London-based sustainability advisory and solutions firm Anthesis announced today the acquisition of sustainable business transformation-focused consultancy Revolt, in a move described by the companies as creating “one of the leading purpose, brand activation, communications, reporting and strategy teams globally.”

Launched in 2017 by co-founders Alex Lewis and Pete Bardell, London-based Revolt supports C-suite  decision makers with innovative large-scale projects across sustainability and DEI strategy, communications, and creative execution.

Revolt Co-founder, Alex Lewis, said:

“The promise of sustainable impact is within reach, but getting there is difficult for brands and businesses to navigate. Many of those struggling with this complexity find that traditional consultancy and agency models aren’t built to help them adapt. To urgently scale purposeful impact, it is becoming increasingly important for the science, the art, the technical and the strategic to come together. This is why we are delighted that our second chapter will be as part of the Anthesis family. Together, we have a unique opportunity to accelerate this sustainable transformation for clients new and old.”

The deal follows the announced acquisition last year of the acquisition by private equity investor Carlyle of a majority stake in Anthesis, and marks the latest in a string of acquisitions for the sustainability advisory firm, including five transactions last year. Founded in 2013, Anthesis works with companies, cities and other organizations to drive sustainability performance and develop financially-driven sustainability strategies, and currently has over 1,300 specialists across 46 offices in 23 countries.

According to Anthesis CEO Stuart McLachlan, the acquisition of Revolt will provide the firm with “world-class expertise and experience in purpose consulting, strategy and communication,” enabling the combined company to help clients “manage risk and find value for our clients in their transformation journeys.”

McLachlan added:

“Anthesis exists to guide our clients as they transition to decarbonised and more sustainable futures. The development and activation of purpose-led strategies for C-suites and brands will be critical… I’m delighted that we have assembled all these interdependent and vital components into one team focused on delivering positive impact.”

Netherlands-based bank ABN AMRO announced today the appointment of Tanja Kramer as Head of the ABN AMRO Sustainable Impact Fund, with responsibilities including leadership of the fund as well as involvement in origination and execution activities.

Launched in 2021, the ABN AMRO Sustainable Impact Fund (SIF) makes direct investments in companies and early stage projects in key transition sectors, targeting key sustainability themes of circular economy, energy transition, and social impact. The fund has a commitment of €500 million, funded and managed by ABN AMRO.

Kramer joins the ABN AMRO SIF from Dutch venture capital investor Slingshot Ventures, where she served as a Partner, responsible for heading the investment team. Prior to joining Slingshot, Kramer held a series of senior finance roles, including serving as Head of Mergers and Acquisitions at KPN, and Director of Corporate Finance M&A at Royal Bank of Scotland, as well as serving at ABN AMRO as Assistant Director M&A.

In a social media post announcing the appointment, Kramer said:

“I am really excited to have joined the ABN AMRO Sustainable Impact Fund as of the beginning of this year! I am looking forward to working together with a great team and investing together in companies that have a positive impact on climate and society.”

Index provider S&P Dow Jones Indices (S&P DJI) announced today the launch of the S&P 500 SDG Index and the S&P Global LargeMidCap SDG Index, aimed at offering investors broad-based equity performance measurements and exposure to companies more aligned with the UN Sustainable Development Goals (SDGs).

The UN SDGs refer to the 17 categories of goals adopted in 2015 as part of the 2030 Agenda for Sustainable Development, with the aim to protect the planet and improve the quality of life globally.  SDG targets include ending poverty and hunger, improving education, and protecting the environment.

The new S&P 500 SDG and the S&P Global LargeMidCap SDG indices aim to measure the performance of eligible equity securities from S&P DJI’s flagship S&P 500 and S&P Global Large MidCap indices, respectively, with securities selected and weighted to enhance alignment to the SDGs, as well as to reduce carbon footprint at the index level.

From a performance benchmarking perspective, the indices leverage data to measure and reflect specific external impact that companies’ products and activities are making on society and the environment, regardless of the financial materiality implications. S&P DJI said that it licensed Corporate SDG alignment data from ESG impact data and portfolio solutions provider Impact Cubed, which uses a granular revenue and operations mapping approach, focused on a company’s products, and on how those products are made, as well as where the goods and services are sold and engagement with communities and stakeholders to determine company SDG alignment and net impact.

