Climate Investment (CI), founded by OGCI, adds ICA-Finance to its Investment Portfolio providing the necessary driving force for the acceleration of our mission to achieve immediate climate action. This transaction is CI’s 30th new portfolio investment in cutting-edge technologies, platforms, and projects within its Catalyst Fund I.
Today Climate Investment (CI), founded by Oil and Gas Climate Initiative (OGCI), a specialist investor focused on capital-efficient decarbonization solutions, invests in ICA-Finance AS marking the start of our partnership in accelerating action towards a net zero future.
Climate Investment was founded by the Oil & Gas Climate Initiative consisting of 12 oil & gas majors – Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies – that account for around 30% of global operated production. Among its investment activities, CI manages a $1bn+ Catalyst Fund I, and it is an investor in China Climate Investments.
Both funds invest in solutions to decarbonize GHG-intensive sectors within energy, industry, built environments/buildings and transportation, that have historically attracted low capital investment for decarbonization. Climate Investment targets solutions that deliver near-term GHG impact in three areas: reducing methane, reducing carbon dioxide emissions and recycling or storing carbon dioxide.
The investment in ICA-Finance is a key component in our strategy to scale-up ICA-Finance and our operations within the energy sector in emerging economies to reduce global greenhouse gas emissions.
“We are very excited to earn the trust of such an established decarbonization investor as Climate Investment,” Arne Peder Blix, the CEO of ICA-Finance said. “We see significant alignment between the strategies and goals of both firms, and we very much look forward to have CI support us on our bold mission: immediate climate action through elimination of financial barriers.”
This transaction brings the total number of CI’s Catalyst Fund I investments in cutting-edge technologies and projects to 30, with 10 of them in solutions to reduce methane emissions, which now includes ICA-Finance. The partnership allows us to expand our operations, particularly in the Middle East, Central Asia and Africa, which continue to be the focus regions of ICA-Finance's emission reduction activities.
ICA-Finance new strategic partners, Climate Investment (CI), is an independently managed investor focused on capital-efficient decarbonization solutions. The firm seeks to accelerate greenhouse gas (GHG) reduction at scale by working closely with OGCI members, governments, customers and co-investors to maximize the global implementation of low-carbon solutions and impact. CI provides capital across the business lifecycle from the catalytic phase of technology and commercial validation through to scaling our investments’ sector and geographic coverage.
“This transaction marks a significant expansion of CI’s financing of commercial methane mitigation activity,” CI’s Managing Director, Project Capital, James Mackey said. “ICA-Finance drives on-the-ground development of projects in regions with high emissions. It joins our diverse portfolio of methane investments, further supporting CI’s holistic approach to decarbonization. Several of our investees find leaks cost-efficiently, and ICA-Finance is among the companies helping emitters fix those leaks.”
With this investment we are rapidly accelerating the ICA-Finance scale-up and are looking for the right talents to join our mission and take advantage of this exceptional opportunity to to be directly involved in decarbonization of the sector involving engagement with key sector players. Find out more about our opportunities on our website and reach out if you fit the challenge.