Private equity major TPG has provided $300 million in seed capital to the new Rubicon Carbon marketplace which will facilitate trade in carbon credits that corporations use to offset their emissions, according to a report by ImpactAlpha.
Private equity major TPG has provided $300 million in seed capital to the new Rubicon Carbon marketplace which will facilitate trade in carbon credits that corporations use to offset their emissions, according to a report by ImpactAlpha.
TPG’s Rise and Rise Climate funds have committed $300 million towards Rubicon’s targeted $1 billion equity raise, while Bank of America, JetBlue Ventures, and NGP ETP are also expected to invest.
Former Bank of America executives Tom Montag and Anne Finucane have been hired by TPG to run the New York-based marketplace.
Rubicon will source credits from TPG portfolio company Anew Climate, which was created in February through a TPG-led combination of Element Markets and Bluesource. The credits, represented by a Rubicon Carbon Ton, are backed by a portfolio of nature-based and industrial offsets, rather than by individual projects.
