Month: March 2024

March 6, 2024 /3BL/ – Wells Fargo, together with Elemental Excelerator, a leading nonprofit climate technology investor, and the New York City Energy Efficiency Corporation (NYCEEC), a leading nonprofit green bank, have joined forces to launch a new debt financing program, called the Capital Access for Climate Innovators. The Capital Access Program was created to pilot innovative lending and co-investing vehicles to catalyze climate technology projects with significant community benefits.

This collaboration aims to address funding gaps faced by climate technology companies, and particularly those led by traditionally excluded founders. Elemental and NYCEEC are partnering to identify and provide capital to Elemental portfolio companies who face finance gaps on their path toward commercialization and where debt capital can catalyze scale. To support this effort, Wells Fargo has provided a $400,000 grant, which will allow Elemental and NYCEEC to identify and share best practices and build financing tools and resources for climate technology companies, community lenders, credit enhancement providers and other project investors.

“There’s an acute need for new kinds of financing and collaborations to support technology companies that are working to reduce GHG emissions,” said Curtis Probst, CEO of NYCEEC. “This partnership will help us create greener, cleaner and more affordable communities. We are excited to partner with Elemental to bring NYCEEC’s green lending to Elemental’s portfolio of climate tech innovators.”

“At Elemental, we are profoundly aware of a $150 billion financing gap for climate technology projects scaling from early stage to widespread commercial adoption. With this partnership designed to reduce friction in accessing capital, we take an important step to bridge this gap and accelerate the deployment of climate projects with strong community benefits, like reduced utility bills, cleaner air, and more accessible transportation,” said Dawn Lippert, Founder and CEO of Elemental Excelerator.

Over the past decade, Elemental has supported over 150+ innovative climate technology companies through technical support and equity investments, while NYCEEC has provided debt financing to assist building owners, contractors, and developers in funding clean energy projects throughout NYC and the surrounding region. Through coordinated efforts, this partnership aims to supercharge the growth of climate technology companies and rapidly scale the number of projects they are able to deploy in communities throughout the country.

“We are proud to work together with Elemental Excelerator and NYCEEC to help strengthen the pipeline that can deploy capital for climate resilience,” said Robyn Luhning, Chief Sustainability Officer at Wells Fargo. “Across the communities we serve, we seek to accelerate solutions that support access to clean, affordable energy technologies and economic opportunity.”

The announcement comes in the lead up to the Greenhouse Gas Reduction Fund and other important Inflation Reduction Act programs that will activate investors, from state and local green banks to community development finance institutions, to make climate solutions more affordable and accessible to low-income and other underserved communities across the country. Through this initiative, Elemental and NYCEEC will establish resources and frameworks that can be used across the climate tech investing ecosystem to support expanded funding opportunities that will be made available through the GGRF.

About Elemental Excelerator

Elemental is a nonprofit investor in climate technologies with deep community impact. We bring more than a decade of experience across the climate sector, with an active and maturing portfolio of 150+ companies. Elemental fills two gaps fundamental to addressing climate change: funding projects for climate technologies in communities, and embedding equity and access into climate solutions. We invest in transformative technologies to create a systems change for a more resilient, equitable future. To learn more about Elemental’s team and our work in scaling climate technology with community impact, visit www.elementalexcelerator.com.

About the New York City Energy Efficiency Corporation (NYCEEC) 

NYCEEC is a nonprofit green bank sourcing funds from the public, private, and philanthropic sectors to support community clean energy projects through debt financing. Launched in 2010 by the New York City Mayor’s Office, NYCEEC has since expanded its geographical reach throughout the Northeast and Mid-Atlantic regions. NYCEEC’s mission is to deliver financing solutions and advance markets for energy efficiency and clean energy in communities. To date, NYCEEC has mobilized over $480 million to fund projects that are expected to eliminate over 1 million tons of CO2e, with nearly 85% of those projects serving low-to-moderate income communities. To learn more about NYCEEC’s team and its Board of Directors, visit their website.

