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Pegasus Capital Designing 'Green Bank' to Fund Carbon Projects
2010-09-23 00:52:03.712 GMT
By Ben Sharples
Sept. 23 (Bloomberg) -- Pegasus Capital Advisors LP, the
U.S. private equity firm that manages almost $2 billion in
assets, is helping set up a bank to fund carbon reduction, a
former adviser to California Governor Arnold Schwarzenegger says.
Pegasus is "volunteering some time to help with the design
and structuring of the green bank," Terry Tamminen, 58, said in
a telephone interview in Melbourne. He is an adviser to the firm,
founded in 1995, according to its website.
Schwarzenegger announced at the Copenhagen climate
conference in December the creation of an organization called
R20, which will include state and provincial governments from
North America, Africa, Asia, South America and Europe. The bank
will be its investment arm and fund the development of projects
including renewable energy ventures and sequestration, a process
to store carbon pollution from coal plants.
The bank is in its "early stages" and a specific monetary
figure hasn't been targeted, Tamminen said in an e-mailed
response to questions yesterday. The R20 will be formally
established in California at the Governors' Global Climate
Summit 3 in November, he said. There have been talks with
Australian states to join the group, Tamminen said.
In Copenhagen, delegates were planning to finish a two-year
effort to replace the 1997 Kyoto Protocol, which limits
emissions through 2012. Instead, they clashed over aid to
developing countries, pollution-reduction goals and how to
verify individual pledges. No binding treaty was adopted. The
next round of international talks is scheduled to start at the
end of November in Cancun, Mexico.
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--Editors: John Viljoen, Clyde Russell.
To contact the reporter on this story:
Ben Sharples in Melbourne at +61-3-9228-8732 or
bsharples@bloomberg.net
To contact the editor responsible for this story:
Clyde Russell in Singapore at +65-6311-2423 or
crussell7@bloomberg.net
