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Illustration: Sarah Grillo/Axios

Generate Capital, a sustainable infrastructure finance and development firm, this morning announced a $2 billion fundraise from major institutional investors.

Why it matters: It's a lot of money — company representatives are calling it among the largest single private investments in sustainability.

  • More broadly, it's the latest sign of growing private cash moving into clean technology project finance and companies.

Catch up fast: Generate Capital's announcement comes on the heels of Friday's news that the investment firm General Atlantic is raising $4 billion for a growth equity fund focused on climate technologies.

  • Axios' Dan Primack has more on that announcement here.

How it works: A suite of new and existing investors are behind Generate Capital's $2 billion, led by AustralianSuper and QIC with new investment from Harbert Management Corporation, Aware Super, and CBRE Caledon and others.

  • Generate Capital owns, operates and finances projects in the energy, waste, water and transportation sectors, and the new funding will also fuel expansion into areas like agriculture and smart cities.
  • The company calls itself a "one-stop shop," with services like construction finance and co-development of projects, to name just two.

The big picture: Getting the power, transportation, industrial, building and farming sectors on a low-carbon pathway will require a lot of cash.

  • The International Energy Agency's recent analysis of pathways to net-zero global emissions by 2050 projects that annual clean energy investment needs to more than triple by 2030 to around $4 trillion.
  • Government finance is crucial, "but ultimately the private sector will need to finance most of the extra investment required," IEA said.

Go deeper

UN climate summit faces serious roadblocks

Illustration: Shoshana Gordon/Axios

When world leaders hold a climate summit in Glasgow in November, success will revolve around two issues that have sunk or slowed past negotiations:

  • How to help developing countries transition to clean energy and how to respond to "loss and damage" — the devastation caused by climate change.
Oct 26, 2021 - Politics & Policy

Rich tax may flunk

Illustration: Sarah Grillo/Axios

The "billionaire tax" and other revenues Democrats want to pay for President Biden's $2 trillion social safety net expansion are about to face a math test from a notoriously hard grader: the Joint Committee on Taxation.

Why it matters: The budget reconciliation instructions require the Senate Finance Committee to offset all the spending it authorizes with the same amount of revenue. Hot air from House and Senate leaders about pay-fors will be replaced by the joint committee's cold arithmetic — and the result is in doubt.

Mind the emissions gap

Illustration: Aïda Amer/Axios

The sprint to secure more stringent emissions reduction commitments ahead of the COP26 summit has petered out well short of the finish line, a new United Nations report out this morning concludes.

Driving the news: The "Emissions Gap" report offers a clear comparison between where emissions need to be to reach the Paris Agreement's goals, and where they actually are. It takes new and preexisting emissions pledges, called Nationally Determined Contributions (NDCs), into consideration.