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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

Definition of success at UN Climate Summit is in flux

Illustration: Annelise Capossela/Axios

The UN Climate Summit in Glasgow is less than 20 days away, and diplomats have entered a crucial period when expectations are raised or lowered to guard against any blowback that might come from a particular outcome.

Driving the news: Officials in the U.S. and abroad are sending clear signals that the odds that COP26 will meet some of its most important goals are diminishing, for a variety of reasons both macro and micro in scale.

Oct 12, 2021 - Science

Weather and climate disasters have cost the U.S. over $100 billion in 2021

Piles of debris is all that's left of a restaurant after heavy rain from remnants of Hurricane Ida came through in Manville, New Jersey, on Sept. 7. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

Weather and climate disasters in 2021 have killed 538 people in the U.S. and cost over $100 billion, according to a report from the National Oceanic and Atmospheric Administration.

Why it matters: The first nine months of 2021 saw the largest number of billion-dollar disasters in a calendar year so far, with 2021 on pace for second behind 2020, per the report.

Updated 2 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.