Latest news with #28thConferenceoftheParties
Mint
29-04-2025
- Business
- Mint
UAE-backed ALTÉRRA, Brookfield invest $100 million in green energy platform Evren
New Delhi: Climate-focused investment fund ALTERRA and Brookfield Asset Management, along with other investors, have infused $100 million into Mumbai-based renewable energy platform Evren. A statement from Abu Dhabi-based ALTERRA, the world's largest private investment vehicle for climate finance with total investments so far of over $6.5 billion, said the investment will support the development and construction of up to 11 GW of solar, wind and battery storage projects in Rajasthan and Andhra Pradesh. ALTERRA has made the investment through the ALTÉRRA Acceleration Fund, and it is the company's first direct investment into the Global South. Majid Al Suwaidi, chief executive officer of ALTÉRRA, said in the statement: 'ALTÉRRA's investment in Evren is a powerful demonstration of our mission in action—catalyzing capital into tangible, scalable, and economically compelling climate initiatives. By deploying capital into India's fast-growing economy, we are supporting reliable and affordable energy generation and unlocking investable opportunities.' Launched at the 28th Conference of the Parties (COP28) in the UAE, with a $30-billion commitment from the UAE, ALTÉRRA aims to build innovative partnerships to mobilize $250 billion globally by 2030 to finance the new climate economy and accelerate climate transition. Connor Teskey, president of Brookfield Asset Management said in a statement: 'By combining Evren's robust development pipeline and Brookfield's extensive operational expertise, we are not only supporting India's ambitious renewable energy targets but also fostering economic growth and energy security. The partnership with ALTÉRRA exemplifies our strategy of deploying smart, high-impact capital to drive transformative energy projects worldwide." Evren, a renewable energy platform backed by Brookfield's Global Transition Fund II (BGTF II), recently signed a power purchase agreement with state-run NTPC Ltd for the supply of 300 MW of green power. ALTERRA is BGTF II's largest third-party investor, following a $2-billion commitment made during COP28 to the United Nations Framework Convention on Climate Change. Brookfield Asset Management Ltd is a global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. Renewable energy investments have grown in the past few years in India, in line with the government's ambitious target to achieve 500 GW of non-fossil power capacity by 2030. Currently, India has 269.82 GW of installed non-fossil capacity, per data from Central Electricity Authority (CEA). According to ratings agency Crisil, India will see a fivefold growth in green investments to ₹ 31 trillion between 2025 and 2030. First Published: 29 Apr 2025, 07:36 PM IST
The Star
22-04-2025
- Politics
- The Star
South Africa calls for united action to protect environment on Earth Day
CAPE TOWN, April 22 (Xinhua) -- South Africa joined the global community in celebrating World Earth Day on Tuesday, as Minister of Forestry, Fisheries and the Environment Dion George reaffirmed the country's commitment to environmental sustainability and called on all citizens to help build a greener, more resilient future. "This significant day on the environmental calendar offers a powerful opportunity to reaffirm our commitment to preserving our natural heritage and tackling the urgent complexities of climate change, biodiversity loss and resource scarcity," said George in a statement. This year's Earth Day is celebrated under the theme "Our Power, Our Planet," urging efforts to unite around renewable energy and the global target to triple clean electricity by 2030, as agreed upon at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change. The minister reflected on key national achievements in combating climate change, preserving biodiversity, and advancing renewable energy initiatives. He also underscored South Africa's efforts to protect endangered species, transition to cleaner energy, and develop carbon markets that foster both conservation and economic opportunity. "We are accelerating the transition to renewable energy by expanding solar photovoltaic and wind energy to address South Africa's electricity needs while advancing our climate goals, aligning with the ambitions of the Paris Agreement," he said. George emphasized that collective action across government, communities, and the private sector is essential to safeguarding the country's natural heritage. He also pledged that, as the chair of the Group of 20, South Africa will drive progress in improving the global environmental situation and provide collaborative solutions to protect the planet for future generations. "On this Earth Day, I urge all South Africans to join in protecting our environment. Whether through reducing waste, conserving water or supporting sustainable policies, every action matters. Together, we can ensure that South Africa's natural heritage thrives for generations to come," said George.