March 6, 2024 /3BL/ – Wells Fargo, together with Elemental Excelerator, a leading nonprofit climate technology investor, and the New York City Energy Efficiency Corporation (NYCEEC), a leading nonprofit green bank, have joined forces to launch a new debt financing program, called the Capital Access for Climate Innovators. The Capital Access Program was created to pilot innovative lending and co-investing vehicles to catalyze climate technology projects with significant community benefits.

This collaboration aims to address funding gaps faced by climate technology companies, and particularly those led by traditionally excluded founders. Elemental and NYCEEC are partnering to identify and provide capital to Elemental portfolio companies who face finance gaps on their path toward commercialization and where debt capital can catalyze scale. To support this effort, Wells Fargo has provided a $400,000 grant, which will allow Elemental and NYCEEC to identify and share best practices and build financing tools and resources for climate technology companies, community lenders, credit enhancement providers and other project investors.

“There’s an acute need for new kinds of financing and collaborations to support technology companies that are working to reduce GHG emissions,” said Curtis Probst, CEO of NYCEEC. “This partnership will help us create greener, cleaner and more affordable communities. We are excited to partner with Elemental to bring NYCEEC’s green lending to Elemental’s portfolio of climate tech innovators.”

“At Elemental, we are profoundly aware of a $150 billion financing gap for climate technology projects scaling from early stage to widespread commercial adoption. With this partnership designed to reduce friction in accessing capital, we take an important step to bridge this gap and accelerate the deployment of climate projects with strong community benefits, like reduced utility bills, cleaner air, and more accessible transportation,” said Dawn Lippert, Founder and CEO of Elemental Excelerator.

Over the past decade, Elemental has supported over 150+ innovative climate technology companies through technical support and equity investments, while NYCEEC has provided debt financing to assist building owners, contractors, and developers in funding clean energy projects throughout NYC and the surrounding region. Through coordinated efforts, this partnership aims to supercharge the growth of climate technology companies and rapidly scale the number of projects they are able to deploy in communities throughout the country.

“We are proud to work together with Elemental Excelerator and NYCEEC to help strengthen the pipeline that can deploy capital for climate resilience,” said Robyn Luhning, Chief Sustainability Officer at Wells Fargo. “Across the communities we serve, we seek to accelerate solutions that support access to clean, affordable energy technologies and economic opportunity.”

The announcement comes in the lead up to the Greenhouse Gas Reduction Fund and other important Inflation Reduction Act programs that will activate investors, from state and local green banks to community development finance institutions, to make climate solutions more affordable and accessible to low-income and other underserved communities across the country. Through this initiative, Elemental and NYCEEC will establish resources and frameworks that can be used across the climate tech investing ecosystem to support expanded funding opportunities that will be made available through the GGRF.

About Elemental Excelerator

Elemental is a nonprofit investor in climate technologies with deep community impact. We bring more than a decade of experience across the climate sector, with an active and maturing portfolio of 150+ companies. Elemental fills two gaps fundamental to addressing climate change: funding projects for climate technologies in communities, and embedding equity and access into climate solutions. We invest in transformative technologies to create a systems change for a more resilient, equitable future. To learn more about Elemental’s team and our work in scaling climate technology with community impact, visit www.elementalexcelerator.com.

About the New York City Energy Efficiency Corporation (NYCEEC) 

NYCEEC is a nonprofit green bank sourcing funds from the public, private, and philanthropic sectors to support community clean energy projects through debt financing. Launched in 2010 by the New York City Mayor’s Office, NYCEEC has since expanded its geographical reach throughout the Northeast and Mid-Atlantic regions. NYCEEC’s mission is to deliver financing solutions and advance markets for energy efficiency and clean energy in communities. To date, NYCEEC has mobilized over $480 million to fund projects that are expected to eliminate over 1 million tons of CO2e, with nearly 85% of those projects serving low-to-moderate income communities. To learn more about NYCEEC’s team and its Board of Directors, visit their website.

