Zero13 + XTCC announce USD 100 bn green investment: The UK's Zero13 and investment firm XTCC unveiled a Statement of Accord with the aim of investing USD 100 bn in carbon credits in a bid to address the annual climate finance gap, according to a statement. The accord offers a financial and digital platform for investors in carbon credits with the aim of boosting development and infrastructure in the Global South and developing markets with a focus on renewable energy and regenerative agriculture. Zero13's AI and blockchain-driven international carbon exchange was the winner of COP28's TechSprint for blockchain technology in sustainable finance. The two companies are currently managing USD 1 bn worth of projects in India, South Africa, Kenya, and others.

INOX Air Products inks MoU with Indian government for green ammonia plant: India’s INOX Air Products, an industrial and medical gasses manufacturer, has signed an agreement to establish a USD 3 bn ammonia plant in the Indian state of Maharashtra, Reuters reports. The plant will produce 500 mn metric tons of liquid ammonia per year and is expected to be commissioned in three to five years. Maharashtra is not the only state making big moves, as Gujarat recently signed USD 86 bn worth of agreements with European steel manufacturer ArcelorMittal and 57 other companies across the energy, oil and gas, and chemical sectors.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • ACC partners with Circulor to determine its supply chain emissions: Automotive Cells Co — a JV between Stellantis, TotalEnergies, and Mercedes-Benz — is teaming up with UK-based supply chain traceability solutions startup Circulor to map out the carbon emissions generated from the raw materials that Automotive Cells uses for its EV battery cells. (Reuters)
  • South Korea's Posco issues USD 500 mn green bonds: South Korean steelmaking company Posco secured USD 500 mn in USD-dominated three-year green bonds. Investor demand reached USD 4 bn, with 71% of the buyers coming from Asia Pacific and 19% from Europe and the Middle East. (Reuters)
  • Ola Electric is planning the first IPO in Indi’s EV sector: Indian two-wheeler EV manufacturer is planning to publicly list its shares on one of India’s stock exchange this year, looking to raise some INR 55 bn (c.USD 666 mn) to fuel ambitions of setting up an EV battery plant in the country. (Financial Times)
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