Jas Duhra, Global Head of Sustainability Indices at S&P DJI, said:

“With this approach, S&P DJI is offering broad-based sustainability performance measurement tools, one that is based on the S&P 500, which is the best single gauge of large-cap U.S. equities, and the other based on the S&P Global Large MidCap Index, which represents the top 85% market capitalization of each developed and emerging country.”

Blackstone-backed ESG performance and risk management software, data and services provider Sphera announced today the acquisition of supply chain sustainability software company SupplyShift, in a move aimed at enhancing its supply chain offering with expanded supplier mapping, scoring and traceability capabilities.

Founded in 2012 by Climate Science and Environmental Economics PhDs Alex Gershenson and Jamie Barsimantov, Santa Cruz, California-based SupplyShift provides a cloud-based end-to-end supply chain data management, responsible sourcing, and supplier engagement platform aimed at enabling businesses to build transparent, responsible, and resilient supply chains, and to measure, monitor and improve their environmental, social and economic impact across the supply chain.

SupplyShift’s supply chain network encompasses over 100,000 suppliers, with the platform enabling buyers and suppliers to share information in order to manage risk and facilitate supplier regulatory compliance.

SupplyShift CEO and co-founder Alex Gershenson said:

“SupplyShift was founded on the idea of leveraging software to drive sustainability initiatives, and for 11 years we have been empowering companies to understand their supply chain ESG risk and performance. We are excited to join the Sphera family and take data availability to a new level through the combination of Sphera’s industry-leading ESG data and SupplyShift’s Scope 3 data collection abilities.”

The transaction marks the latest move by Sphera to boost its supply chain sustainability capabilities, and follows its 2022 acquisition of supply chain risk management (SCRM) software company riskmethods. The acquisitions come as companies globally face increasing regulatory pressure to report on supply chain sustainability metrics, and particularly on their scope 3 emissions, with emerging sustainability reporting standards including the EU’s CSRD and the IFRS’ ISSB standards requiring scope 3 disclosure.

Sphera CEO and President Paul Marushka said:

“SupplyShift has seen tremendous growth with its software solution that allows for direct communication with suppliers and customers and enables the seamless collection of their Scope 3 emissions data, which helps suppliers improve their supply chain ESG performance. As more regulations are passed that demand transparency, the SupplyShift solution will become indispensable in meeting global regulatory requirements and stakeholder expectations.”

Founded in 2016, Sphera offers SaaS software, proprietary data and consulting services, helping organizations around the world to surface, manage, and mitigate ESG risk in the areas of Environment, Health, Safety & Sustainability, Operational Risk Management and Product Stewardship. The company was acquired in 2021 by alternative investment manager Blackstone in a deal valuing Sphera at $1.4 billion.

Eli Nagler, Senior Managing Director, and Kelly Wannop, Managing Director, at Blackstone, said:

“We are excited to welcome SupplyShift to Sphera and continue investing in this company’s innovative solutions. This planned acquisition supports our commitment to Sphera’s accelerated growth and will bolster the company’s supply chain capabilities for its customers moving forward.”

By: David Schatsky, Global Leader, GreenSpace Research & Insights Managing Director, Deloitte

The response to climate change often starts with data and dialogue, but can’t come to life without technology. We should focus on designing and implementing technologies—some newer than others— that can help the systems we use to generate energy, produce food, manufacture goods, construct and operate buildings, and move people and materials to reduce greenhouse gas emissions.

This imperative, and the commercial opportunity it represents, has contributed to a recent surge of investment in technologies for tackling climate change, also known as climate tech. According to new research from Deloitte, from 2000 to 2022, approximately 2,400 climate tech companies were founded, 9,000 funding deals were made, and US$148 billion was invested, with activity picking up markedly after 2013. (See the full report for a description of the research methodology.) And while watchers of venture capital have observed overall investment activity declining over the last 12 months, the change in climate tech investment has been less pronounced, suggesting that while this more nascent market is in flux, it is strong.[1]

The research found that the geography of climate tech entrepreneurship and investment is shifting as well. The United States has been the center of the climate tech entrepreneurship for decades, but recently that geography has begun to diversify. From 2000 to 2004, the US, Canada, and China accounted for two-thirds of climate tech company formations.[2] Then, from 2020 to 2023, six countries accounted for a similar share – the US, Canada, China, the UK, Australia, and India.[3]

