Rubicon Carbon, a carbon credit firm created by U.S. alternative asset manager TPG to help companies offset their emissions, launched as a separate company on Tuesday and said it expected to raise $1 billion in capital.
To help source carbon credits, fund projects
Bank of America, JetBlue Ventures, the venture arm of JetBlue Airways Corp, and NGP Energy Capital Management are also expected to contribute to the fundraising by year-end, Rubicon said in a statement. "Rubicon is designed to be the market-based solution that allows both the supply and demand side of the global carbon market to scale responsibly," Finucane said.
Among issues holding back the market so far have been a limited supply and lack of access to credits, insufficient financing for projects and concern about the quality of some credits, Rubicon said.
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