March 6, 2024 /3BL/ – Ceres welcomes the U.S. Securities and Exchange Commission’s (SEC) adoption of the first-ever federal rule mandating the disclosure of climate-related risks from all U.S. public companies. In a 3-2 vote, the Commissioners adopted the Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require climate disclosures in companies’ registration statements and annual reports.

“We congratulate the SEC on this important step forward to bring the U.S. closer in line with its global counterparts. Although this final rule does not go far enough compared to international standards and the SEC’s 2022 proposal, it will start to meet the demand for transparency that investors and companies have long sought. Consistent, comparable information on physical and transition climate-related risks is vital to decision-making around strategy and investments,” said Ceres President and CEO Mindy Lubber. “The SEC’s new rule will now mandate the disclosure of that information, giving investors much-needed insight on how companies are managing the material financial risks and opportunities presented by climate change.”

“For most companies and financial institutions, indirect emissions throughout a company’s value chain represent the largest source of a company’s transition risk. While we are disappointed the rule does not include key provisions from their 2022 proposal, including the mandate of the disclosure of Scope 3 emissions, investor demand for the disclosure of Scope 3 emissions continues to grow and many companies will be required to disclose this data in other jurisdictions,” Lubber added.

Ceres and investors have long advocated for mandatory corporate climate disclosure, resulting in the SEC issuing interpretive guidance in 2010 and adopting today’s mandatory rule. More recently, the Ceres Accelerator for Sustainable Capital Markets released an analysis, Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators, outlining the systemic, financially material risks of climate change and the urgent need for a mandatory disclosure rule. In 2022, the Global Investor Statement to Governments on the Climate Crisis, backed by more than 500 investors with over $40 trillion in assets under management, called on governments around the world to commit to implementing mandatory disclosure requirements aligned with the Taskforce on Climate-Related Disclosures (TCFD).

Since the proposed rule was released in March 2022, Ceres has actively engaged with investors and companies to educate and prepare them as they align their businesses with the new disclosure requirements. This included a public briefing in April 2022 on the proposed rule with Chair Gensler. Ceres responded to SEC’s public comment process and sent additional submissions including: a compilation of articles demonstrating that businesses are already disclosing Scope 3 emissions, data on business support for a climate disclosure rule, investor use case studies, issuers’ support for Scope 1 and Scope 2 disclosure, as well as evidence of increased disclosures of emissions data and TCFD-aligned information.

“We urge companies to disclose this vital information in their 10-Ks as they earnestly work to align their business strategies with the transition to a net zero emissions economy,” said Steven Rothstein, managing director for the Ceres Accelerator for Sustainable Capital Markets at Ceres. “We commend SEC Chair Gary Gensler, the SEC Commissioners, and the SEC staff for their leadership on this issue and for fulfilling their responsibility to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation.”

The new mandatory rule complements the global standards issued by the International Sustainability Standards Board and the European Union’s Corporate Sustainability Reporting Directive. The adoption of this rule follows California’s two corporate climate disclosure laws, which apply to both public and private companies that exceed certain revenue thresholds.

“We see California’s corporate climate disclosure laws as critical measures to ensure that companies are transparent about the climate-related risks they face and the measures they take to manage those risks,” said Lubber. “The laws serve as an important complement to the SEC’s climate disclosure rule. The disclosures from companies doing business in California and publicly traded companies under the jurisdiction of the SEC will give the public consistent and reliable information to inform investment selection and other key decision-making.”

Extreme weather now costs the U.S. $150 billion a year. 2023 set a record for events that cost more than $1 billion each, with costly floods, fires and storms occurring roughly every three weeks. The U.S. has sustained hundreds of weather disasters with the cumulative cost for these exceeding $2.7 trillion over the last four decades.

Lubber added, “With record high temperatures and billion-dollar catastrophic weather events happening more frequently and with greater intensity, today’s regulatory action is crucial for long-term financial stability. As the adage goes, you can’t manage what you don’t measure.”

About Ceres 

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies, and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews. 