Today, eight countries – the US, Canada, China, UK, Australia, Germany, France, and India – are home to around three-quarters of global climate tech firms.[4] The US still leads, as home to more than one-third of them, but its share in the amount of venture funding has declined from 2000-2004 through 2020-2023 while activity in the rest of the world has increased.[5] This trend matches the “rise of the rest” seen in overall startup activity and may also reflect the unique need for climate tech that matches the needs of smaller ecosystems and communities.[6]

In the US, five states – California, Colorado, Massachusetts, New York, and Texas – are home to more than half of US-based climate tech companies.[7] California leads by far, though its share is falling as new policies, regulations and talent pools are emerging in places like Massachusetts and Colorado.[8]

The geographic diversification of climate tech entrepreneurship should be a good thing. While companies can foster knowledge exchange and accelerated innovation if they cluster near one another, geographic diversity can offer new options for investors with varying risk/reward appetites. Entrepreneurs can also take advantage of diverse markets for talent and for customers. Geographic diversity can encourage the development of climate tech solutions that are tailored to local conditions. Finally, the rise of climate tech entrepreneurship in less-developed countries could help attract capital those countries sorely in need.

Enterprises, entrepreneurs, investors, and others with an interest in climate tech should familiarize themselves with the shifting geographic patterns of climate tech entrepreneurship and investment. Enterprises that wish to source a particular decarbonization technology, for instance, may wish to consider geographies that have fostered entrepreneurship and investment in that technology. Information exchange and competition may enrich their options. And climate tech entrepreneurs and investors may want to consider where clusters of similar or complementary technologies are located as they make founding or investment decisions. The challenge of climate change is global, and the knowledge to tackle it is spread far and wide. It makes sense for technology that makes a difference to take on a global profile too.

This article contains general information only and Deloitte is not, by means of this article, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

Deloitte shall not be responsible for any loss sustained by any person who relies on this article.

About Deloitte 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. 

Copyright © 2023 Deloitte Development LLC. All rights reserved.

[1] Crunchbase, “Alarming Decline In Startup Creation Presents Challenges And Opportunities For Entrepreneurs,” July 24, 2023. Dealroom, “Guide: Global – The State of Global VC,” accessed October 3, 2023. Harri Weber, “Making sense of the latest climate tech funding trend stories,” TechCrunch, July 13, 2023. Dealroom, “Guide: Climate tech,” accessed October 3, 2023. According to Deloitte’s analysis of PitchBook global data, 46% fewer companies were founded and 28% less venture capital (VC) was invested in 2022 than in 2021. In comparison, climate tech company founding fell by 63% and funding decreased by 19% from 2021 to 2022.

[2] Pitchbook, GreenSpace Navigator/Deloitte analysis

[3] Pitchbook, GreenSpace Navigator/Deloitte analysis

[4] Pitchbook, GreenSpace Navigator/Deloitte analysis

[5] Pitchbook, GreenSpace Navigator/Deloitte analysis

[6] Richard Florida, “America Is Losing Its Edge for Startups,” Bloomberg, October 9, 2018.

[7] Pitchbook, GreenSpace Navigator/Deloitte analysis

[8] Boston Business Journal, “Viewpoint: Mass. climate-tech ecosystem is here to stay,” February 21, 2023. United States Office of Energy Efficiency and Renewable Energy, “Incubators and Accelerators,” accessed October 3, 2023. Stephanie Copeland, “How Colorado became a global tech hub,” World Finance, accessed October 3, 2023. Gary Polakovic, “Colorado’s emergence as a tech hub has CSU hosting major federal research conference Aug. 30-31,” Colorado State University, August 15, 2022. Christopher Wood, “Study: ‘Colorado Clean Range’ ranks No. 5 nationwide,” BizWest, August 28, 2022.

Sustainability-focused investment manager Mirova announced today the acquisition by power company Engie of its 51% stake in the Goya project in Spain, a portfolio of seven wind farms with a total power capacity of 194 MW.

Initially awarded in 2016, the Goya project was the first renewable project in Spain to be built without subsidies. Construction on the project started in 2018, and it has been fully operational since 2020.

