations, climate initiatives, and that specifically they will be encouraging the move to clean electricity generation across the United States during this decade.”
  • On the need for more tangible innovations in climate tech: “It’s going to be incredibly important for us too to do well in the businesses like manufacturing, where you can touch the product. We have dominated the kinds of businesses like software that you can’t touch.”

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with HSBC’s Group Chief Sustainability Officer Celine Herweijer, who discussed how sustainability is moving to the forefront of many corporations’ long-term goals.

  • “We’ve committed to essentially have a net zero target across all of our finance commissions portfolio. So to be able to do that, that means fundamentally changing how we finance it, fundamentally changing our risk appetite, changing our culture, our policies, our processes of capability.”

Thank you HSBC for sponsoring this event.

Go deeper: Get smarter, faster on the growing field of climate tech with our free short course.

Everyone wants to be an influencer

Illustration: Aïda Amer/Axios

The number of people looking to become online influencers has exploded during the pandemic.

Why it matters: Almost anyone can find themselves in a position to become an influencer, and brands are throwing billions of dollars at online content creators.

At least 3 dead after Amtrak train derails in Montana

Photo: Jacob Cordeiro/Twitter

An Amtrak train derailed near Joplin, Montana, resulting in at least three deaths and multiple injuries to passengers and crew on Saturday, per authorities and a company statement.

The big picture: 141 passengers and 16 crew members were estimated to be on the Empire Builder train, traveling from Chicago to Seattle and Portland, when eight of the 10 cars derailed about 4p.m., Amtrak said early Sunday.