Media Contact: Diane May, dmay@ceres.org, 617-247-0700 ext. 220

March 6, 2024 /3BL/ – Ceres welcomes the U.S. Securities and Exchange Commission’s (SEC) adoption of the first-ever federal rule mandating the disclosure of climate-related risks from all U.S. public companies. In a 3-2 vote, the Commissioners adopted the Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require climate disclosures in companies’ registration statements and annual reports.

“We congratulate the SEC on this important step forward to bring the U.S. closer in line with its global counterparts. Although this final rule does not go far enough compared to international standards and the SEC’s 2022 proposal, it will start to meet the demand for transparency that investors and companies have long sought. Consistent, comparable information on physical and transition climate-related risks is vital to decision-making around strategy and investments,” said Ceres President and CEO Mindy Lubber. “The SEC’s new rule will now mandate the disclosure of that information, giving investors much-needed insight on how companies are managing the material financial risks and opportunities presented by climate change.”

“For most companies and financial institutions, indirect emissions throughout a company’s value chain represent the largest source of a company’s transition risk. While we are disappointed the rule does not include key provisions from their 2022 proposal, including the mandate of the disclosure of Scope 3 emissions, investor demand for the disclosure of Scope 3 emissions continues to grow and many companies will be required to disclose this data in other jurisdictions,” Lubber added.

Ceres and investors have long advocated for mandatory corporate climate disclosure, resulting in the SEC issuing interpretive guidance in 2010 and adopting today’s mandatory rule. More recently, the Ceres Accelerator for Sustainable Capital Markets released an analysis, Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators, outlining the systemic, financially material risks of climate change and the urgent need for a mandatory disclosure rule. In 2022, the Global Investor Statement to Governments on the Climate Crisis, backed by more than 500 investors with over $40 trillion in assets under management, called on governments around the world to commit to implementing mandatory disclosure requirements aligned with the Taskforce on Climate-Related Disclosures (TCFD).

Since the proposed rule was released in March 2022, Ceres has actively engaged with investors and companies to educate and prepare them as they align their businesses with the new disclosure requirements. This included a public briefing in April 2022 on the proposed rule with Chair Gensler. Ceres responded to SEC’s public comment process and sent additional submissions including: a compilation of articles demonstrating that businesses are already disclosing Scope 3 emissions, data on business support for a climate disclosure rule, investor use case studies, issuers’ support for Scope 1 and Scope 2 disclosure, as well as evidence of increased disclosures of emissions data and TCFD-aligned information.

“We urge companies to disclose this vital information in their 10-Ks as they earnestly work to align their business strategies with the transition to a net zero emissions economy,” said Steven Rothstein, managing director for the Ceres Accelerator for Sustainable Capital Markets at Ceres. “We commend SEC Chair Gary Gensler, the SEC Commissioners, and the SEC staff for their leadership on this issue and for fulfilling their responsibility to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation.”

The new mandatory rule complements the global standards issued by the International Sustainability Standards Board and the European Union’s Corporate Sustainability Reporting Directive. The adoption of this rule follows California’s two corporate climate disclosure laws, which apply to both public and private companies that exceed certain revenue thresholds.

“We see California’s corporate climate disclosure laws as critical measures to ensure that companies are transparent about the climate-related risks they face and the measures they take to manage those risks,” said Lubber. “The laws serve as an important complement to the SEC’s climate disclosure rule. The disclosures from companies doing business in California and publicly traded companies under the jurisdiction of the SEC will give the public consistent and reliable information to inform investment selection and other key decision-making.”

Extreme weather now costs the U.S. $150 billion a year. 2023 set a record for events that cost more than $1 billion each, with costly floods, fires and storms occurring roughly every three weeks. The U.S. has sustained hundreds of weather disasters with the cumulative cost for these exceeding $2.7 trillion over the last four decades.

Lubber added, “With record high temperatures and billion-dollar catastrophic weather events happening more frequently and with greater intensity, today’s regulatory action is crucial for long-term financial stability. As the adage goes, you can’t manage what you don’t measure.”

About Ceres 

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies, and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews. 

Media Contact: Diane May, dmay@ceres.org, 617-247-0700 ext. 220