The project was also the first in the Spanish energy market to enter a Power Purchase Agreement (PPA) for wind farms under development in the country, signed with Engie in 2018.

Mirova acquired its 51% stake in Goya in April 2018 through its European energy transition fund Mirova Eurofideme 3 (MEF3), alongside Engie, which acquired a 15% stake, as well as General Electric at 25% and Forestalia. With the new transaction, Engie increases its stake in the project to 66%.

The companies said that the acquisition aligns with Engie’s growth strategy in Spain, adding to its existing installed renewable capacity in the country of 1.7 GW.

Loreto Ordóñez, CEO of ENGIE in Spain, said:

“For us, the Goya project is emblematic because it has demonstrated the commitment and interest of the Group in the Spanish energy sector, by promoting a long-term project that allows the generation of clean energy. With the acquisition of the stake held until now by MIROVA, ENGIE increases its ambition and commitment to actively contribute to the construction of a future in which energy is cleaner, more sustainable and more affordable. for all.”

The transaction represents the last exit of MEP3, which Mirova said will enable the fund to offer double digit return to its investors.

Raphaël Lance, Head of Energy Transition Funds of Mirova, said:

“The Goya project was a landmark transaction for Mirova Eurofideme 3 as being the first project developed by Forestalia under the new Spanish tender regime of 2016. It took a lot of dedication, creativity and energy from our investment team, industrial and financial partners to make it happen. We are pleased with this new transaction with ENGIE, a longstanding partner of MIROVA whom we have worked with on many wind, solar, and hydroelectric projects across Europe.”

Leading construction and mining equipment, engine, turbine and locomotive manufacturer Caterpillar and building materials company CRH announced today a new strategic electrification agreement to develop and deploy battery electric off-highway trucks for CRH operations.

CRH is the largest aggregates producer in North America, and the first in its industry to sign an electrification agreement with Caterpillar, the companies said.

Denise Johnson, Resource Industries Group President at Caterpillar, said:

“We are pleased to work with CRH, as our first aggregates industry customer, to expand our electrification solutions beyond mining. When it comes to sustainability, the quarry and aggregates industry requires diverse solutions. Our collaboration with CRH is an exciting opportunity to learn together and gain valuable insights into how our products can best support CRH’s long-term objectives to decarbonize its operations.”

Under the new agreement, the companies will focus on accelerating the deployment of Caterpillar’s 70 to 100-ton-class battery electric off-highway trucks and charging solutions at a CRH site in North America.

CRH will also participate in Caterpillar’s Early Learner program for battery electric off-highway trucks, testing and validating the units in real-world applications. Launched in 2021, the program focuses on accelerating the development and validation of Caterpillar’s battery electric trucks at customers’ sites. CRH will also provide insights through feedback addressing safety, performance, operational and compliance requirements for the aggregates industry.

According to the companies, the agreement will support CRH’s climate objectives, which include goals to reduce absolute carbon emissions by 30% by 2030, compared with 2021, and to achieve net zero by 2050.

Scott Parson, President, CRH Americas Materials Solutions said:

“At CRH, we recognize that collaboration and innovation are critical to delivering our industry-leading decarbonization targets and achieving our ambition of net-zero by 2050. Through this partnership with Caterpillar, we will advance the use of sustainable equipment in our operations and build on our shared commitment to a low-carbon future.”

State-owned Norwegian hydropower and renewable energy production company Statkraft announced today the launch of a major investment program, with plans to invest up to €6 billion in its hydro and wind facilities, and for the construction of new wind farms.

Hydropower accounts for the significant majority of Norway’s energy mix, at around 88% of total power production, according to the Norwegian Ministry of Petroleum and Energy, with wind power from 65 wind farms accounting for approximately 11%. According to Statkraft, Norway’s future increased power needs will be mainly covered by new wind power, with hydropower remaining “the backbone” of the energy system.

Commenting on the new investment plan, Christian Rynning-Tønnesen, CEO of Statkraft, said:

“Today, Statkraft is presenting the largest investment program of its kind in hydro- and wind power in Norway for decades. This will be a major contribution to the energy system in Norway and to the green transition. It will also have positive effects on the Nordic and European energy markets.”

The new investment program includes plans for €1.8 – €3 billion in upgrades and transformations of hydroelectric power plants, €1.2 – €2 billion in rehabilitation of dams and modernization of older power plants, and around €1 billion in renewal of existing and construction of new onshore wind farms, resulting in wind power production more than doubling, and a 20% increase in hydro power.

The company said that the hydropower plant upgrades will take place over the coming years, and that it is currently considering four possible wind power projects in Finnmark, Northern Norway, in addition to several new wind power projects throughout Norway.

Rynning-Tønnesen added:

“The future power system in Norway and Europe will need both more power and increased flexibility. Phasing in more intermittent power such as wind and solar through increased capacity and flexibility in hydropower is key to succeed with the transition to a net zero future.”

Global infrastructure investment manager I Squared Capital announced today an agreement to invest up to $400 million in Brazilian distributed energy generation company Órigo Energia, with proceeds from the investment funding the construction of Órigo’s pipeline of more than 2 GW of distributed solar generation projects.

The transaction, expected to close in the first quarter of 2024, marks I Squared’s first direct investment in Brazil, following the opening of its office in São Paulo last month. Brazil is a leading renewable energy market, with the largest electricity market in Latin America, with renewables accounting for over 80% of the country’s electricity mix.

Gautam Bhandari, Managing Partner and Chief Investment Officer at I Squared, said:

“This is a landmark transaction for I Squared. We have ambitious plans for renewables and are leveraging our extensive experience in this space to build a leading global renewables-focused platform consistent with I Squared’s overall approach to investing.”

Founded in 2010, Órigo Energia is the largest distributed generation business in Brazil, with over 100 solar farms in multiple states across the country, representing 300MW of distributed generation assets already in operation, and serving more than 100,000 customers.

According to I Squared, the investment comes as distributed generation experiences significant growth in Brazil, driven by an accommodating regulatory environment, and as solar power emerges as an increasingly affordable energy source for the market.

Surya Mendonça, CEO of Órigo Energia, said:

“This investment will allow Órigo to accelerate the construction of solar farms, expanding its service to thousands of new customers and over 20 states in the coming years. It will also reinforce our technology and customer experience focus, in line with the purpose of making solar energy accessible to small and large businesses as well as retail customers, while generating savings and driving Brazil to a greener future.”

The Abu Dhabi National Oil Company (ADNOC) announced today an investment in UK-based carbon capture and storage project developer Storegga, acquiring a 10.1% stake in the company, and marking the energy giant’s first international equity investment in carbon management platforms.

According to ADNOC, the investment forms part of the company’s initiative, announced last year, to allocate $15 billion to low-carbon solutions and decarbonization technologies, which includes carbon capture and storage (CCS) as a target investment area, in addition to areas including clean power, electrification, and energy efficiency.

ADNOC said that it is targeting carbon capture capacity of 10 million tonnes annually (mtpa) by 2030. The company has announced projects taking its committed investment for carbon capture capacity to almost 4 mtpa.

Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said:

“This strategic investment marks an important milestone in ADNOC’s decarbonization journey and highlights our commitment to work with partners across industries to deliver practical solutions to enable a net zero energy future. Carbon capture is an important tool to responsibly reduce carbon emissions and meet global climate goals and ADNOC will continue to scale-up this technology as we work towards net zero by 2045.”

Founded in 2020, London-based Storegga develops infrastructure across the carbon ecosystem, including carbon capture, transport and permanent deep geological storage, with a portfolio of CCS projects across the UK, U.S. and Norway. In 2020, the company acquired Pale Blue Dot, the lead developer of the Acorn CCS and the Acorn Hydrogen Project in North East Scotland, which is positioned to store up to 10 million tonnes of CO2 annually by 2030.

According to Storegga, the investment forms part of the company’s fourth funding round, which also includes participation from existing shareholders including GIC and Macquarie. Proceeds from the investment round will be used to deliver ongoing projects and business development activities, the company said.

Storegga CEO Nick Cooper said:

“Over the past three years we have transformed from a single-project developer in Scotland to an international force driving global decarbonization efforts. We are excited to now see ADNOC join our shareholder group. Storegga is fortunate to be backed by investors with the necessary vision and ambition for the rapid deployment of CCS and carbon removal technologies that are imperative for meeting the global net zero objectives.”